Once again, financials have fallen off a cliff on heavy volume. If this is YET AGAIN suddenly met by a massive, inexplicable, multi-billion dollar buying surge that materializes out of nowhere at a critical support level and magically turns it back up, then that will PROVE that, yes, Virginia, there IS a PPT, and yes, they are manipulating the markets with money that they manufacture at will!
DO YOU HEAR ME, PPT? YOU GUYS THINK YOU'RE BEING SUBTLE? YOU'RE NOT, YOU'RE BEING OBVIOUS! DON'T THINK WE DON'T KNOW YOU'RE OUT THERE! DON'T THINK WE CAN'T *SEE* WHAT YOU'RE DOING! NOBODY ACTUALLY BELIEVES THAT THE MARKET SUDDENLY COMPLETELY CHANGES SENTIMENT FROM TERROR TO EUPHORIA IN A MATTER OF MINUTES EVERY SINGLE FUCKING TIME!!!!!
Sentiment: If financials turn up from here and beat their May 8 highs, I swear I'm going to turn into the next jimpxs!
Don't anyone tell me that it was just a change in market sentiment, that the reasons behind three torrential downpours in the last seven trading hours (two today, one yesterday) were suddenly forgotten and the downward move abated all by itself. What's more, at the low of the day, 11.64, XLF was *below* the trend line, and accelerating to the downside with increasing volume, so a reversal *can't* be explained as a collective "buy at support" play, because it had to start *below* support...and yet, in the final 15 minutes, the brakes were applied and it moved back up just barely high enough to pull a successful support hold rabbit out of a hat.
Now watch, tomorrow's initial claims numbers will be called a "green shoot" no matter what, whether it's "better than expected", or "better than last week", or "worse than expected and worse than last week, but better than 'some' were fearing". Really, it's hard for the numbers not to start coming down, just because so many job losses have already occurred and the labor force is significantly smaller. 550k, 500k, or even 450k would still be an ugly number showing that unemployment is still rising fast, but it will be called a "green shoot", a sign that the economy is bottoming, just because the free-fall has reached terminal velocity. Frankly, the "consensus" estimate of 620k sounds a little too high to me at this stage, and makes me very suspicious that it was deliberately skewed to set up for a "better than expected" number.
The only hopeful sign is that we got a resistance failure (well, almost) and a long-tailed shooting star on the S&P, but that didn't do much good on 4/30.
*sigh* Will this infernal con game ever end?! Oh, well, maybe something will happen that will trump all their best efforts to pump up the bubble and the trend will finally be broken. Maybe Hal Turner will scare everybody again. :)
This has all the makings of a classic PPT rescue day. Some early gains are wiped out by a selling frenzy. Fear appears to have (justifiably) gripped the market once again, and the major indices rapidly head to levels that would send off significant bearish signals - the financials are about to break their trend line, and the S&P threatens to close in a long-tailed shooting star after re-testing previous highs and failing miserably.
Then, once again, right at the critical point, a sudden surge erupts, an apparent TOTAL reversal in market sentiment from head-for-the-lifeboats, it's-every-man-for-himself terror to partying and euphoria, as the market mysteriously starts turning back up on heavy volume late in the day in order to paint the charts green. So, will this one last, or will the latest attempt to shock this ailing pseudobull market back to life finally fail so the patient can be put out of its misery? This one appears weaker than its evil brothers from weeks past. We'll know within an hour or two.
This is insane...any mule can see this manipulation. I have been preaching for weeks only to be ridiculed as a fool. Keep this post alive. People need to know what the FED/PPT/GS is doing to our country with our TARP money.
Audit the FED 1207
Whoever you are: now i know you hear me! i'll be watching you very closely. be careful because in the end you will have to compensate us for our losses in addition to the mental anguish you have put us through.
The PPT is going to keep propping up the markets until the banks have raised all the capital they need. Then the PPT is going to let the market plunge so that investors will run to safe (government) investements at low rates. The rest of the world is losing interest in buying our debt and the government doesn't want to have pay high rates to continue to fund their madness. So they'll let the market crash and sell debt to our own citizens at very low rates once they've finally become so disgusted with the market that they vow not to invest in stocks anymore. The plunge will begin after the last of the big banks have finished raising capital. Anyone know when that is?
bailout monjey, yes, and now they are taking advantage and seling more shares into the strength. Inevitably it will collapse if the economy doesn;t recover positive growth, but if it does, look-out.
@nd quarter bank results will be very good, from re-fis and purchases.
Yes there are better things for Fed to do, but manipulation is all they know. When people are panic, they stick to actions that they do best, so drunkard keeps drinking, liars keep lying. There is nothing unusual, and Fed keeps printing.
In my humble opinion, they are manipulating the market; and after the S&L debacle, Regan passed laws enabling a lot of what they are doing.
I pray for the prosperity of America, but I do not support a Socialist country or leader...ever. Even the UK is on the verge of Revolution.
Viva la Revolution!