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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: PuddleGlum who wrote (33957)	3/23/2003 11:23:52 PM
From: Techplayer	Respond to of 57110

PG, Those are numbers that exceed what I was thinking but I would certainly like to see them. I need to look at some of the recent supports levels that were broken. I am beginning to really believe in the theory that it has been the government that started this thing off. If the little guy wasn't buying and the professional traders were not buying, who was? These comments seem to support the PPT intervention theme: From Barrons: The speed and suddenness of the indexes' upward whoosh since March 12 had the conspiracy theorists whispering themselves hoarse last week, trying to conjure an explanation for the initial move. Some of the chatter even raised normally taboo suggestions of Western-government intervention to goose stocks and the dollar ahead of the military campaign. Without giving credence to such speculation, the nature of this trading-desk talk -- which also gained a little traction in the British press -- suggests the level of bafflement among the pros. Most professional traders didn't see a rally of this magnitude coming, even as the consensus was looking for a rebound during or after a war. And, in fact, the market was not set up, in terms of technical and sentiment conditions, for such a forceful move, as it was prior to the July and October snap-back recoveries. There were some unusual accelerants in the mix, too. Friday represented the expiration of stock and index options and futures. This isn't typically a dramatic market-moving event. But when it is preceded by big, quick moves in the indexes, pending expiration can force securities dealers to buy into a rising market (or sell into a falling one) to maintain hedged positions, thus exacerbating market movement in the direction of the recent trend. Monday's 3% rally, in particular, caught brokers flat-footed and was said to be fanning the flare-up. online.wsj.com