"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]
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows