July Silver aborted a textbook ‘mechanical’ buy at 36.349 last week, a sign that there is something wrong below the surface despite the 12% rally in June from 33 to 37. Perhaps bulls just need a breather? SI is notorious for reversing after stopping out previous highs and lows. This is what it did on Friday, bouncing 50 cents after dipping a couple of ticks beneath the 35.580 low recorded on June 12. However, I doubt the reversal will get legs, since the move following the breach of a too-obvious support. We’ll give it the benefit of the doubt nonetheless while stipulating that the uptrend must surpass three small peaks, the highest of them at 37.045, to regain our respect.