For months, both silver and stocks have rallied, but silver has obviously rallied a lot more.
Basically, silver has acted like a high-beta stock.
As such, stocks have declined precipitously when priced in silver.
Even yesterday, when silver had its insane activity, it ended up outperforming stocks.
But not today. Check out this chart. Stocks are outperforming silver in a huge way today (as represented by SPY vs. SLV). This kind of move is almost unprecedented in the life of this comparison, and it certainly bears worth watching, even if it seems like today is a quiet day for silver.