Today we saw one of those days that often follow on a precious metals futures option expiration, in which those who are holding newly issued contracts as a result of their ‘in the money calls’ are subjected to a test of their resolve—commonly referred to as a gut check.And in general we have now moved to the front month being the December contract, which is the most heavily traded and consequential of the year.There will also be a Non-Farm Payrolls report on Friday, the last report before a hotly contested national election in the States.Therefore, let the games begin. Or at least continue on, but with renewed vigor.Stocks did their usual alley-oop, rising sharply in the morning, and declined in the afternoon.The decline itself was orderly, as they say, and fell to some reasonable support level.So, barring some alarming exogenous event, it appears that the risk market will KBO as Churchill used to say.Mindful, nonetheless, of some sort of surprise in the payrolls report, to the down or up side.Have a pleasant evening.
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