SP Futures Daily Chart: 1037 Is a Potential 'Double Bottom' with the February Low

Watch for the SP futures to form a 'double bottom' at its pre-market morning lows of 1036.75.

If that support gives way, the market will reach for a bottom, but with a 900 handle perhaps.

Still, the market is getting rather oversold here, and the techs are not confirming a break of their support in the trendline.

I remain on the 'Long gold - Short stocks' trade that was mentioned the other day.

Silver is starting to look interesting. Later this year I think it may show us an epic rally as the artificial short scheme collapses and retreats to a higher level in a short term buying panic.

It is very difficult to forecast the timing on such an event, so better to take small positions and throw them in a drawer to be looked at only on occasion. One cannot successfully trade the truly unpredictable except in their own selective memory. When will the CFTC and SEC act to create integrity in the US markets? That is why playing such a risk trade is best done with little leverage, highly discretionary funds, and long time frames.

The gold bears are mounting a 'goal line defense' just under 1200 as we are in option expiration.

Here is a look at the SP June Futures Daily Chart at 11:30 NY Time. 1055-1060 remains a key resistance point.



In the meanwhile here is a video interview with Eric Sprott on BNN regarding our farcical financial system presided over by the central banks.

And an interesting discussion about gold, naked short selling, and Goldman Sachs with Stacy Herbert and Max Keiser, with the engaging headline, Goldman Sachs: Undeclared Enemy of the State.