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Stocks Freak Out Again: 130 Point Move In Dow In 15 Minutes On No Volume
Once again, we get to see just how broken our stock market is, one which takes no prisoners, and will trample over everyone and everything as the Primary Dealers use your own money against you to shake every single person out. A 130 point move in the Dow in the matter of minutes on no volume is about all you need to know to lose all confidence in stocks, and call up TD Ameritrade and close your account (you won't be allowed to trade when the market is crashing anyway). Good thing we had a fake rumor in the morning to prevent an all out rout into Friday with the Dow looking to open well into 9000. Additionally, with credit not moving, and obviously not buying this move, there is nobody left who can claim the market is anything even remotely resembling orderly, efficient or fair. SkyNet is again rising.
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Closed at the day's high, the opposite as closing at the low yesterday.
Let me the first to call BS.
*Junk* - Epic Fail
Quick question: Would you mind pointing out to me the part of what you just said that made sense? 'Cause it's kind of reading like "buy low, sell high" to me.
Sorry, it was me and my "fat finger".
I just talked to the exchanges and they will be implementing a buy program thereby initiating buys to fix the problem with the runup into the close. DOW 36,000 here we come.
We need a c-span-like live public video feed from the trading rooms at 33 Liberty.
This is all you'd see;
http://s658.photobucket.com/albums/uu301/Plubius/?action=view¤t=Ha...
Second Bellysnort of tha day!
Thanx Marley
http://www.datacenterdynamics.com/Media/News/SavvisWashDC2.jpg
Looks like that all day every day... no need for live camera's.
No one wants to know why the servers are in Washington D.C. Instead of New York?
No.............. One?????????????
Bright Bunch we have here!
This is complete abominable bullsh*t. I didn't get burned -- been out for a while -- and it's this kind of crap that may keep me away for the rest of my natural life.
The same thing happened to those that survived the Great Depression ... after suffering the bucket shops of that day, many of that generation never bought another stock for the rest of their lives (yes, 40+ years of bonds-and-mattresses only.)
Ditto - I'm out and will gladly stay out. Rigged to the hilt. You have much better odds in Vegas.
You'd think GS would at least send their clients a few free drinks.
GS does... but they make their "clients" pay for those drinks...
I hope you get a hug and kiss from Lloyd B. God with that screwing GS "clients"...
Shout out to all y'all shawty's out there who lost they ass in the robot zombie attack. This is what we call the Principle of Maximum Ruin.
http://www.generationaldynamics.com/cgi-bin/D.PL?xct=gd.e070507
As a middle class 33 yr old I have seen the writing on the wall in regards to Market (and thus 401K/ retirement) ability to be manipulated and used as a powerful social and political tool. Its sickening to think that the Baby Boomer demographic is fully dependant on wall streets whims to keep them from being the next greeter at the local Wal-Mart. Old people, money, and the special interests will control America for years to come if this is propped up and we all keep blindly churning through the days.
You plan to have an unnatural life after that and return to the market? Kinda like a TBTF-Bank? Tell me more about that plan!
Its options expiration. Anybody who has tradede for a while knows that a spiky VIX and OE Day makes the perfect environment for quick 100 point moves.
For all those "BS callers". You guys have been trading for a while haven't you? These moves were the norm 1998-2002 and all through 2008.
Not everyone is a day trading nerd. What about the 1000 point drop the other day ?
that was ages ago. Welcome to the bull market!
lol
What about it? Another reason to argue how the market is rigged?
To anybody trading for a living it's business as usual. Nobody with any skin in the market would say "Oh look it's rigged, I rather quit". Markets drop and markets go up. Been like that for 100 years. Besides, there are dozens of markets, equities is only one of them. Don't like stocks? Trade hogs, lumber or norwegian krona. Plenty for everyone.
1000 point drop in 15 minutes is business as usual? That's a little hard to swallow. Seems like we're in a new paradigm here with HFT and all.
High frequency trading (HFT) is new. Massive intervention by central banks worldwide is new. Sweeping regulation, taxing, and re-structuring of contract law (back-dating its application) with no notice is new. Dark pools is new (although we had bucket shops in the 1920's).
Fundamentally, though, movement in the market of a few percent in a half-hour on no volume is new. The international collusion at this level is also new.
No, this is rigged. Have fun with your casino. People like me that do the math have no interest.
What keeps me paying attention is the fact that I'm the minority population -- the actual taxpayer -- and they are spending my money.
this market will prove to be one of the most facinating events in history and it's unfolding before our very eyes. For those that choose to sleep through it or marginalize it, well that pretty much speaks to how we got here.
"To anyone trading for a living it's business as usual".
Exactly. Finally a professional... in a place that's was once cool, but now overrun by Conspiracy Creeps one career move away from being "greeters at Walmart". Buying gold from the 70s felon TV man won't change your fate, baby.
People who complain about volatility have no clue. This site has become a Darwinian sink hole... it's a living testament to wealth transfer... Mook to Pro via Volatility. Capitalism at it's complex finest, baby.
I don't trade I watch.
So I might be dumb, but I am willing to learn.
Nobody can force you to trade. Just don't get suckered into this "rigged market" fairytale. I've been hearing this non-sense since the late 80s. Then it was program trading, now HFT and God knows how the losers will call it in 2020. But they will always find someone to blame when markets move in some allegedly inexplicable manner.
Of course, markets have moved in erratic ways over the last 300 years but who could ever argue with the sharp logic of the manipulation proponents!
Exactly. I agree with you entirely. As you had famously opined in one of your posts earlier - 9 out of 10 people on this website do not trade for a living and crib when things go against them. So, just extending you observation, therefore, most of them are losers. You know what, as 9 out of 10 people on this web site had opined their profession to you privately, you are one influential entity. I am envious and a big fan of yours. Facebook? BFF?
Talking about BFF, you remind me of another entity that was correct this much - the Vatican. The were correct when they said that the sun revolved around the earth, and when some fringe scientist opined otherwise, they very gently corrected him. They were right, weren't they? Sun centric view? What a douchebag (did they have this word then)? A scientist questioning that their observation was entirly wrong; how could he? After all they were right for all those years. They were right that God created Adam and Eve and we all came along without some incest being involved. They were correct when they said that priests did not abuse kids; after all they were man of god. They were correct that Evolution was a work of fiction, weren't they? If something has been working for thousands of years, who are we to question its validity. It must be a religion then, and we need to bow down in front of the altar of greatness.
Of course, the market has been in effect for 300 years, which is a long enough time frame considering how old the Universe is, so, everything that the market does is perfectly rational and efficient, and cannot be rigged. Anybody questioning the outcome is a damn loser, a nincompoop and a moron. I have been doing this since 1980 and I know that everything is perfect. "I am the lizard king and I know everything". You had me at fuck you!
Wow, the bizarre extent people will go to rationalise away fraudulent behaviour.
Systemic blatant manipulation of the markets is just a mirage. Just keep saying that to yourself. Why not, as you cant do anything about it anyway.
So, we should prepare to re-live the dot.com run up and subsequent crash?
Joy.
Nothing like expiration pin jobs, eh?
Although....that's a problem if you're going for that "fair and orderly" thing rather than the the index options traders death match at expiration thing.
Today's close was pretty crazy. The problem was we sold off almost 20 handles from the HOD on no volume and once somevolume came in it just cleaned out the buy stops. Also, the fact that people had piled into puts with ridiculous premium, expiring today, didn't give anyone an incentive for a low close. A number of guys in the pit got stuck short and got KILLED.
This isn't manipulation, just a crazy volatile market. The market is down over 100 handles in a handful of trading days and people are bitching because it rallies 35 off the low. This is how markets work; if you are making money shorting it I guess its all good but as soon as there's a squeeze than it has to be manipulation. Maybe people should stop shorting the market when its down hard and wait for rallies to sell. Crazy, I know.
This will get faded next week.
I will get faded tonight.
Check
+1
Check good
+ a six-pack or 2 or 3
+1 LOL
Look-e-here boy...
PBR is Tennessee champagne...
lol
Ignore that humming, that is just the server farms running solitaire.
Why does it make that ticking sound?
I am surprised all those Put Option owners who got vaporized with 5 minutes to close - dont squeak up. Curious.
Double Post
I cant believe what I am seeing. Dow was down 30, I go take a piss and come back and its up 125.
The TSX in Canada opened at 11,196. Its now at 11,513
That'll teach you not to piss.
you should always have a empty bottle near by ;)
Do like the SEC
Take your laptop to the can... sit down and piss like a girl.
You didn't happen to piss on a FED keyboard, did you? .....possibly extra stong whiz on the "up arrow" key?
This is all starting to get a bit traumatic to watch. It's like watching a loved one in the final throes of a terminal case of kill-you-slowly-and-painfully-while-you-shit-yourself-and-lose-your-humanity-cancer. And not dignified KYSAPWYSYALYH cancer, either. Like some kind of terrible ass cancer.
No. no. no. It's more like watching Lindsey Lohan on any given weekend.
Oh wow, I hadn't thought of that. If you replace "cancer" with "celebretardation" it totally makes sense!
And this is why I love ZH, it is greater than the sum of its parts.
Is it a holiday on Monday in the US? If so, "can't lose Mondays" will be bypassed....hehehe (nice dead cat bounce set-up)
Monday 24th, no holiday.
Monday 31st, holiday.
You guys are a buncha whiners....if you traded in JPM's gold markets over at the Comex, or god forbid, the silver market they rule with an iron fist, you'd know manipulation.....
not that it matters,
1) our "regulators" are in on the game, colluding with show "investigations"...
2) if you know the game, they gave all of us the buy opportunity of a lifetime in silver this week...... i got over 12K ounces at the primo bargain close.....
and I"m taking delivery...oh, yes....and that's going to be 12K oz that never returns to the cartel's hands.
so, i thank them mightily. They run the market and this week we saw just how short they are, and how little gold and silver they actually have to deliver.....
and it was good.
the gold/silver explosion is around the corner.
Yeah baby!
UGH, ill 2nd with a HELL YEAH BABY!! I bought today also.Not that much though, but I still took from the system that they will never see again.
F'n gold commercials shorts were 480 k again with 37k longs..Knock yourself out guys.The WORLD is on this game and taking physical out of the system.It has decoupled and street prices are exploding away from paper, there are going to be questions that are going to have to be answered very shortly as to why.
I was planning on buying more silver and gold...but the AUD went down just as much.
You guys are a buncha whiners....if you traded in JPM's gold markets over at the Comex, or god forbid, the silver market they rule with an iron fist, you'd know manipulation.....
not that it matters,
1) our "regulators" are in on the game, colluding with show "investigations"...
2) if you know the game, they gave all of us the buy opportunity of a lifetime in silver this week...... i got over 12K ounces at the primo bargain close.....
and I"m taking delivery...oh, yes....and that's going to be 12K oz that never returns to the cartel's hands.
so, i thank them mightily. They run the market and this week we saw just how short they are, and how little gold and silver they actually have to deliver.....
and it was good.
the gold/silver explosion is around the corner.
Did you see today's COT reports? I agree with you on all counts but they don't seem to be worried about their silver short position.
http://news.goldseek.com/COT/1274470435.php
thing about COT reports, we peasants are only allowed to see the data thru Tuesday close......we don't know what they did from Wednesday on....
of course, this data is accessible to allt he trading desks at JPM and GS.......
another "item" that if the CTFC actually did its job and "regulated", we'd see change.
but good luck with that. Its JPM's market, and no one should forget this, least of all the CTFC.
Then the only way to bust JPM is for the masses to request delivery and have them default. Unless of course they can settle in FRNs.
I'm only rich enough to take possession of 10 to 20 ounces a week, but I'm doing my part!
I think that is why the doj announced that they were investigating jpm.Why the hell would you tell the world that you are investigating someone? Very clear to me, this ride has almost come to a stop and they would like to be KNOWN AS IN THE INVESTIGATION PROCESS..Instead of watching porn all day.Looks alot better. "we were gathering all the evidence and were going to come down hard on them" Thats a ramp up buy signal to me.I dont even pay any attention to the spot.
Why would you try to kill a man? and then cover it up? it must be worth hiding, another buy signal.Patience is the virtue..
These guys knew that the manipulation was going to become so obvious that they had to stop people demanding investigations by instigating their own head fake.
They are just part of the gagn. Maybe they get paid off with free porn.
Nobody expects them to do anything that will stop the manipulation.
"Why the hell would you tell the world that you are investigating someone"
Because there is an election coming...
Kabuki Theater for the Amerikan Public
But ask yourself... who's the bitch in this new stage production...
Rahm-baby and Obummer now realize they are stinking up the polls... and if they look hard enough from the White House porch, they can see the peasants sharpening pitch forks and lighting torches ...
If you're a crook, you have no choice but to go in deeper. Like a poker bluff. In for a penny, in for a pound.
Holiday in Europe...I think. That's what they said on the boob tube cnbs
Any chance the SEC will investigate this flash dash?
GOD OBAMA LOOKED AT IT, AND SAW IT WAS GOOD
No.
Can't spare the manpower from the porn investigation.
laughing. yeah, right. what makes you think they are suddenly going to actually do their jobs?
and, hey, they are still busy trying to erect the smokescreen on what happened with the flash crash. gotta make sure that JPM and GS prop desks are shielded.....
can't have them investigated...hell no. they pay good salaries when you leave the SEC.
nothing to see here, move on, move on
Haha ... made me spit out my coffee.
So innocent.
Yeah - and for all this breathless excitement - the markets are basically where they were in 1998. Great job.
Almost like the "make work" crews we saw in the Eastern European Comecon countries in the 70s and 80s. It kept people "employed" rather than idle, and just shifted money around. Kinda like all the energy and resources around the markets for the last 10+ years - except the muckety mucks got paid BIG, just like the communist bosses.
RETRO STYLE BABY!
Zero sum game.
Market unchanged in 12 years.
Banksters + $Billions
Average Joe - $Billions
Excellent.
Okay. But now it's really obvious who we need to eat.
So we've got that going for us. Yeah.
Did somebody say "eat"? I prefer cats. Raw is fine, thank you.
"Yeah - and for all this breathless excitement - the markets are basically where they were in 1998. Great job."
You Are Stating 1998 S&P = S&P 2010 in NOMINAL USD
Let us not forget we are using devalued Fed notes, Bennie Bernank-ster Bucks...
Adjusted for FED Inflation
So if the S&P was 1087.69 in 1998... adjusted by the laughably understated CPI...
$1 1998 USD's = $1.31 2010 USD's
1087.69 1998 = 1424.82 S&P 2010
Feel better?
The move at the close was a mirror image of the move in the first 10 minutes of trading. 160 points on no news and no volume. This is ridiculous. Another 100M+ day for usual thieves (GS, JPM, BA, C).
The key line in Tyler's post is "you won't be able to trade when the market is crashing." The retail investors who don't recognize this by now are going to get completely slaughtered.
yes... but.. the light... must follow... must follow the light!
You remind me that's it's becoming difficult to call this "thing" a "market" anymore.
You go to a market, you are supposed to see what is for sale and what price and you are supposed to be able to purchase that thing.
What we have now is nothing like a market. Is much more like a blackjack table; you come there to play. You actually expect to lose, but you enjoy the play and the ocassional wins keep you playing. But yeah, don't play with any money you cannot afford to lose.
It's not a market anymore.
Because it's a game.
Since it has been so "scary" this week, do you think the FDIC may take its own "pause" and not bother to close/transfer any banks this Friday - saving for next weekend which is longer with Memorial Day holiday on Monday?
Could be some doozies in there, or not.
first quarter report
http://www.fdic.gov/news/news/press/2010/pr10117.html
Damn, I refreshed my Yahoo finance screen after a 1 minute bathroom break and it was vertical. Impressive (not).
Aren't there some banks in GA that should be closed down here in a few minutes?
I thought the oil blob was going to line up 20 or 30 banks in florida, lousiana and texas coast.
dude, you should install a ticker. that's way more cool and allows you to watch porn while keeping a close eye on you stocks
no doubt you have small feet, too.
I'm a bit curious but I won't be the one fool enough to ask. You know he's just itchin' for it.
Hold it until after the close.
If anyone thinks, for ONE MINUTE, that the powers-that-be were going to let the market be in the red the day after their bogus financial reform bill ... well, then you don't understand how propaganda works.
The real news is that market has already weighed in that this bill is completely toothless, as we can see by the massive rally in the equity value of the very firms it is supposed to regulate.
Excellent point.
Dude, propaganda was unneccessary, the bounce happened because the bill was toothless. After healthcare reform, healthcare popped. The minute this bill passed, the fins pulled a whole shot, FAS up 10% in a matter of minutes. Everyone knew it had no teeth, it was a F'ing travesty.
“When plunder has become a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it"
It had to close up. If it didn't CALPERs would be out on the street trying to get people to put dollars in a firemans boot for pension funds.
I would drive across town just to see that right there.
CalPERS is toast. Stick a fork in it, she's done.
Shhh. Don't tell anyone. It's planned to be a shocking surprise casued by some sort of perfect storm in a couple months. We're totally gong to ruin the movie if we discuss the ending ahead of time.
Mutual fund Monday + 250 points on Monday, after an initial shaekout. Guaranteed.
Head and Shoulders bottom on the 3 day S&P chart ...... downward sloping neckline broke out at the close
Markets crashing are just head fakes.
Dow 36,000 and beyond here we come!!!
It will be the only way to maintain the illusion of wealth while everyone lives in tent cities, or their parents basement.
Just a rush of people wanting to hold paper through the weekend in case Katla blows.
I think they had to make the move at the end of the day so that it couldn't be taken down. The 12:30pm (lunch move) and the 2:30pm (no one paying attention move) could get undercut.
Obvious manipulation is obvious.
This is simply short covering into the weekend. Nothing more. Hold the line and stay focused. This too shall pass.
Until the S&P recovers 1100 with volume, it is all moot. Besides it was so oversold it either had to bounce or die and the Plungers were NOT going to let that happen.
Stock market better than Vegas.
3:45 Buy 100 Apple 240 puts at 20 cents. Cost = $2,000
4:00 Sell 100 Apple 240 puts at $2.30 for $23,000
Profit = $21,000
Have a nice weekend.
Some things wrong with this picture...
?? I dont see any AAPL puts at those prices.
I think you meant Calls as i see the last price on May 240s @ 2.30
am attempting my first foray into options. bought some vix puts with a $20 june strike today as a hedge against my monstrous faz position. makes for an interesting month...
I don't see how you are all so mad, the markets dropped 130 points in three days, at some point there was bound to be a bounce. We're all geniuses during the crash and all cynical paranoid conspiracy theorists on the bounce. It goes both ways. I know half the people on the site are rooting for the collapse of civilization, but take my word for it, it's still a little ways off.
The issue is not the up or down. The issue is the obvious manipulation-always to the upside during the last hour or so of trading. Time and time and time and time again. You would have to be purposely blind not to see it.
other than yesterday that is, and the day before, and the day before. The last three weeks have been devistating to "buy and holds"
I assume that you are using it to your advatage!
we really *are* that consistent, aren't we...
What do you do when those who are meant to protect you simply no longer care? Who is left to make money from? Only themselves. There are not many short squeezes left in their pocket. Do you think retail wants any part of this? What is the point of marking up prices when there is nobody to sell to but one another?
They shot themselves in the foot with the flash crash. It was a blatant maneuver as we all know to move influence political legislation. There is a reason we have supposedly autonomous branches. When Central bankers are using the markets to influence legislation we have a coup d'etat ladies in gentleman. This is nothing short of a financial coup perpertrated against the American public.
In the meantime Oil continues to hemmorage in the Gulf, unemployment claims continue to rise, 99er's begin to fall off benefits, Credit cards & Foreclosures continue to climb, Mark to Market vanishes into the land of the Unicorns,Food stamps reach record levels (Modern day Soup Lines), Manufacturing jobs contract and are never to be seen again, Incumbents are being tossed, Savers see a continous wealth transfer, small business ceases to exists, home prices continue to fall, QE ends, Fannie & Freddie is ignored and costing billions a month and our money supply has gone parabolic.How all this data equates to record bank bonuses, perfect trading quarters for all of the big banks, skying gold and a Dow at 10,000? This is 2010 America in name only. Close to 1500 people now have created a shared fascist government.
post of the day IMO
Agreed. Sums up where we are rather nicely...
That about sums it up Professor.
Wow. Calling all patriots to their muskets. They'll take this ground only after it's colored red with their blood.
This gulf thing really is a blow to the screwed up crap that Dick Cheney made with BP oil. It's really really sad that there is NO chance of a bright future until Dick Cheney gets a pike shoved through his ass and out his heart. Put the guy in an orange jumpsuit and make him clean up oil till he dies and put BP management in secure jobs changing the toilet paper rolls in the super dome. Which apparently is the level of responsibility they are capable of handling.
Cheney has no heart. All those reports of bypass surgery are just a diversion.
seems like they dont slow down trading when going up...only when going down
Dancing with the Elephants
so its OK on the way down.............but manipulation on the way up
no, no, you're right. the fundamentals change like the wind.
I cant believe you are piling onto TDA like that Tyler. Maybe you just have a hardon for all brokers. I was online and active on TDA without any interruption of service Thursday. Maybe the guy feeding you that line about it being down just got fired from there or something. I respect your opinions on most of ZH's content but this is a bit silly.
I missed from 900 all the way down to 400 during the crash. I still have some current puts, even then, I am not sure what other on line trading service would be better.
I demand hearings in Congress on the subject of 15-min "flash" bump!
Where's the SEC and CFTC when we need them?
IMO the equities market is the equivalent of social security. There is some value there now but over the next few years it will evaporate as retiree withdraws begin to exceed new contributions. Almost 20% unemployment (broad measure) doesn't help and neither does deleveraging. I believe that market value is not based on fundamentals or technicals or fibannaci or whatever we all learned in school..it's cash in and cash out.
That said I'm bullish on america because have you ever been to china, africa, most of europe or mexico? But I'd hedge my bet.
look like most of you i do believe that the rally we saw at close was kinda bs. however, i would like to give a possible, harmless explaination of what happened.
this week was a brutal week in equities, and with all major moves momentum player start coming into the markets. all week, when you have massive selling, i don't think its unreasonable to believe that many traders didn't want to go into the weekend with a position on whatsoever. we have seen that during the weekend--when no one can trade--is when announcements are made, and shorts are most vulnerable. i think that the market rally at close was simply people taking off some of their risk so they can have a clean sheet for next week. after hitting the techinal defintion of a market correction in most of the indicies, this bounce should come as even less of a surprise.
that being said, weekly s&p 500 options at the cboe and end of may options at the cme are trading at a ridiculous volatility spread between options with a june expiration, like 5.5% different vol basis. there will be more volatility next week, rest assured.
today at the cboe, 10000 (thats ten thousand) weekly 875 puts traded from a price range of .75 to .90 cents. while i would assume the buyer is doing so vs. an enourmous downside risk position they have on in other months, it still is a very weird trade. especially considering the price they paid for it.
I think Najarian or whoever mentioned the heavy put buyer from May on CNBC and that he rolled those into June calls. May or may not be the same thing we're talking about...
auctually the guy that bought 15000 june 1100 calls sold all of them out at the close today for a $2-4 profit. position closed. although all the market makers would be selling futures against there buys at the end of the day.
he bought them early and sold the calls late.
No volume?!?! There was a shitload of volume going into the close. This graph doesnt do justice to what really took place. Look at the SPY. Biggest volume day of the year and most of the volume was at the open and close - both went straight up. THIS IS LOTS OF BUYING. WHAT DONT YOU FUCKING GET TYLER????? This is not manipulation.
1/2 hour before close Spy volume had dried up to nothing! In fact the lowest volume of the week was recorded in that fifteen minute span just prior to the zombie flash.
another curious foot print was one at 3:57 when the lowest one-minute of intraday volume occurred all week - as if only one player was involved in the flash UP (yours).
any non-insider would be crazy to hold this market over the weekend. none the less, don't panic if it gaps past your stop. Rest easy - and dream of BIG zombie women.
'The Nile' is actually a river in Egypt.
“It's no wonder that truth is stranger than fiction. Fiction has to make sense.”credit not moving? HY made a fairly nice move upward today.
First post, good to be here. Here's the story from today (roughly)
-Big desks (IBs, hedgies, et al) were coming in long index puts and long stock from yesterday's fugly close (e.g. they were hedged).
-To take off the first leg of the trade you need to get the index puts juiced so you move the ES (S&P e-minis) down in the overnight session on almost no volume to get your incredibly low ~1051 print for the open which is where your index puts go out - they settle *on the open*. Nice fat payday on leg one (check).
-To take off the second leg, you ramp the close so you can take off your long stock up +120 on the dow / +16 on the S&P when others are covering for the weekend. Nice fat payday on leg two (check).
-Go to Hamptons for the weekend in new (insert favorite high-end sedan or sports car here) to get beach house prepped for upcoming Memorial Day weekend.
-The End.
We like.
Please feel free to post more in the future.
Agreed. A most singular post.
Thanks, EW.
thanks ew, look to hear more from you..
Please explain "you ramp the close." Wouldn't that leave me long again?
The fact that this surprises some people, surprises me greatly.
Anyone who still believes in the fable of "Efficient Markets" has spent way too much time in a university classroom receiving a mis-education.
Cant complain, was a nice day to pile on some shorts. Morning was rough after the constant uptick, but overall am pretty confident with my positions. Hedged with a few July puts.
You know capitalism is alive & well when you can pick the underlying trend but still lose your shirt.
come on, every rally into the close is manipulation? Thurs we dropped 30 handles in the last 1/2 hour. Noone thinks that could be manipulation? Perhaps they both were manipulated. But it's silly only to single out the rallies when we dropped about 10% in 2 weeks.
EURO buying support continues so far...
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
I do not know if last nights close was rigged or not. However having followed markets over some time I do know that short covering rallies are often quick and can go a long way before they fizzle out.Indeed it is one of the ways one defines a dead cat bounce.
Also if one is bearish these rallies give a chance to sell again at higher levels.
The March 2009 lows won't hold.
Updated DOW daily and weekly charts:
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
A close below 9900 will start the freefall, and the PPT knows it.