Took this from Jim Sinclair's site, pretty darn accurate review of yesterdays action, I would say. I still contend $$$ is in the process of shifting from energy to precious metals, thus the messiness in the market now as the big boys cover their tracks.

Here it is:

From Trader Dan, August 5, 2008 from: jsmineset.com

A general rout in the commodity sector and falling energy prices alongside of a move up in the equities has led to widespread Dollar buying this morning. The result is that gold has fallen victim to the same sort of widespread fund liquidation which is ongoing across most of the commodity markets of late. As one support level after another gives way, the selling is cascading on itself with program selling kicking in and accelerating downside action.

Some of you have asked me if the formation shown on the chart is an example of a head and shoulders top. The answer is “yes”. This one projects a move to $860 if realized but it will first have to get below $885. If it does, then $860 is reasonable. That is the level from which gold commenced its latest leg up back in early May. As it now stands, $885 is looking quite vulnerable.

It appears that the grain complex is stabilizing however after the sharp drop in corn and beans. Wheat was the upside leader today and its strength pulled up the rest of the complex. “IF” the grains stabilize, then there is a good chance that the sector wide fund liquidation is coming to an end. Sugar also defied the selling trend bouncing sharply higher in the session. Platinum rebounded as well as did palladium and cotton. We will need to keep an eye on this activity since all of these funds are connected when it comes to the commodity complex as a whole. Once the algorithm-generated selling activity abates, there will not be many left to sell especially at current levels. We just have to monitor developments and wait while the dust settles as there is a lot of money still invested in the long side of the commodity markets that is controlled by these computer programs. Energy is the wild card as there is still a great deal of selling taking place in those markets which is weighing on the commodity sector as a whole.