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To: ramona_ray who wrote (8996)	8/6/2000 6:10:13 PM
From: UnBelievable	Read Replies (4) \| Respond to of 436258

What You Saw Thursday Was Institutional Cunning - Not PPT PPT doesn't get involved unless and until there is a real crisis. Thursday just shows how smart the people who run this casino really are. Based on the previous few days they knew the market was experiencing fear, as well as being oversold. Left to its own, the day would probably have been up, but not enough to alter the consensus that was beginning to form that we are, if not in a bear market, at least in the dog days of August. So when the market opens they allow it to go into free fall (which is in fact much easier than trying to keep it up). Then once they had "tested" the bottom of the May 2 Gap up they started walking it back up. Initially Institutional buyers were buying cheap shares until retail got the idea and bought back they shares they had sold in the morning at the bottom, in the afternoon at the top. The result was a significant change in market sentiment, a bearish trend had "reversed", a white bullish engulfing candle had been put in, and not only had it not cost anything, they made money on it. Friday while the seniors were laughing all the way to the Hamptons, the juniors were left in charge. Gap it up on the news, let it drift down during the day - a healthy consolidation. Everyone has the weekend to spread the news that the Fed is done, the punch is back in the punchbowl- party on. An additional benefit is that they next time the Nas falls 150 points in the first 15 minutes "investors" will remember to buy the dip. The PPT won't get involved until the Nas is well below 3000. Even in a soft landing the expectation is that you are going to go down.