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Strategies & Market Trends : Waiting for the big Kahuna
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To: Philipp who wrote (30902)10/8/1998 5:52:00 PM
From: Andeveron  Read Replies (1) of 94695
 
>> I have to ask myself whether they reflect real underlying bullishness or are just plain manipulation. <<

Looking at today's trading records, there was a gap at 3:46PM on the Dow where it went from -90.62 at a tick of +12 to -47.11 at a tick of +295. This happened in less than a half of a minute. I doubt if a tick of even +2000 would be able to pump the Dow that much that quickly... I believe it was gargantuan futures manipulation to spike it up in this manner. Saw it yesterday also.

>> A possible sign of weakness is that they no longer seem to be able to manipulate the SP 500 atwill, just the Dow. <<

True, but all they have to do is pump the Dow up, the rest would move in tandem, albeit at a slower pace. Buyers and traders need to see something positive; the Dow remains the popular indicator for the market even if it is incredibly misleading. Someone looking at tomorrow's paper will notice the mild decline, which tells nothing of the -250 point drop intraday and the massive selling in the morning.

Based on today's action, I think we have a strong rally tomorrow. People are still too eager to jump into stocks such as DELL and MSFT at what they deem to be bargain prices. Last Friday was a knockout punch, however misleading, to the Bears. Think we'll have deja vu...
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