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Thank You JPMorgan - MUST SEE: JPM's ETF Desk Ramps Market Higher Into Close

Tyler Durden's picture





 

As can be seen on the SPY IOIA screen below, JPM's ETF desk singlehandedly manages to push market higher. It is unknown if this is for prop positions (yes Senator Corker, we know it when we see it), or flow (JPM is RenTec's. and many other quant funds' Prime Dealer) is unknown. What is known is that JPM indicates every single SPY offer was lifted by its sage trader.

 


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Fri, 02/05/2010 - 16:46 | Link to Comment malusDiaz
malusDiaz's picture

Where is the info on the 401k Decission?!?!

 

I've read the article: http://www.zerohedge.com/article/treasury-soliciting-your-feedback-regar...

 

WHEN DOES THIS PASS / CONFIMATION / ECT!!! MORE INFO PLEASE!

Fri, 02/05/2010 - 16:48 | Link to Comment Anonymous
Fri, 02/05/2010 - 18:20 | Link to Comment Brett in Manhattan
Brett in Manhattan's picture

This shows the inherent contradiction of Floor Traders. They're supposed to add liquidity, but they always go with the trend, adding to the disequilibrium.

Fri, 02/05/2010 - 18:49 | Link to Comment Anonymous
Fri, 02/05/2010 - 19:30 | Link to Comment Anonymous
Sat, 02/06/2010 - 12:46 | Link to Comment Anonymous
Fri, 02/05/2010 - 19:37 | Link to Comment 1TAAT
1TAAT's picture

I agree with 'Anon' 219858. It wasn't that complicated this afternoon. That last swoon down to 41 was the final stop run. Not much volume down there, and you could see the shorts begining to cover(although I did think the easy 1047 for -100 was going to hold, I guess the extra 5 pts was for good measure). Remember this is -105 pts down from the highs in just over a week. That is pretty impressive.

Once again, when you build a market on overnight, light volume/manipulation, is it any surprise, that the same market can crash much faster? Good luck out there, and I for one am just estactic that we have more than a 5 pt range day.

Fri, 02/05/2010 - 19:59 | Link to Comment Anonymous
Sat, 02/06/2010 - 17:59 | Link to Comment Anonymous
Mon, 03/08/2010 - 02:38 | Link to Comment Anonymous
Fri, 02/05/2010 - 16:48 | Link to Comment Hephasteus
Hephasteus's picture

Oh look. Theres the dicktators now.

Fri, 02/05/2010 - 16:49 | Link to Comment deadhead
deadhead's picture

gee, wonder if someone had the consumer credit number a little earlier?

Fri, 02/05/2010 - 16:49 | Link to Comment Bear
Bear's picture

What is the definition of MANIPULATION?

Fri, 02/05/2010 - 17:03 | Link to Comment Cistercian
Cistercian's picture

 Resistance is futile.

Fri, 02/05/2010 - 16:50 | Link to Comment Bear
Bear's picture

sell sell sell

Fri, 02/05/2010 - 16:50 | Link to Comment Chopshop
Chopshop's picture

in Clint whisper ~ bang.

Fri, 02/05/2010 - 16:50 | Link to Comment Anonymous
Fri, 02/05/2010 - 16:52 | Link to Comment Cyan Lite
Cyan Lite's picture

The time says 12:33.  A little bit early, eh?

Fri, 02/05/2010 - 16:56 | Link to Comment Tyler Durden
Tyler Durden's picture

Pacific Time

Fri, 02/05/2010 - 22:16 | Link to Comment TheGoodDoctor
TheGoodDoctor's picture

Don't you mean Plunge Protection Time?

Fri, 02/05/2010 - 16:58 | Link to Comment assumptionblindness
assumptionblindness's picture

Yeah, but that image was only page 1 out of 57. 

Fri, 02/05/2010 - 16:56 | Link to Comment pak
pak's picture

Well, JPM is NY FEd's Prime Dealer, too..)

Or has somebody's software gone crazy?

Fri, 02/05/2010 - 21:01 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

So JPM likes my stocks and gold hmmmm?

TSL, ABX, CAT, HES, CSCO, V, WFMI.

Fri, 02/05/2010 - 16:56 | Link to Comment assumptionblindness
assumptionblindness's picture

SURGEONS GENERAL WARNING:  Shorting this market has been determined to cause Tourette's syndrome in ortherwise healthy traders.   

Fri, 02/05/2010 - 16:59 | Link to Comment Cistercian
Cistercian's picture

 Epic hilariousity!

Fri, 02/05/2010 - 16:56 | Link to Comment MsCreant
MsCreant's picture

My rage burns brightly. Let the whole population feel like I do right this minute and this motherfucker will burn and we won't care about shit: eating be damned, power be damned, shelter be damned. Nothing matters because all of it is built on treachery. I don't want to live this way.

If only my rage were enough to make it stop, we would be done with this, I assure you.

Fri, 02/05/2010 - 17:00 | Link to Comment Yophat
Fri, 02/05/2010 - 17:05 | Link to Comment AndItsGone
AndItsGone's picture

The government of the United States is an illegitimate criminal enterprise.

Fri, 02/05/2010 - 17:19 | Link to Comment Yophat
Yophat's picture

April 19, 2010 - Cast your vote!!!

Fri, 02/05/2010 - 17:26 | Link to Comment SWRichmond
SWRichmond's picture

yes

Fri, 02/05/2010 - 18:31 | Link to Comment MsCreant
MsCreant's picture

The Mafia are amateur hacks compared to the US Government and these financial houses.

Fri, 02/05/2010 - 17:19 | Link to Comment Hephasteus
Hephasteus's picture

Keep going. You're doing good.

http://news.yahoo.com/s/ap/20100204/ap_on_sc/us_sci_pluto

Next we do neptune. Then work out way to uranus.

Fri, 02/05/2010 - 18:18 | Link to Comment faustian bargain
faustian bargain's picture

All the same I'd prefer if you stay away from my anus.

Fri, 02/05/2010 - 18:29 | Link to Comment MsCreant
MsCreant's picture

I agree. Poor taxpayer faust, and all of us, so sore.

Fri, 02/05/2010 - 18:14 | Link to Comment Ripped Chunk
Ripped Chunk's picture

The energy is out there. It just needs to be organized and directed.

My hate for these criminal bastards used to have a color. I could see it, like a reddish orange hue. Now it is just a white hot blast of hate.

Fri, 02/05/2010 - 18:33 | Link to Comment MsCreant
MsCreant's picture

Your avatar is pretty spot on, I suspect. Art is not always pretty.

Sat, 02/06/2010 - 19:14 | Link to Comment Anonymous
Fri, 02/05/2010 - 16:58 | Link to Comment Eternal Student
Eternal Student's picture

Thanks, ZH. I was wondering what the heck was going on. And no one else is reporting this stuff.

Sat, 02/06/2010 - 08:00 | Link to Comment Anonymous
Sat, 02/06/2010 - 20:39 | Link to Comment mynhair
mynhair's picture

is that manipulation? hardly...

 

And now to the 'secret' meeting in AussieLand.

Not manipulation, just insider trading.

Fri, 02/05/2010 - 21:03 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

+1.5 quadrillion.

Fri, 02/05/2010 - 17:02 | Link to Comment lizzy36
lizzy36's picture

unfuckingbelievable

Fri, 02/05/2010 - 18:41 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

lizzy, why would you find it unbelievable, surely you remember that day last spring when the s&p spiked 15 points in 2 minutes, 15 minutes before the close?

Today's action smells just like that day; blatant market support by the PPT.

Today was a sign for me, and that sign was "all clear to buy gold".  The money printing is going to really crank up now, and gold is going to go ballistic.

Fri, 02/05/2010 - 22:15 | Link to Comment Master Bates
Master Bates's picture

Once upon a time, there were stochastics.  The stochastics were oversold severely.
Then people bought the stochastics at the bottom and we made a lower high again.

I don't seem to think that this was necessarily a PPT action.  I mean, maybe JPM was just massively short SPY...

That UBS block of SPY looks more sinister to me than all the JPM blocks...

Sat, 02/06/2010 - 01:06 | Link to Comment Anonymous
Sat, 02/06/2010 - 03:04 | Link to Comment Anonymous
Fri, 02/05/2010 - 17:02 | Link to Comment Hondo
Hondo's picture

It's really criminal......the sad part is the government is the criminal.

Fri, 02/05/2010 - 17:03 | Link to Comment faustian bargain
faustian bargain's picture

I would probably be really mad if I understood how to read this.

Fri, 02/05/2010 - 17:05 | Link to Comment lsbumblebee
lsbumblebee's picture

That's nice. Now the Ministry of Truth can blare the headline "Stocks up as unemployment rate falls".

Fri, 02/05/2010 - 17:05 | Link to Comment Moe Gamble
Moe Gamble's picture

This is quants. WTI caught a bid from the continuous-contract-watching civilians at $70 (low volume), and nobody who knows what they're doing is selling until the retest Monday. WTI moving up triggered a quant bid in SPY. The selling will resume Tuesday when WTI starts to sell off again.

Fri, 02/05/2010 - 17:10 | Link to Comment deadhead
deadhead's picture

one of the most BLATANT PPT driven ramps that i've seen in the past several months.  the extended late July takes the cake, but this one is ridiculous...20 handle on the spx in 2 hrs into a weekend fraught with risk all over the globe in a big downtrend....nobody using their own money AT RISK would buy that heavily.

what a fucking joke, once again, the US equity markets are, with the FED abusing the currency to manipulate a market that if anybody calls a "free market", they are a fucking idiot. 

Sat, 02/06/2010 - 12:50 | Link to Comment merehuman
merehuman's picture

since i am not financially educated i cant say much. I like to speak from knowledge.

But i do think it odd that silver and gold are going down even tho there are lots of us buying silver and gold.  Selling fake paper silver and gold should not affect the price of the actual metal.

I think to hold whats real. I will keep my silver even if it drops to -0

Alot of silver coin was bought in january.

Sat, 02/06/2010 - 18:43 | Link to Comment Anonymous
Fri, 02/05/2010 - 17:10 | Link to Comment Moe Gamble
Moe Gamble's picture

This is quants. WTI caught a bid from the continuous-contract-watching civilians at $70 (low volume), and nobody who knows what they're doing is selling until the retest Monday. WTI moving up triggered a quant bid in SPY. The selling will resume Tuesday when WTI starts to sell off again.

Fri, 02/05/2010 - 17:13 | Link to Comment hound dog vigilante
hound dog vigilante's picture

 

Blatant, overt manipulation.  How can this be?  The banksters are also the "regulators".

 

The irony is that the bankster's defense of Dow 10K is really a defense against their own algorithms & automated trading systems.

 

It's a Frankenstein market.

 

 

Fri, 02/05/2010 - 17:17 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

And the PPT said 'Let it be 10,000' and it was done.

 

Thank you PPT.

Fri, 02/05/2010 - 18:47 | Link to Comment Rainman
Rainman's picture

........yes, amazing work by these desk jockeys.

Like Superman swooping down at the last second to rescue Lois Lane before she splats on the sidewalk.

Fri, 02/05/2010 - 17:18 | Link to Comment pak
pak's picture

That's how they will kill this bull market, btw. At some point, nobody will bother to short stocks. Then kaboom!

Fri, 02/05/2010 - 17:27 | Link to Comment Yophat
Yophat's picture

Aren't they trying to outlaw shorting again....

Fri, 02/05/2010 - 18:17 | Link to Comment pak
pak's picture

Just in time I guess, because with less shorts to squeeze, doing the pump job will get increasingly difficult.

But they've probably forgotten that history has no example of such kind of ban being successful.

Fri, 02/05/2010 - 17:20 | Link to Comment Anonymous
Fri, 02/05/2010 - 17:21 | Link to Comment johngaltfla
johngaltfla's picture

451 million shares, most since 2 pm ET? Nah, there's no PPT. I'm going to take a break from this and go take a ride on my unicorn and refill my Skittles bowl.

What blatant bullshit.

Fri, 02/05/2010 - 17:59 | Link to Comment deadhead
deadhead's picture

+1

Fri, 02/05/2010 - 17:22 | Link to Comment Anonymous
Fri, 02/05/2010 - 17:57 | Link to Comment Translational Lift
Translational Lift's picture

Timmi & Jimmi oops...Jamie pulling levers behind the curtain....

Fri, 02/05/2010 - 18:05 | Link to Comment deadhead
deadhead's picture

I do not believe so regardless of any extraordinary powers available to the Fed.

To the best of my knowledge, the emergency powers granted to the Fed have never been litigated, ergo, it's pretty much a blank check for the Fed to do as it wishes until someone tests their actions in U.S. District Court (as a starter).

My view (and I am happy to stand corrected if someone can offer a better legal opinion) is that they can get away with an awful lot with such sweeping powers.  It would take years to litigate this (hell, look at the B'berg FOIA suit already) and even if they were found to be doing something wrong, there is no "or else" in the Fed Reserve Act, i.e. no punishment. 

I find it appalling as the Fed is the only org in the US gov't complex (with possible exception of security agencies) pretty much outside of our bedrock philosophy of "checks and balances".  The Fed CAN be "checked, balanced" by Congress but they simply will not do it.

Fri, 02/05/2010 - 18:28 | Link to Comment Anonymous
Fri, 02/05/2010 - 18:28 | Link to Comment pak
pak's picture

"If the government is behind this then this is clearly illegal."

Illegal? No:

http://en.wikipedia.org/wiki/Working_Group_on_Financial_Markets

Unfair? Yes.

All governments do it after all.

Fri, 02/05/2010 - 21:35 | Link to Comment Anonymous
Fri, 02/05/2010 - 17:22 | Link to Comment Let them all fail
Let them all fail's picture

HAHAHAHAHA - This is why I don't have any money in equities right now......

Fri, 02/05/2010 - 17:24 | Link to Comment MarketTruth
MarketTruth's picture

JPM is a retail arm and a member/owner of the Federal Reserve. In other words, more now classic QUEASing and market manipulation.

If you truly are upset at what is transpiring, remove all funds other than what is necessary from your bank accounts, cash in all stocks and buy gold and/or silver. This is the only way to vote with your money and send a message to the banking and investment system.

Fri, 02/05/2010 - 18:25 | Link to Comment MsCreant
MsCreant's picture

My money is so gone. I went out today, after this post, and made it even more gone.

Bastards.

Fri, 02/05/2010 - 22:43 | Link to Comment velobabe
velobabe's picture

upgrade that '02 bike, throw a campagnolo gruppo set on. that will set you back some ¢/$ ciao bella.

Sat, 02/06/2010 - 11:24 | Link to Comment MsCreant
MsCreant's picture

Got Ultegra already. Dura Ace would be my upgrade. Don't know that there would be a lot of bang for that buck.

Fri, 02/05/2010 - 22:30 | Link to Comment moneymutt
moneymutt's picture

Think of Abe Lincoln's words of consolation: "It is said an Eastern monarch once charged his wise men to invent him a sentence to be ever in view, and which should be true and appropriate in all times and situations. They presented him the words: 'And this, too, shall pass away.' How much it expresses! How chastening in the hour of pride! How consoling in the depths of affliction!"

Fri, 02/05/2010 - 17:26 | Link to Comment Anonymous
Fri, 02/05/2010 - 17:26 | Link to Comment Jim in MN
Jim in MN's picture

Computers to Humans:  OUR MARKET NOT YOURS STAY AWAY

Fri, 02/05/2010 - 18:07 | Link to Comment CreditcalMass
CreditcalMass's picture

LOL, so true.

Fri, 02/05/2010 - 18:43 | Link to Comment Anonymous
Fri, 02/05/2010 - 20:57 | Link to Comment Mad Max
Mad Max's picture

ALL YOUR SHARES ARE BELONG TO US

Fri, 02/05/2010 - 17:26 | Link to Comment Anonymous
Fri, 02/05/2010 - 17:27 | Link to Comment pooplagrande
pooplagrande's picture

The "Invisible Hand" strikes again. See everyone...everything is just fine...don't worry, just please start spending money again...please...Social Security isn't bankrupt, the housing market is going up, you can trust your politicians, Goldman Sachs is your friend, and everything is ooookay...okay? Got it? No go buy a fucking house and max out your credit card you slaves!

Fri, 02/05/2010 - 18:05 | Link to Comment Invisible Hand
Invisible Hand's picture

Sorry, pooplagrande, don't blame me.  I was short today (mostly to my detriment).  Monday is another day.

Fri, 02/05/2010 - 17:29 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

I am thinking JPM might just get caught holding the bag.

Fri, 02/05/2010 - 18:07 | Link to Comment deadhead
deadhead's picture

one can never be caught holding the bag when the Fed can make up the difference by buying your shit mbs securities, worth 10 cents-60 cents on the dollar (whatever) at par.

 

Fri, 02/05/2010 - 17:29 | Link to Comment buzzsaw99
buzzsaw99's picture

It was nice of them to buy so many shares. I hope they buy them all some day.

Fri, 02/05/2010 - 17:29 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

I am thinking JPM might just get caught holding the bag.

Fri, 02/05/2010 - 17:57 | Link to Comment schatzingrid
schatzingrid's picture

Seven years ago, Donald "aspartam" Rumsfeld made this comment :

Now, you're thinking of Europe as Germany and France. I don't. I think that's old Europe. If you look at the entire NATO Europe today, the center of gravity is shifting to the east. And there are a lot of new members. And if you just take the list of all the members of NATO and all of those who have been invited in recently -- what is it? Twenty-six, something like that? -- you're right. Germany has been a problem, and France has been a problem.

Mr.Rumsfeld was a visionary, the center of gravity is really shifting to the east, right to China.

And America is now also belonging to the "old countries club : less workers, more pensioners, huge social security debt, etc, etc.

So what's next?

Fri, 02/05/2010 - 22:21 | Link to Comment Master Bates
Master Bates's picture

Yeah, what a visionary, selling chemical weapons to Saddam Hussein in the 80's.

I'm sorry, but your link of Rumsfeld to anything relevant is a bit over the edge.

Fri, 02/05/2010 - 22:41 | Link to Comment moneymutt
moneymutt's picture

everybody is next, So/Central Amer, Middle East, Southeast Asia, China, India, shoot some day even Africa will get it's due...it will be fits and starts as old western guard loses control....my bet is India will do well, corruption problems, but less central planning and tyranny than China and kids will fix govt...

and beware of a technology revolution that could move all the global chess pieces...we have not even fully digested all the effects of the internet...what might be next? miracle materials, cheap power...something could change geopolitics, war and power more than any technology in last 100 years..

Sat, 02/06/2010 - 11:19 | Link to Comment KevinB
KevinB's picture

One such technology might be "3-D printers", which are available now. These don't print on paper; instead, they extrude plastic to make real, actual things, driven by CAD software. There was an article in WIRED recently that talked about "virtual" companies. Some one designs something at home, makes a cheap prototype on his 3D printer, and when he's satisfied he's got the bugs out, simultaneously contacts a manufacturer to make the thing, and markets it through virtual channels. Nothing gets made until an order comes in - no overhead, no inventory - until you reach a critical mass where dedicated production makes sense. Means you can start up a company with not much more than an idea and a laptop. No need for billions in VC (which seems to have dried up anyway), and it means many niche markets which could NOT have been served under traditional structures would now be profitable. That's gonna be interesting.

Fri, 02/05/2010 - 23:46 | Link to Comment Anonymous
Fri, 02/05/2010 - 17:59 | Link to Comment Anonymous
Fri, 02/05/2010 - 18:05 | Link to Comment RobotTrader
RobotTrader's picture

Check out the volume

 

Fri, 02/05/2010 - 18:10 | Link to Comment Anonymous
Fri, 02/05/2010 - 18:13 | Link to Comment Anonymous
Fri, 02/05/2010 - 18:14 | Link to Comment leathaface
leathaface's picture

i have never been so pissed off at the market over the last couple years as i am today.  Hey TD is there any way you can get us a few more screen shots on who was pushing the ETF higher?  i have a feeling it was not just JPM leading the charge.  thanks for the info

Fri, 02/05/2010 - 18:15 | Link to Comment Anonymous
Fri, 02/05/2010 - 18:44 | Link to Comment pak
pak's picture

Thx. Looks like a big deal. Especially when combined with the degree of capitualtion seen around.)

Fri, 02/05/2010 - 21:00 | Link to Comment girl money
girl money's picture

WOW!  thanks for the link, Anonymous -- clicked on the Buying on Weakness to compare...  eeeesh....

Thoughts on the unususal puts at 2/5/10 close for SPY?

sym      2/5 put vol      avg put volume      daily vol ratio

SPY     1,890,450             809,092                  2.3

so puts on SPY are more than double the avg

http://online.wsj.com/mdc/public/page/2_3027-unusualoptclose.html?mod=topnav_2_3022

 

 

 

Fri, 02/05/2010 - 22:16 | Link to Comment imsaul0968
imsaul0968's picture

Thanks for that link, I didnt kow about the unusual put/call flows as well.  Not sure what to make of huge selling in SPY but it usually means big selling is a coming.  I charted SPY for the last year and took a look at historical data and at the big peaks and troughs, with very few exceptions, when there was huge (+/- 300) on SPY flows, they were hints of turns in the market within 24-48 hours. Its not an exact science but it does tell you when theres big money being placed on directional movements. The only time it was VERY WRONG, not surprisingly is just before the market began its plunge in fall 2008. Even the big money was leaning the wrong way.  There were multiple days of +400 and even a +1060 milion in SPY volume....The big guys felt some pain before that wicked snapback so the bigger the flow + or -, the bigger the ultimate snapback. You can thank Newtons Law for that one!

Fri, 02/05/2010 - 18:15 | Link to Comment Hammer59
Hammer59's picture

These criminals are'nt about to just give up their wealth, power and prestige, and will do everything in their power to preserve the status quo...with the Government's blessing.

Alas, their corruption only insures our imminent collective failure. Overseas markets got clobbered, everything is going to hell--but hey--we closed over 10,000! 

Everything here simply mirrors what occured during the first Great Depression. Even the hardiest Bull must be unsettled today.  

Fri, 02/05/2010 - 18:19 | Link to Comment Anonymous
Fri, 02/05/2010 - 18:54 | Link to Comment pak
pak's picture

"if it's going down everyone is bitching if its going up everyone is always bitching."

What is wrong about bitching?

Sat, 02/06/2010 - 11:32 | Link to Comment MsCreant
MsCreant's picture

Not only that, but Anon is bitching about the bitching...

Fri, 02/05/2010 - 19:48 | Link to Comment Brett in Manhattan
Brett in Manhattan's picture

Easier said than done.

Because of their massive resources, the big boys have to buy on the way down, and you can't know for sure when they're doing so.

Moreover, even if you do know the big boys are buying, you can find yourself all-in at a point where the big boys are still averaging down.

 

Fri, 02/05/2010 - 18:28 | Link to Comment loup garou
loup garou's picture

Yeah. Uh-huh.

Fri, 02/05/2010 - 18:33 | Link to Comment Brett in Manhattan
Brett in Manhattan's picture

I suggest that those yelling and screaming about this not play the market, as this has been the way it has worked from day one.

The Stock Market is a merchandising operation designed to buy stocks at wholesale and sell (and sell short) at retail. If too many outsiders jump on board too soon, profit considerations demand that insiders have to shake them out. IMO, that's what happened today.

Bottom line: It's an insiders' game, for the most powerful exchange members, with a few sharp outsiders picking up the crumbs.

Fri, 02/05/2010 - 18:57 | Link to Comment El Capitan
El Capitan's picture

For the good stuff, there is always a waiting list to get on the mailing list.

Fri, 02/05/2010 - 18:42 | Link to Comment Anonymous
Fri, 02/05/2010 - 18:45 | Link to Comment Anonymous
Fri, 02/05/2010 - 19:03 | Link to Comment ES_BoT
ES_BoT's picture

Can't help but question if there are actual traders participating here. If there were, this analysis would be more thoroughly questioned.

So let me get this straight: SP's fell ~4.75% in 1.5 sessions, retraces a mere ~1/3 of said down swing, and that defacto translates to conspiracy/surprise? Give me a break, everyone and their brother with decent market sense was waiting for an approach of 1040-1050 to unload shorts and/or repopulate long. It will be bought hard/accumulated all the way down to 1010/1015, with no joy signaled after several consecutive closes below 1000. When uptrending S&P's are sold to within 2-3% of it's 200-daily, hard EOD covering/buying is inevitable.     

And a cherry-picked T&S snapshot showing JPM, one of the largest prime brokers, buying SPY at a lackluster point in today's retrace, is the smoking gun? True short covering/buying started ~30mins later @ 2:01 and 2:05pm Chicago time. ES led the retrace per a quick PREM analysis, not the other way around. A true practioner would know intraday characteristics of today's retrace corresponded to strong short covering. If you think you're going to get more than an 8-10% correction (1150->1040) in this intermediate bullish trend, regardless who you think is responsible for it, I have some sprung CRE tranche I'd like to offer. 

One could easily present viewers T&S over the last 3 weeks showing "conspiracy" manipulation to the short side.

Please don't get me wrong, I'm very disgruntled with the situation these upper brass charlatans have have laid waste upon taxpayers, markets, and economy. But mixing sharp & verifiable insight with patently absurd evidence such as this, is a true disservice to your readers. Most here are too inexperienced to differentiate fact from fiction in this particular space.

- CME IOM local

 

Fri, 02/05/2010 - 19:15 | Link to Comment Rainman
Rainman's picture

........and through it all, the orders shoot through the hole going into close and the wheel spins and magically stops at 10,000 ( plus 2 ).  Either talent, coincidence or luck ??

Not being snarky, ES. Please choose one of the above.

Fri, 02/05/2010 - 19:55 | Link to Comment Translational Lift
Translational Lift's picture

Usually they start the ramp anywhere around 3-3:30....today they had a lot of ground to make up so the ramp started at exactly 2PM......

Fri, 02/05/2010 - 20:06 | Link to Comment ES_BoT
ES_BoT's picture

Rainman: Are you insinuating that repulsion/attraction to whole numbers like 1000 SP, 10000 DOW,etc is a new PPT derived ploy? If so, rather naive. Such a psychological windows dressing game has been around for decades.      

Fri, 02/05/2010 - 20:24 | Link to Comment Great Depressio...
Great Depression Trader's picture

ES BOT:

Thank you for your voice of reason. Are we the only ones in this thread that saw this turn around coming intraday?

Im bearmarkettrader, talking about a turn around early next week. Check the time I wrote this post: 2:01

http://www.chrismartenson.com/forum/sp-500-index-down-92-its-intermediate-bull-market-peak/35018#comment-66333

A few minutes later when market was down 165 pts im like LETS GO IN!!!

The good thing is that we are thinking on the same page as the heavy hitters. Most of the weak minded traders/gamblers go short at the bottom of today's market, only to get squeezed by the obvious jump at the end of the day.

I still believe that this intermediate term bull has run its course. We may see a double top at 1150 but highly unliely at this point with EURO, CHINA and US fears getting stronger by the week. Also, carry trade unwind, and massive treasury issuance will push markets lower.

Til next time

Fri, 02/05/2010 - 20:31 | Link to Comment Rainman
Rainman's picture

....not so much naive. Just in awe of the "talent" ( choice #1 ). I'm a boring bonds guy anyway.

I suppose the number 10 will be the magic number until it isn't.....no matter the rationale.

 

Fri, 02/05/2010 - 22:26 | Link to Comment Master Bates
Master Bates's picture

It's called stochastics oversold, with markets hitting support levels.

I actually agree with you.  It's not some boogeyman action.  You can only deflate a balloon so far before you have to blow it up to deflate it again.

Fri, 02/05/2010 - 19:04 | Link to Comment Anonymous
Fri, 02/05/2010 - 19:05 | Link to Comment Rainman
Rainman's picture

Equities markets have always been amoral. That doesn't bother me.

But the newest feature is  the government subsidized illusion of properly valued capital wealth. It's impossible to determine unmanipulated fair market values for assets today. That bothers me.

Fri, 02/05/2010 - 19:24 | Link to Comment Anonymous
Fri, 02/05/2010 - 19:46 | Link to Comment the grateful un...
the grateful unemployed's picture

notice the first of the month has been good for a pop, and the first of Feb, was no exception, if you take away that move in the INDU from 10050 to 10300 in two days

If you look at the second half of the month in every month since last August it also looks pretty bad. No rocket science needed.

Look at the 2008-2009 time frame when the market was falling, and you see some pretty good snap back rallies the second half of the month, around options expiration, which is probably PPT. I see July, Sept, October, November, after that they pulled out the big guns, Bailout Bertha.  There was one more options week rally the following year in August, but after that the current pattern of strong early in the month, and weak later, became the norm.

 

Summation: This doesn't fit the PPT pattern, and why would they keep kicking the can if the can was doing fine all by itself??

This was a long month for options players, and technically they put up a hanging man today, which candlestick chartists know as a bottom signal (but only if it comes near a bottom, near the top it is deadly indication of exhaustion) and so this signal is probably a continuation pattern, the shadow in a candlestick is the market testing the ground ahead, this is where the market WANTS to go, which is why this is such a great reversal signal, IF the market doesn't follow through.

To trade candlesticks you must wait for confirmation. The 200 ma is around 9500 and we could be there by options week, which would give everyone a chance to game the system. That support is a good place for the PPT to make their move, especially if today's effort was something to get the weak hands into buying. 

Put up the minute chart of the GDX, the S&P and the Industrials, and you get 3 different pictures of the same thing.

 

 

Fri, 02/05/2010 - 20:21 | Link to Comment Anonymous
Fri, 02/05/2010 - 21:04 | Link to Comment Anonymous
Sat, 02/06/2010 - 05:36 | Link to Comment Anonymous
Fri, 02/05/2010 - 21:05 | Link to Comment Anonymous
Fri, 02/05/2010 - 23:12 | Link to Comment Anonymous
Fri, 02/05/2010 - 23:24 | Link to Comment Anonymous
Sat, 02/06/2010 - 07:25 | Link to Comment wackyquacker
wackyquacker's picture

oh my..... you must have gone long at 10700. Not to worry, you'll soon be 'back to even'

Sat, 02/06/2010 - 00:17 | Link to Comment John McCloy
John McCloy's picture

This is me owning FAZ today as 1:30 

:) :) :) :) :) :) :) :) 

This is me owning FAZ after taking a pee at 1:30

:( :( :( :( :( :( :( :(

 

I only have one question. Do these big "banks" have any other way to make cash aside from trying to manipulate short squeezes? Each attempt has done two things since Fall:

1) Been considerably less effective, more predictable, evident through SPX purchases and with decreasing volume

2) Made bears angrier and more convinced that this reaks of desperation.

In case they have not bothered to look at the paper or the data. We are in a depression and middle class leveraged to high heavens services based employed America has no conception of what to do about finding a job for the first time EVER. 

Wait until the D word begins to make its rounds in the MSM and let's see how many rallies the market has up it's sleeve.

Sat, 02/06/2010 - 00:38 | Link to Comment Anonymous
Sun, 02/07/2010 - 11:17 | Link to Comment Anonymous
Sat, 02/06/2010 - 06:58 | Link to Comment chindit13
chindit13's picture

Reality is what you make it, and it seems we were reminded of this again, beginning at 0830 EST and continuing into the close.  We lost 20K off the payrolls (Greek-Canadian translation:  unchanged), and adjusted December much further into negative territory---all to end up three tenths better on the headline UE figure.  Seasonal adjustments are responsible, we are told, apparently having something to do with lots of bird flu/Black Plague/Legionnaire's Disease expirations or teenagers laid off from the A&F Christmas Season.

Then just when it looked as if $23 trillion of taxpayer bailouts and backstopping, plus one Phd in Depression Economics, might have gone to waste, "Bargain hunters" stepped in to save us from ourselves.  Granted it is possible that it really was bargain hunting, just as it is possible that Rosie Luiz really did win the Boston Marathon, but my pathogical cynicism runs too deep for me to buy in.  Maybe, just maybe, some portfolio manager saw a chance to beat his benchmark for the calendar year and couldn't resist, but the close a whisper above 10,000 leaves that possibility in the same camp as those who still think John Cena is the best wrestler in the world and Milli Vanilli the best duo pop has ever seen.

In the end, though, I will continue to remind myself to trade whatever reality the PTB are wont to create.

 

Sat, 02/06/2010 - 15:57 | Link to Comment JR
JR's picture

That's fantastic!!

Sat, 02/06/2010 - 08:45 | Link to Comment obamaphobe
obamaphobe's picture

I'm giddy.  You'd have to be delusional to be upset over this.  So they were buying for the FED or maybe they were entering a new long(i hope so) what ever the case, it does not matter.  I'll take the other side down at 666. 

Sat, 02/06/2010 - 11:13 | Link to Comment marginnayan
marginnayan's picture

SPX down 110+ points in almost 2 weeks. If I were a bear and I am actually (and so many here are), would be just simply not stupid not to cover your shorts around 1040-1045 index level on SPX. I think so.

At major support levels, some hedge funds or institutional investors or both would come and buy the hell out market and try to cause a major reversal.

And there is always the threat of PPT (aka SkyNet aka TPTB) to come and buy the the stock market to save both the 401K and earth, now that the whole world knows about PPT outright intervention in the stock market after several articles on ZeroHegde web site and so many other financial web sites including comments about PPT intervention by institutional money flow Guru Charles Biderman of TrimTabs on Bloomberg television. Anyone not seeing this coming on a day like last Friday , I think that is then asking for too much and should not be in the stock market and trading it at all.

Note: The above IMO only

Sat, 02/06/2010 - 10:39 | Link to Comment KidDynamite
KidDynamite's picture

why oh why are people ranting and raving about 20 lines off odd lot prints from JPM totalling a few hundred thousand shares when the top of the bberg screenshot shows an eight MILLION share print from UBS ?!!!?!?  HUH?!?!?! 

 

and a related question - how on earth is SCHB the counterparty on that trade?

 

anyone? anyone?

Sat, 02/06/2010 - 12:56 | Link to Comment Anonymous
Sat, 02/06/2010 - 12:52 | Link to Comment Anonymous
Sat, 02/06/2010 - 22:25 | Link to Comment Anonymous
Sat, 02/06/2010 - 22:48 | Link to Comment JR
JR's picture

Speaking of the big guys, you gotta see on Weekend Funnies, Nate’s Economic Edge, these two videos:

The Colbert Report: Let Freedom Ka-Ching—the Corporations, "the minorities," who are being forced to the back of the bus…money is free speech...buying elections with paper ballots--dollars

AND

The Colbert Report: Eliot Spitzer--malfeasance in our banking system...we wouldn’t want to regulate an industry that is destroying our economy

Priceless for Saturday night laughs...

http://economicedge.blogspot.com/

Do NOT follow this link or you will be banned from the site!