Today provided a wonderful example of Americas finest the PPT at work. We were once again on the verge of a major rollover of the market. We had a gap down open, then rally to partially fill that gap only to fall to new lows. This is about as bearish a situation as you can have intraday.
By "coincidence" this was happening while all the negative feedback about this fiasco called a stimulus/porkulus package is being kicked around. However, the calvary came magically to the rescue once again. If it was not so blatant it would almost be funny. Magically this 5 minute chart demonstrates how in the last 50 minutes a late day save happened driven by some "mysterious" buy program.
This is how the us government manipulates markets and it is never more clear than on a day like this. That is not to say late day rallies cannot occur, but this is not how they look when they are not unduly influenced from the outside. This looks more like a pork belly chart after a government report than it does a normal stock rally at days end.
Enjoy this viewing and feel good about the fact that for a day, your tax dollars were used wisely and had a positive return unlike the returns we are getting over the last year, with their calamatous buying program all the way down which has lost untold millions.