"Never argue with a fool, because they will only drag you down to the level of stupidity, and then beat you with their experience."
Michel de Montaigne
Today was December Option Expiration Metals Takedown Part Deux. As you know the actual expiration will be next Tuesday.
The pampered princesses of Bloomberg TV spent most of the morning alternatively frothing and tittering about the protesters outside the NYSE.
And having been short stocks, expecting a hit on the metals, it actually was a fairly boring day.
So what next.
The shorts cannot possibly deliver the silver on the Comex to cover all the options and contracts, but that has not fazed them before. I have a running theory that says the Comex will default in an event or a scandal. I almost thought MF Global was it, but apparently not.
"Every thing secret degenerates, even the administration of justice; nothing is safe that does not show how it can bear discussion and publicity."Let's see how we go into the weekend. After Tuesday the adults on the US exchanges will be taking off for a long Thanksgiving weekend. That leave it up to Asia and Europe to carry on.
Lord Acton
