There is a triple witch option expiration this Friday, based on the calendar I have been posting.

In short, this was a trading setup for the quad witch. What a surprise.

We even had the usual talking heads muttering about a 100 bp increase by the Fed in September.

What did we say before? 75 bp is baked in, the pivot is a delusion, and 100 bp is highly unlikely.

The Dollar rocketed higher today, slamming gold and silver.  

I didn't think they had much of a shot at moving higher, especially given the dearth of physical in Hong Kong. They need to scour some coins out of a few of the ETFs. 

I would be a little more constructive on the metals after today, with due caution.

Stock market volume was nothing to write home about. No real panic.

This is another indication that this was a fairly cynical trading gambit.

And the volatility will get worse, as long as regulation stays so subdued, and the risk reward for cheating is so favorable.

So Jay, how is that 'internal investigation' coming along into that brazen insider trading by the Fed Governors?

Have a pleasant evening.

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