“Triple Witching Friday is an event that occurs when the contracts for the stock index futures, stock index options and stock options all expire on the same day,” Golden Hammer writes for Seeking Alpha. “Triple witching days happen four times a year on the third Friday of March, June, September and December. It just so happens that today is that day.”

“Today I expect to see large volumes of buying and/or selling as investors try to cover their open positions,” Hammer writes. “I expect those who sold the naked calls to take large short positions this morning in an attempt to drive the prices lower before covering. This typically can allow for 2%-3% swings on a day like today.”

Hammer writes, “I expect all of the indexes to open approximately 1% lower tomorrow as the shorts begin to initiate their positions. Given the extreme caution surrounding this fiscal cliff, I doubt the bulls will have enough positive momentum to beat out the bears early in the day. I do believe however we can expect to see a sharp rise going into the final hour before the market closes. I base this option on the fact that next week holds potential for both a “Santa Claus rally week” as well as a possible cliff resolution. This would grant those who are willing to hold out a very happy new year.”

Read more in the full article here.

MacDailyNews Take: And, rumors of today’s apocalypse were greatly exaggerated.