Correlation breakdown at end of day: SLV (silver) and SPY (S&P 500)

I have been a believer in some form of correlation breakdown between metals and the stock market during a rapid decline.  However, it appears SLV and GLD have traded down with the market recently.   However, something happened at the end of the day Monday October 17th, 2011.  Just after 3:30pm, SLV had a nice rally into close as the SPY sold off to close near the lows of the day. 

You can see that silver has continued to trade slightly up as the Hong Kong exchange opened.
As it still seems that metals and the SPY are functions of the USD, until central banks (in the east most likely) start to buy gold / silver on equity sell offs, SLV and SPY will probably continue to trade up and down roughly together.

EUR/USD review - Options Expiration Week watch for Volatility

Watch for breaks of the above indicated levels of support.  EuroZone has 1 week to deliver a collective solution to tame fears of a global recession.

From Bloomberg: G-20 Tells Europe to Deal Decisively with Debt Crisis at Oct-23 Summit

European officials “will have left Paris under no misunderstanding that there is a huge amount of pressure on them to deliver a solution,” U.K. Chancellor of the Exchequer George Osborne told reporters. Next weekend “is the moment people are expecting something quite impressive.”

Options Expiration Week

Keep a close watch on the VIX

Economic Events Calendar from Bloomberg