Shot down position limits for comodities. Now it seems clear why JPM wasn't afraid to short metals to such a crazy extent, right in the face of position limits being implemented. It looks like the Commercials knew in advance, hoiw Jiudge Wilkins would rule. What looked like Kamakaze trading, by the Commercials to me, now looks like this Judge was in the bag, again in my opinion. Why else would the Commerccials dramatically stop covering their short, which they were, and suddenly sell all their longs, and short TO THE EXTREME? Seems obvious to me, they knew how Judge Wilkins would rule. Looks like they would been ruined, if this ruling went the other way.
How can a Judge say a Congressional Mandate is not a clear call for position limits? It's so obvious they are needed. I would like to see Congress investigate this Judge, who is using such questionable and possibly telegraphed rulings. Let's see if the Commercials try to pull another "drive by shooting" on Monday.
I mean Sunday night. Looks like last Sunday night's attempt failed, especially compared to the May 2011 initial "Drive By", but maybe it was a warm up for this Sunday. I heard, just like last time, Asia is on holiday. That makes Sunday night trading even thinner, and more prone to shenanigans.
Just to be clear, this is only my opinion, but it's a fact the commercials stopped covering shorts, and started shorting gold and silver aggressively, 6 or 7 weeks ago. With position limits scheduled to go into effect on Oct 12, they would have been forced to cover those massive shorts, and take what would appear to be a beating, covering them by the end of the year. It seemed suicidal to me. Now position limits are gone. How lucky! Maybe the commercials have such great lawyers, they were so confident they would win, they bet the farm on it, and there was no impropriety at all, by anyone. Maybe. But it smells fishy to me. I would love to see the Congress, whose mandate for positions was just squashed, become active in investing the sequence of affairs.