SOC Advisors - Your Advisor to Stock, Options and Currency

The major reports to watch this week will be: existing-home sales on Tuesday, durable-goods orders and new-home sales on Wednesday, jobless claims and gross domestic product on Thursday, followed by personal income spending on Friday. Additionally, the two-day FOMC meeting will begin on Tuesday, ending on Wednesday afternoon.

GC: We commented last week that the Gold market was consolidating on the daily chart, which was presenting itself as more bearish than bullish. Our bearish bias continues to remain the case as the market broke out under our $923.50 sell zone today (06/22/09). From here, a sustained trade under the $930.00 level will continue to be bearish for the market, projecting down to $904.50. Only a close above $930.00 will negate our bearish stance.

SI: We have continued to write that the Silver market would trade downto the $13.750 level which we hit today (06/22/09)! From here, the market could see further pressure to the $13.500 level, and a close below this level will project down to $13.200. The market will only start to work back into the bull camp once it closes back above $14.300.

New Trade Recommendations: -

Open Trade Recommendations: 06/16/09: (Futures) Short the GCQ9 from $923.50, Stop- $931.20, Target-$904.50.