Crunch Time
Here is a 5 min intraday chart setting up a prime PPT appearance opportunity. We know they are doing everything they can to hold this up until they get all the socialist programs passed if at all possible. There are several reasons why at the very least a correction would have under normal circumstances, already happened.
Interestingly enough, I do have a potential short term sell signal finally today if yesterdays low gets taken out. This chart shows us basically two ticks away from doing so. This time zone of 11:35 as I type this is prime time for these guys. Let's see what they do.
It has been easy for them to support this due to the light volume in that they have not had to commit alot of money in their buy programs to accomplish these end of the day lifts they have been performing. It more or less is proof that they are the buyers. However, at some point I think they are going to let one of these sell attempts through then try and support it after it drops a little.
They are under the spotlight right here so let's see what they do!
2 comments:
Hi Chris,
I have followed you for a long time and really appreciate the work that you do and the fact that you share things on this blog.
I am curious however, as to how you know for sure there really is this PPT. Where is there hard evidence? I don't mean to be a pain, but it seems many talk about this PPT but how can we be sure such a thing really exists? Thanks!
Well without revealing too much, I know of their existence from someone who got calls from them in the past to execute buy programs at certain times. Also, one of the most pre-eminent market forecasters who I met about a year ago ironically also talks about them quite a bit.
You can be sure the people at Goldman where one of their accounts is will be pretty tight lipped about it. When you have millions of dollars in bonus money coming it is pretty easy to be tight lipped. Besides there are ways to cover these things especially when the govt overseas regulatory actions.
As you can now see, they did show up with a buy program shortly after I posted that chart just as I suspected.
It is not really a big deal. We have certainly learned in the last year how most things are rigged to some degree. It is just a matter of getting in sync with the rigging, not fighting it.
Institutional generated buy programs would have more volume and be more pegged to the premium/discount relationship between cash and futures. That is the easiest way to tell who is doing it when it happens. All of the institutional programs are automated based on spreads between cash and futures.
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