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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: excardog who wrote (87171)2/14/2001 12:28:32 PM
From: isopatch  Read Replies (1) of 95453
 
Excardog. When W.S. "pumping" is widespread

and vigorous? Yes, IMO it's one of a number of good contrary indicators that can evidence a top.

Big Wall Street Brokerage houses do a great deal of block trading for their own accounts as well as "run interference"(g) for large clients like prominent hedge funds and aggressive mutual funds.

Supposedly there's a "chinese wall" between analysts and the firms in house trading operations. But I stopped believing in the Easter Bunny a long time ago. In my experience pumping and bullish outlooks are often used to help move the firm and a few favored private clients out of important long positions.

And of course they're most anxious to move long positions whenever their own in house TA and FA tells them the sector is forming or close to completing an Intermediate Term top.

Isopatch
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