Wednesday, March 16, 2011

The (Not so) Invisible Hand Reappears

"Shockingly" as the market broke down, a massive buy order hits Wall Street causing a U-turn.   As we all know, when a market breaks key support it makes a lot of sense for a flood of buying to show up -- ahem.  Well, maybe if you are the PPT.  Forgive me for my cynicism - after being POMO'd over the head for 6 months, I forgot what the invisible hand looked like during a selloff.  It's been a long while.

Intraday chart - click to enlarge

We'll see if it holds...

[May 27, 2009: Daniel Schaffer Notices the "Invisible Hand" aka Plunge Protection Team]
[Jul 14, 2008: Our Gospel is Spreading - Jim Cramer References "The Hand"]
[Jan 9, 2008: An Amazing Blunt Commentary on the Plunge Protection Team]

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