Gold Daily and Silver Weekly and Dollar Daily Charts - Option Expiration, N'est-ce Pas?

Did I mention that Monday is option expiration on the Comex?

C'est la guerre des monnaies.

It appears that the US and its client states are engaged in Management of Perception Part Deux, and pretending that it is 'risk off' and prices will not rise if we pretend that all is well. So they released some oil from the Strategic Petroleum Reserve to supplement the release of gaseous emissions from Zimbabwe Ben earlier in the week.

Concerns about the Greek debt situation and the US economy may drive next week's market action. Today was a bit of a toss because of the Russell rebalancing.

Another junior silver miner was taken out today when Golden Minerals and ECU Mining announced a 'merger' that is really a stock acquisition (and a msall cash kicker) of ECU. I expect this trend to accelerate.

Have a pleasant weekend.

Or as the ticker tape said at the end of day, October 29, 1929, 'Good Night.'

SP 500 and NDX September Futures Daily Charts - VIX Remains above 200 DMA

The resolution of the Greek financial crisis, the Fed's decision not to overtly engage in QE3, and the rebalancing of the Russell indices drove the US equity market action today.

I believe that there will be a vote by the Greek government on Tuesday regarding their decision on the debt packages. There are a range of discussions regarding the sale of private assets, haircuts for bondholders, and the sale of public assets. There is even talk of the US or IMF sponsoring 'Brady Bonds' backed by US Treasuries.

The people of Greece will have a national referendum on the decision in September I believe, as happened in Iceland.

Intraday Tweet From PIMCO on the Market 'Action' and the Economy