Hmmm, something doesn't smell right today - and it follows up on your post here Rande regarding big boys, fat cats, etc.
Todays sell off seems manufactured to me. Why, well I will leave that to your imagination. But, here are some factors to consider half way thru the day:
1. Naz futures were held below fair value (futures are easily manipulated by the big boys)
2. PRU downgrades the whole wireless services sector
3. A couple more ANALysts come out and downgrade or make negative comments in INTC, negatively affecting all the chip stocks. Interesting that one of them is our old friend from SSB. What, did he draw the short straw again?
4. Yet another ANALyst from ABN Ambro advising to sell into the rally
5. A stream of seemingly bearish guests on CNBC.
6. Someone spoonfeeding Maria with this tidbit before the bell for her to spout off - "There are concerns that volume on Friday was weak" or something to that affect, I heard it but neglected to record it for posterioty sake
and now, factoring in all of that, then I look at :
7. finance.yahoo.com The A/D line is Positive, and up volume was outpacing downvolume for most of the morning
8. INTC, CSCO, ORCL, DELL, MSFT, WCOM - all negative, by substantial %'s - and yet, the COMPx is down just 50
Shoot, I could expect profit taking in stocks like JNPR and PMCS that ran up bigtime on Friday, but thats not the case across the board. More than half of the big movers on my screen are making further gains today.
SO, I surmise that "someone" wanted the market lower today, as it ran up too far for them on Friday - and they would still like to feast a bit more on thise bargain prices. Yes, IMO, the fat cats are never satisfied - but ultimately that will be their downfall. Maybe I am paranoid, but these patterns seem pretty clear to me.
Ok, gotta go listen to more ANALyst BS on C-HypeNBC now - ahhh their we go, just heard it again - analysts say we need to retest new lows :) - Guess I neeed to buy even more now - LOL |
