How many times will we hear these statements?

1. The Black Scholes formula caused  the banks to crash (The Observer, this past weekend).

2. The Volcker rule will create havoc for banks (say the banks, here).

3. Moody’s downgrades the outlook of most of Western Europe to negative (here). I thought there was a rumor that S&P was going to do this on Friday.  Hopefully, this will cause the Euro to fall (at least tomorrow). GLD and SLV looked weak today and I bought a handful of short-term puts which may balance out the pain of the PEP and DMND March out-of-the-money calls that I also convinced myself about.

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