Generally the last date on which a future and an option contract may be exercised. It is the date specified in the contracts. This is the last day on which the contract will be traded, at the end of which it will cease to exist.
Rule number one : most things will prove to be cyclical
Rule number two : some of the greatest opportunities for gain and loss come when other people forget rule number one
Long in a security (or commodity), means the holder of the position buy the security (or commodity) and will profit if the price of the security (or commodity) goes up in financial markets