Gold Daily and Silver Weekly Charts - Bounce

Another divergence today as gold and silver went higher in a bounce as stocks plunged, particularly overnight.

Today was a quadruple witch. I am sure that thanks to recent market antics those playing the miners on leverage and with options have been eviscerated, which is probably the plan.

A short holiday week or two is coming up. Look for more shenanigans.

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - Quadruple Witch

Today was a quadruple witch for options, and there is a rebalancing of the SP and the Russell after the close.

Stock futures plunged overnight in a flash crash supposedly because Boehner's 'Plan B' was shut down in the House by the Tea Party crowd led by Eric Cantor in a challenge to Boehner's leadership.

Since Plan B was an obvious non-starter all the way around, I viewed the plunge as 'symbolic,' that the market would throw a hissy fit if the Congress does not give them what they demand (again).

But a good part of it was probably option expiration related. These jokers never like to miss a chance to skin the specs, who had been leaning on the long side.

Have a pleasant weekend.

Front Running the Apocalypse: A 40 Point SP 500 Futures Flash Crash

Maybe someone hit the wrong function key, intending to sell silver in size during a quiet market like they have been doing for the past few weeks.

Or maybe John Paulson is liquidating his equity position. (wink wink, nod nod)

A brief demonstration of Mutually Assured Financial Destruction if they don't cut Granny's pension benefits in order to save the 1 percent's tax cuts?

A junior trader pushed the 'liquidate all' button when he thought he was casting a last minute vote for Tate Stevens?

A particularly odious and obvious stock market manipulation for the option expiration tomorrow?

Front running the Apocalypse?

Uh oh. Boehner's Plan B was rejected by his own party (as if).

See what you made us do when we don't get our way, mommy!?

Bart Chilton, CFTC Commissioner, assures us that an intensive study of this event is already underway.

Sleep well...