Weekly US Economic Calendar - June Stock Options Expiration on Friday

Here is the weekly US economic calendar courtesy of Briefing.com.

As a reminder, this Friday is the 3rd of the month, and therefore a US stock market option expiration for June. Shenanigans are anticipated.

The expiration for July precious metals will not occur until the last week of the month on June 27.

SP 500 Deflated By Gold

The stock market rally has been due to the Fed's monetization and the subsequent flow of liquidity into financial assets.

There is no recovery in the real economy, because there has been no genuine reform of the financial system or rebalancing of the distorted US economy.

Gold Daily and Silver Weekly Charts

The Court is corrupt,
The fields are overgrown with weeds,
The granaries are empty,
Yet there are those dressed in fineries,
With swords at their sides,
Filled with food and drink,
And possessed of much wealth.

This is taking the lead in robbery,
Far indeed is this from the Way.

Lao Tzu, Tao Te Ching

Harvey Organ's comment on the Kitco tax fraud story:

"It is also interesting that Kitco immediately filed for an interim receiver Richter Usher Vineberg as this will no doubt turn into an absolute mess. The gold at Kitco is unallocated and thus can be attacked by Revenue Canada. This would create the biggest run on a "bank" in history for Canada as depositors of gold at Kitco immediately seek redemption. Thus Kitco had to act immediately.The unallocated gold is surely a mess but when you add in the tax consequences, this will dwarf the Refco fraud."

SP 500 and NDX Futures Daily Charts - Keep an Eye on the VIX

More US economic data will be coming out next week, and it *might* help the bulls gather themselves together. But if the data comes in decidedly worse the downtrend might break support and gain momentum.

The stock market has just about reached the lower bound of a 'correction.'

Keep an eye on the VIX, especially in relation to its 200 DMA. This may suggest what the pros are thinking.