Antics intraday with a funny kind of a bear raid in silver that also hit a couple of the mining stocks exceptionally hard. I actually stepped in and bought some mining positions from my watch list because the prices became almost silly, and the volume indicated selling motivated not for profit but for a lower price. I can surmise that some of the new regulations intended to constrain naked short selling of non-SHO stocks are making some of the fundies 'edgy.'
Trapped shorts are often creative in their desperation. And of course the TBTF giants have huge daily needs, and in these thin markets it becomes harder and harder to make the standard plays pay. Just look at what the easy spreads drying up led Bernie Madoff to do.
This is the first delivery week for silver and the Comex shorts are squirming.
Stand and deliver, or as the famous bear Daniel Drew once said:
He who sells what isn't his'n,Unless of course you have blind regulators, ETFs, and an exchange always willing to facilitate cash settlements for their friends.
Must buy it back, or go to prison.
Still, all in all, the noose appears to be tightening.
