Gold Daily and Silver Weekly Charts - Quiet Option Expiration With a Little Gut Check

Precious metal holders were jerked around a little today on the option expiration. I would anticipate another hit tomorrow to test the hands holding in the money calls, which are converted to active futures contracts at the close.

All eyes are on Europe and the western central banks.

Gold needs to break the big downtrend to prove that the decline is over. Until then I would not feel confident enough to say 'all clear.'

It would be a nice 'triple bottom' if we can get it, but it must be confirmed with a breakout.

I 'trimmed my sails' a bit today on the intraday swings. No sense turning down 'free money' which is what the wiseguys have in minds when they try and scare mom and pop out of their positions.

Long term holders would be best served by ignoring the antics.

SP 500 and NDX Futures Daily Charts

Another nothing day, marking time. The traders want to see what happens in Europe, and what Ben and his pals will do in response.

Gold Daily and Silver Weekly Charts - V Bottom Ahead of Option Expiration?

Intraday commentary on important dates in the next two weeks here.

May 24
OG - June 2012 Gold American Options - Last Trade Date
OG - June 2012 Gold American Options - Settlement Date

May 29
QO - June 2012 COMEX miNY Gold - Last Trade Date
QO - June 2012 COMEX miNY Gold - Settlement Date
GC - May 2012 Gold - Last Trade Date
GC - May 2012 Gold - Settlement Date

May 31
GC - May 2012 Gold - Last Delivery Date
GC - June 2012 Gold - First Notice Date

June 1
GC - June 2012 Gold - First Delivery Date

I have reduced cash levels down from 30+% to about 6% in my trading account and added silver bullion to the portfolio mix. Let's see what happens.

All is not bad news in the world. Series 2 of 'Sherlock' is exceptionally good, even to a Baker Street Irregular such as myself, with a long standing dedication to 'the canon.' P.S. I am informed that Series 1 of Sherlock is available on Netflix streaming. It is best to watch them in order if possible as they build on one another, although I do think that Series 2 is a little better.

And The Game of Thrones on HBO is almost as good as the books.  It is a remarkably entertaining performance especially by Peter Dinklage. But if you can take the time read the books by George R. R. Martin. He is a remarkable story-teller in the tradition of J. R. R. Tolkien, with a bit more edge.

SP 500 and NDX Futures Daily Charts - Intraday Reversal

Boys will be boys.