SP 500 and NDX Futures Daily Charts

Surprisingly sleepy day...

Gold Daily and Silver Weekly Charts - Greek Debt, FOMC, And Option Expiry

The miners were rallying with stocks and the metals today, as one might expect.

In the short term the markets will move on the Greek debt situation, the FOMC monetary policy decision tomorrow, and to some more individual extent the Russell 2000 rebalancing on Friday.

Gold looks to be on the verge of breaking out. Let's see if they can do it. A great deal will depend on macroeconomic and political events in the short term.

I have included a second gold chart which shows the chart formations should the breakout be confirmed after the July Comex options expiration, and the sturm und drang which follows for a few days afterward.

JP Morgan may wish to plug in a new 'cost of doing business' item in their budget for the commodities trading group.  And Ben may need to keep a little 'walking away' money at hand for his cronies.

FT
JPMorgan settles SEC charges for $153m
By Kara Scannell in New York
June 21 2011 19:01

JPMorgan Chase agreed to pay $153.6m to resolve US Securities and Exchange Commission civil fraud charges that it misled investors in a mortgage-related security it constructed for Magnetar, an Illinois hedge fund.

The SEC charged JP Morgan with failing to disclose to investors in the collateralised debt obligation, a security linked to mortgage-backed securities, the role played by Magnetar.

The hedge fund helped select mortgages included in the CDO, named Squared, and was betting against them. The SEC alleged that investors were told that an independent firm, GSC Capital, had selected the portfolio.

JPMorgan agreed to settle and reimburse investors in the CDO without admitting or denying wrong-doing. The settlement also requires JPMorgan to change how it reviews and approves offerings of certain mortgage securities.

SP 500 and NDX September Futures Daily Charts

A rally on very light volumes.

All eyes are on the Greek referendum after the bell, and on the FOMC decision tomorrow which is likely to provide some hint on the Fed's stance on continuing monetary stimulus.

Adobe turned in mixed results after the bell.

Net Asset Value of Certain Precious Metal Trusts and Funds - Special Friends of the Cafe

A nice move in the metals today, and a bit of a catch up move from the related products like mining companies.

The Greek vote of confidence on the government should be announced after the bell, around midnight Greece time, and 5 PM EDT. This could move the markets ahead of the FOMC announcement tomorrow.

A Bloomberg poll of economists suggests that Bernanke will not end his stimulus program at the end of June, but perhaps change the appearance of it.

A special thank you to the many who send in helpful links and suggestions, often on a daily basis:  Bill and Andrew, Malcolm and Michael, Dominique, Ursel,  Craig, Jim, Janet, Don, Don Gerardo,  Erik,  Steve,  Srinath,  Shino, Chris,  Rodd, Wis, Bob, Mikel, Blondie, Dave, Thomas, Tim, Joel, Richard,  Lenny, Gary, Rob, Normand, Pierre, Stacy, DaveK, Peter, Max, Philip, Michel,  Pandu, Prem, Bryan,  Toby, Gwein, Nick, Larry, Petra, Harvey, Adrian, Warren, Francesco, Gonzo,  Kohei, Kuzo, Bruce, Sookie's CouponGuy, Sean, James, Jimmy, Toby, Scott, Philippe, Gregory, Pete, Hugo,  Ilene, and all the rest. I do not generally give hat tips, but these patrons stand out almost daily.

And of course, props to my unofficial editor Larry S. who helps tremendously by catching even the typos, awkward phrasing, and even the few malapropisms that 'escape my eye.' Sometimes I am on the run, and well, you know how that goes.  As they say in central Europe, 'old age is no joke.'  And sometimes this effort makes me feel old beyond my 59 years. lol.