One last thing before I sign off, DELL will be reporting tomorrow after the close, and we all know how Dell can paint a lovely picture, market will just go haywire over Dells spin. Long or wrong is the new motto.
Cheers
Cheers
Midnight rally
- Thread starter Rickshaw Man
- Start date
I have seen it work now WAY to often Seth. When it works really well the Hang Seng and Nikkei explode as well (they are in a big uptrend).
I have been at this since 1995. Watching the tape tick for tick. I have been watching markets from a day to day basis since around 1984. Other than the late in week crude rally pattern I have been making money on. This one is consistent. The late in the week crude rally makes sense and always has been around to some degree since the first gulf war. Shorts cover in front of the weekend --because of event risk. This stock market pattern has manipulation written all over it.
Completely agree. Without the NYSE open, there's no selling from programs to stand in the way. Since settlement is based on 3:15 rather than 3:00 it makes sense that if someones long thousands of futures contracts and or long SPX calls/or short puts, they want that max $$$ mark. It used to be, regardless of trend, the distribution of higher/lower opens was random. Clearly a skew now.
I'll even say TGM that I'm not surprised that the futures have ceased going out on the days extreme, THAT was becoming a crowded trade, BUT the reverses ONLY come off of down 3:00 closes not visa versa. Yesterday for instance. The market caught its late BID and didn't reverse after cash closed it just kept going.
BTW: I don't know if you stuck around for Friday's late fuck job. YM had bounced all afternoon off 10557. I got short 70's around 2:50 figuring this was the day they'd jam through the lows post NYSE close. They did. Alll the way to 55!!! THEN they jammed right up to 10572. On a freakin Friday.
I have wathed this for years. The following is a sound bite for you. I have seen things in the Spoo that is unexplainable. I really saw it and heard it on the floor. I remember the Asian meltdown and Sept 11. What happened after those events had manipulation written all over it. I never believed the Govt. would buy stocks. But I have seen to much. Remember after the Asian collapse? Rubin called Hong Kong and they said they were buying their own stock and it worked. That sealed it for me. I dont think the Fed does it. But I know damn well the PPT puts the word out 00 accounts at certain brokerages start buying. It is simple to do with all these derivatives. Like I said. Rubin and Hong Kong sealed the deal. Hong Kong just made it public ---our fools don't. But it is becoming too obvious.
Plunge Protection
Programmed trading in an utterly concentrated stock market pretty much guarantees the possibility of systematic and continual market rigging. But to accomplish this, and coordinate it with the currency and Treasury markets, some sort of orchestrating mechanism would need to exist. It does; it is known as the Presidentâs Working Group on Financial Markets, occasionally referred to in the business press as the Plunge Protection Team. Then President Ronald Reagan signed it into existence on 18 March 1988, with the specific intension to avoid another stock market crash such as that of 19 October 1987. The Working Groupâs existence is no mystery. See for yourself. Go to Google and type in Executive Order 12631. You will find the Executive Order, and even a 14 November 2003 statement from Secretary of the Treasury John Snow giving a brief history of the Working Group, describing its policy advisory activities, and concluding with these words: âIt also is a forum used to exchange information during market turmoil through ad hoc conference calls and meetings.â
Presumably Plunge Protection doesnât hold these ad hoc conference calls and meetings just to be passive bystanders. Executive Order 12631 specifically authorizes them to coordinate buying: âThe Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.â
So not only is the fix in, it is legal.
In a 1989 Wall Street Journal article, then Federal Reserve board member Robert Heller even suggested a market intervention strategy: âInstead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thus stabilizing the market as a whole.â
That does not sound like a free market, well sure it is wink wink!
And their you have it folks, I can here the financial channels now, " looks like a higher open on wall street" never fails the overnight strategy is very profitable indeed.
Everyting is roses, Greenspan will go out a hero! their is no risk in US stock indexes, its a lock they are going up. Buy any dip.
U.S. Retail Sales Probably Rose 2.1% in July, BN Survey Shows
The forecast for a 2.1 percent increase reflects the median in a survey of 69 economists by Bloomberg News and would be the biggest gain since May 2004. After a 1.7 percent rise in June, the expected reading would mark the biggest back-to-back increases since comparable records began in 1992.
U.S. Retail Sales Probably Rose 2.1% in July, BN Survey Shows
The forecast for a 2.1 percent increase reflects the median in a survey of 69 economists by Bloomberg News and would be the biggest gain since May 2004. After a 1.7 percent rise in June, the expected reading would mark the biggest back-to-back increases since comparable records began in 1992.
That is when the Plung Prevention Team will switch it up and try to kill people. Your idea of free money is not exactly free. Just recycling our tax dollars! By the way, in a fiat money economy such an endeavor would be incredibly easy. Especially, with all our big brokers. No change = No change. Make money.
By the way, there are guys doing it with massive size in the Spoo. Order that new car Rickshaw.