The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.By Ivan Martchev, InvestorPlace.com NEW YORK ( InvestorPlace) -- Investors shouldn't be surprised at the recent U.S. Treasury market rally or the precious metals selloff. It looks to me that the first leg of the selloff has been completed and we are in the middle of the proverbial "dead-cat bounce" -- after which a second leg will ensue. This is because there is a huge amount of leverage in the silver futures market, and traders who get greedy tend to pyramid their positions and tighten stops, pushing the market beyond the level it otherwise would go to without such leveraged strategies. When too many traders lean on one side of the market, it increases the chances of a violent move on the opposite direction of the market -- magnified by the very leverage that caused the price to soar to unwarranted levels. The conspiracy theorists say that it was the exchanges that hiked margin requirements for futures that caused the selloff, and of course the exchanges say they're only protecting themselves from losses that would result in the event of a market selloff. The same process repeats over and over in the futures markets, but it is sad that so many people get caught on the wrong side of the market every time.