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ChrisGraley (30.25)

Market Rally in 1 hour and 30 mins.

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June 12, 2009 – Comments (8) | RELATED TICKERS: PPT , WORK

It's Friday! Remember that Plunge Protection team goes into action sometime after 3:30 Eastern time.

8 Comments – Post Your Own

#1) On June 12, 2009 at 3:55 PM, goldminingXpert (29.76) wrote:

I like you, but this nonsense about the PPT is unwarranted. If the PPT actively interefers in the markets (this is throughly unproven) why would it be propping up stocks here and now? If there is a PPT that actively trades the market (which I doubt) it was buying at 666, not here. The market doesn't need to be propped up. The fact that banks sometimes attempt short squeezes at the close is not new. Other times, they hit bulls' stops--yesterday was the exact opposite of a late day rally--instead, a late day swoon that shook bulls. Today appears to be flat to lower from 3:30Et to close.

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#2) On June 12, 2009 at 3:59 PM, goldminingXpert (29.76) wrote:

By the way, three of the last four first day of the weeks (three Mondays and a Tuesday due to holiday) have been sharply higher days so people may be expected to buy into the close to capture the bullish trend that's been seen over the past few weeks involving the first day of the week.

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#3) On June 12, 2009 at 4:01 PM, ChannelDunlap (< 20) wrote:

Nice try Chris.  Probably 50/50 you catch something you could point at as PPT interference.  Not today, though.  :(  Better luck next time.

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#4) On June 12, 2009 at 4:03 PM, Seano67 (41.26) wrote:

Hmmm. Well the S&P did rally a bit at the end, but my portfolio kind of tanked at the end of the day. So if there's a PPT (which I agree with GMX as being highly dubious), then they really didn't help me out a whole lot.

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#5) On June 12, 2009 at 4:37 PM, awallejr (82.72) wrote:

I'll give you the rally call anyway Chris.  A bit tinfoil hatish for me for otherwise tho.  I actually finished ok tho my oil positions fell which was to be expected in light of profit taking.  I even took some as well.  My financial position (BAC calls and even ACAS - bought a bunch of that under $1) offset the energy declines.  BAC call/put strategy as I blogged about still has some legs if you wish to play it.

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#6) On June 12, 2009 at 4:48 PM, nottheSEC (81.21) wrote:

Hey been saying it was going up since 1 starting at 2. Im not saying PPT though becuase I don't know who if anybody.

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#7) On June 12, 2009 at 8:23 PM, ChrisGraley (30.25) wrote:

This was more a cry of submission in an insane market than anything.

I'm actually glad to see that we finally make a Friday without the shenanigans.

That little rally today doesn't count in my book. It has to be obvious  like the last few Fridays have been.

And no matter what anybody else tells me, I'm not going to believe that dropping $20 billion dollars in the market in a period of 7 minutes, is anything other than government sponsored market manipulation. Nobody else has the bankroll or the cajones for that type of trade in a confused market.

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#8) On June 12, 2009 at 10:18 PM, russiangambit (29.49) wrote:

> The fact that banks sometimes attempt short squeezes at the close is not new. Other times, they hit bulls' stops--yesterday was the exact opposite of a late day rally--instead, a late day swoon that shook bulls. Today appears to be flat to lower from 3:30Et to close.

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GMX, do you really think that fishing for stops can yield 1% move in the market over 10 min? No way. I doubt it is something as blatant as PPT. PPT is probably just a circuit braker, if it exists. But I am fairly sure it is one of the investment banks.

This last 30 min phenomenon appeared just about a year ago.  Prior to that market moving over 0.5% right before the close was unheard of. Something got unhinged in the market after the crisis.  First, these were pronounced down-drafts just here and there on especially bad days. Now, these are  up-drafts and they happen almost 80% of the time. Now the days when it doesn't happen stand out and one has to wonder why it didn't happen. 

There are plenty of theories out where how it happens and why. I know that as long as all these games lead to the market going higher SEC won't do a thing.

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