Obama Discussed During Leader's Questions in Dublin - Never Cross An Irish Woman

As a general rule of thumb, never cross an Irish woman.

And if her eyes narrow and start flashing, head for the pub.

Gold Daily and Silver Weekly Charts

Unless markets collapse over all in a rush to liquidity I think gold and silver are both oversold short term and will likely find a footing here.

Next week is an option expiration for gold and silver on the COMEX.

I am waiting to see how the physical selling numbers come in. That is the most important thing to me as we work through a delivery period with short supplies.

In my mind this sell off was a just another paper based phenomenon enabled by slack regulation by the CFTC.

I would feel more confident if the metals can break up through their 50 day moving averages.

Today on Bloomberg Mr. Laszlo Birinyi said that 'gold is our biggest short.'  

I hear the commercial hedgers are near record lows on shorts.  

Let's see what happens.

SP 500 and NDX Futures Daily Charts - Ranging Day for the Quad Witch

Today was a ranging day that closed mixed.

As a reminder, today was the quadruple witch for June. 

Good luck for those trading options in this mess.

Have a pleasant weekend.