The futures have gotten thrashed tonight, off as much as $7 so far from Friday’s highs.  The move is strongly impulsive on the hourly chart, with downside targets on the one-minute chart of 39.435 and a 42.370 midpoint (see inset). We’ll need to see how much support that last number provides before we can judge whether this is a routine shakedown or perhaps the beginning of an intermediate-term correction. The futures would need to reverse and hit 46.610 to turn the very lesser charts bullish again.  Because the downdraft has occurred as a response to bin Laden’s death, nervous bulls should be asking themselves, “Has that really changed anything?”  More likely is that it will eventually heighten global terror, increasing the demand for gold and silver, since this will probably have been the busiest recruiting day al Qaeda has had since 9/11.  Under the circumstances, it is difficult for an adult to watch collegiate revelers outside the White House gates tonight without feeling a deep sense of foreboding. They evidently think that jihadists’ so-far decades-long war on civilization is just Texas vs. Oklahoma.