Friday is quadruple witching day!

Friday is the third Friday in December, and that means it's and fourth and final quadruple witching day of the year. Just what is quadruple witching day? The day marks the expiration of four types of securities:
Stock index futures
Stock index options
Stock options
Single stock options
This confluence of multiple expiration dates is supposed to boost market volumes as traders close out positions.

Tracking the Dow On Friday,12/12/08
5 Market Days to Quadraple Witching.
9:30am:--A 200.0 points Gap-down drop followed by a 100.00 points bullish marubozu.

The Wall Street Journal reported earlier today that Bernard Madoff, a former chairman of the Nasdaq Stock Market and a trader, was arrested after being accused of running a fraudulent $50 billion scheme. Such misconduct by brokers and money managers has the potential to further stir investors in an already uneasy market environment.

10:30am:--A morning doji star.

The White House is willing to consider using TARP funds for automakers, according to Reuters.

11:30am:--Bearish Marubozu.

Indicies still hoovering near the session MAV.

Media giant, Tribune Co., filed for Chapter 11

12:30pm:--Dragonfly doji piercing the MAV.

Weekly initial jobless claims were 573,000 (a 26-year high) while continuing claims hit 4.43 million (also a 26-year high).Market already priced in.

1:30pm:--Bearish Hammer.

As usual the pivot hour of the day.Index pullbeack to MAV level.
General Motors Corp. and Chrysler LLC have said they could run out of cash within weeks without government help.

2:30pm:--A dragonfly doji seen.

The Labor Department said wholesale prices sank in November for the fourth straight month, raising deflation fears. The Producer Price Index fell a greater-than-expected 2.2 percent as prices for gasoline and other energy prices retreated. That followed a record 2.8 percent drop in October.

3:30pm:--Bullish marubozu.

The day's economic news showed continuing weakness, but, as it has done with a steady stream of downbeat data in recent weeks, the market shrugged.

4:00pm:--A bullish marubozu closing.

Bright days ahead.

The weekly indices showed that all are holding strongly above the MAV in the bull county.

Whatever bad economic news are already priced in during the last few months of fearful hammering so all dust have been settled down.

Wall Street put on another impressive show of resilience Friday, rebounding from an early sell-off to end higher after the government said it would assist troubled U.S. automakers.