I don't think the PPT is nearly as involved as some think, but I think we saw them on Apr 4, 2000 when the compx was down 575 and there were no buyers to be found.
Where's your evidence? When it was down 575 it had discovered where buyers were, but they were only booked underneath. When the market falls rapidly there's few market orders to buy. So what was the PPT doing? Booking at down 575? Some protection.
They stepped in to goose the SnP futures to arrest the crash.
I think you mean that the PPT entered the futures market and bought contracts right before the market reached the near term bottom thereby stopping the decline in the SP500. You sure don't know how futures markets work, because when the market reaches a short term bottom, the futures are being heavily sold for protection against further decline in stocks.
Also, I think there's a good chance the PPT was involved Jul 24, 2002, primarily to prevent a "liquidity event" related to JPM derivatives, and covenents of same related to sub-$20 JPM share price.
What evidence do you have of this? How is JPM stock related to JPM's management of derivatives? You really do need to understand what you're talking about. The derivatives market are almost fully hedged, and so are indifferent to price changes. Maybe you'd like to explain what you mean by "covenants to sub-$20 JPM share price". It's just blab and big talk.
I have no opinion or explanation of the futures phenomenon that Steve (and many others) has noticed.
What evidence can they cite to support for such observation?
Lots of other large entities have fish to fry and cats to kill and the resources to do it.
You're talking through your hat. The bigger you are, the less you can do, and the more you try, the more you lose.
Concerning your link:
'According to credible sources, it has become government policy to "protect" the investment community from the laws of gravity. The government has even admitted as much. Alan Greenspan gave a speech in Lueven, Belgium on the 14th of January, this year, in which he touted the Fed's obligation to bail out banks and private financial institutions not just by printing unlimited amounts of money but also through "direct intervention in market events."'
Rex Rogers, Timely Expose' -- November 1, 1997
That speech given by AG says nothing of the kind that Rogers alleges. Who the hell is Rogers anyway?
Further, the link's sources claim that the so called PPT was formed in '87 on Reagan's executive order, but the working group existed long before that. It was informal going back 40 years and became more active during the '70s, but more active means these guys would meet with each other more often to discuss how bad things were getting.
Also, many of the links have misleading, sensationalist reports, without a shred of evidence to back any of it.
There's a con job here though. The con is to use this myth to keep the bears in place, because whatever they might do is constrained by their fear of how the PPT will reverse markets and bag them. |
