Back at the trading pit ... precious metals, and more particularly silver, have surged. I was asked by commenter Sean last week for an update on the conspiracy theories surrounding silver, and at that time the rumour was of $36 being a price- level above which disproportionate losses would accrue to the deemed Big Short, viz JPM (allegedly).
Such dynamics can sometimes be in play: for example, Enron's descent into melt-down was pretty much assured when its share price fell below a very specific level, because various parent-company guarantees etc kicked in at that point. By way of 'evidence' to back the JPM/silver/36 story, $36 did indeed seem to be some sort of ultra-resistance level, and successive 'attempts' to break through had been unsuccessful (or 'repulsed' if you follow the theory).
Anyway, in the last couple of days silver has breezed through 36, hitting 38, at which point yours truly took profits on half of Jan's acquisitions, averaging (in £££) 753 for a 29% gain. This was a bit of a judgment on $/£ too, as the dollar has perked up a bit lately. For once, I picked a top & it fell back thereafter: but will need to be nimble if I decide to get back in again. Since the credit crisis, we're not obliged to mark-to-market any more, are we? - so I shall not disclose the value of the remainder...
As for the fate of JPM - who knows ?