Silver Update: Silver Retraces Half of Overnight 10% Smash

Silver closed near $35.50 yesterday, before being smashed 10% overnight to $32.  Silver has already retraced nearly half of the losses, to $33.50.
We are hearing significant rumors that MF Global held a large naked short silver position (with Jon Corzine the ex-head of Goldman Squid, would it surprise you?).  Clearly the collapse of MF combined with complete chaos in Europe today has investors dumping everything- which gives the cartel cover to step on silver's neck and trigger stops.  Perhaps we are seeing why the commercials increased their net short position by nearly 5,000 contracts last week.
Silver has now been stuffed back inside its consolidation trading range of $28-$34- although it is popping back towards the top of the zone as we type.  If silver can regain the $34 level and hold it through the close it will set up the previous resistance level as initial support. 
With the chaos in Europe and the FOMC meeting this week however, TA is only moderately useful at this time.  A 10% smash of silver needs to be bought into- with the understanding that a temporary paper liquidation could send silver (the paper variety) much lower on the short term should the Greek referendum fail and all hell break lose in Europe.  If the Fed does NOT announce QE3 this week, you will likely get perhaps the final chance to purchase silver under $30.
Holders of phyzz can relax and enjoy the collapse of the global derivatives/fiat/debt ponzi.
As Sinclair would say, THIS IS IT, AND IT IS NOW!
Grab some popcorn, and hold onto your phyzz!