I saw that too and wondered if it was a good contrarian indicator and the market will have a bounce now. I think I will keep my long gold/silver possition.

The BMO call should probably be viewed in the context of this:

http://www.financialsense.com/Market/martenson/2010/0609.html

If the G20 stay true to their word, then IMO, we're approaching the end of the dollar reserve system. The writing, as they say, is now on the wall.

Consider:

The present situation of rolling financial blackouts is a direct threat to European unity and stability, the original intent of the Euro compact. Their history is different from ours, specifically mass destruction and deprivation arising from two world wars. That is the fear they once again face, and my take is they're serious about avoiding a repeat.

This is not a widely held view right now, but I believe significant change in the global financial architecture will start with Europe, not the US or UK and especially not China.

Take the hard medicine while you still can, seems to be the plan. I have zero expectation of the US following suit. Their "plan" such as it is, is to keep the panic at a low boil in order to fund their bond market, however, if panicked sheep have an alternative "safe trade" it's game over for the US. Rates will rise, and austerity will be forced on them. I'd sooner take a harsh pill of my own accord than have it rammed down my throat by circumstance. The Europeans seem to have figured this out.

As for any rally in the S&P, look at the chart. Left shoulder and head are both in. All we need now is the right shoulder and the shorts will pile on mercilessly. Play it if you've got the nerve. I for one have moved to the sidelines.

ebear