Talking Charts

Watch on YouTube ↗  |  June 12, 2026 at 08:13  |  1:06:29  |  The Market Huddle
Speakers
Patrick Ceresna — Derivatives Specialist, MacroVoices
Kevin Muir — Host, MacroVoices

Summary

Patrick Ceresna and Kevin Muir discuss a critical market inflection after a sharp S&P 500 selloff. They present actionable views: Kevin calls for selling/shorting the S&P 500 amid massive equity supply, while both are bullish on crude oil due to extreme inventory tightness. Divergent gold opinions emerge—Patrick sees a technical breakdown and bearish summer, Kevin advocates rotating from stocks into gold and especially zero-sentiment gold miners. Patrick also highlights a uranium washout to watch for a future buying opportunity, and Kevin details a SOFR futures options trade betting against further rate hikes.

  • S&P 500 hits the 50‑day moving average after a fast 300‑point pullback; distribution and systematic selling triggers raise bearish risk.
  • Record IPO and secondary issuance (SpaceX, Google, Meta) drains liquidity, flipping the buyback‑fueled Mag‑7 narrative.
  • Crude oil remains a high‑conviction long: Cushing inventories near tank bottom, market complacency, and war risk could spark a violent spike.
  • Gold suffers its first breakdown below the 50‑week MA since 2023; Patrick expects more downside, Kevin sees a long‑term entry point.
  • Gold miner sentiment hits zero, making Kevin long gold miners as a deeply oversold contrarian play.
  • Uranium equities complete a head‑and‑shoulders pattern and enter a washout; Patrick plans to be an aggressive buyer once the selloff exhausts.
  • Kevin executes a ratio‑spread on SOFR futures, positioning for rates to stall or decline as hikes threaten the economy.
Ideas
Kevin Muir Host, MacroVoices 9:32
Sell rips, short S&P 500.
The market is extremely overbought, showing clear distribution on hourly charts with every rally sold. Systematic selling triggers (CTAs) sit near 7,300 on the S&P, and an unprecedented wave of IPOs and secondary deals (SpaceX, Google, Meta) is draining cash. The time has come to sell the rips and short the S&P 500.
SPY MED
Kevin Muir Host, MacroVoices 19:49
Physical crude tightness demands bullish oil.
Cushing oil inventories are at tank bottom, physically constraining the system. The market is complacent, convinced a Strait of Hormuz deal is imminent, while Trump’s optimism has capped price signals and discouraged new supply. Every day that passes makes the oil bull case stronger, as a violent price spike becomes more likely.
WTI HIGH
Patrick Ceresna Derivatives Specialist, MacroVoices 23:12
Mag 7 issuance signals market top.
The Mag 7 stocks have suddenly flipped from massive share buybacks to heavy secondary issuance (Google, Meta, SMCI), signalling a market top and a supply overhang that passive flows can no longer absorb. Patrick calls this his main short, noting the group has been lagging badly.
MAGS HIGH
Patrick Ceresna Derivatives Specialist, MacroVoices 33:41
Gold breakdown entering deeper reversion.
Gold has broken below its 50‑week moving average for the first time since 2023, ending a two‑year bull run and entering a deep mean‑reversion. With a strong dollar and rising rates creating a negative backdrop, gold faces a challenging summer and further downside toward measured Fib targets.
GLD HIGH
Kevin Muir Host, MacroVoices 43:31
Zero sentiment screams buy gold miners.
Gold miner sentiment just hit zero—an extreme contrarian buy signal. Miners are deeply washed out and offer powerful leverage to a gold rebound, making them even more attractive than the metal itself.
GDX MED
Patrick Ceresna Derivatives Specialist, MacroVoices 44:40
Uranium washout; wait for dead carcass.
Uranium equities have completed a head‑and‑shoulders top and broken to new lows, entering a vicious washout cycle that could last months and match prior 50‑56% drawdowns. Once the bloodletting finishes, it will be an epic buying opportunity, but for now the trend is decisively lower.
Uranium Equities MED
Kevin Muir Host, MacroVoices 51:19
Long SOFR futures; rates can’t stay high.
Kevin constructed a ratio put spread on Dec‑2026 SOFR futures (long 96 put, short two further OTM puts) that profits if rates fail to rise significantly. Even 50bp of additional hikes would likely stall the economy and send rates the other way, making the low‑risk trade attractive.
SOFR futures MED
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This The Market Huddle video, published June 12, 2026, features Kevin Muir, Patrick Ceresna discussing SPY, WTI, MAGS, GLD, GDX, Uranium Equities, SOFR futures. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kevin Muir, Patrick Ceresna  · Tickers: SPY, WTI, MAGS, GLD, GDX, Uranium Equities, SOFR futures