From jg at Calculated Risk:
Weird action on S&P 500 futures last night: at 9 p.m. Pacific, there were contracts on 1.4 million mini contracts, at +3.5. I had never seen that before. 1.4 million is about the volume that we see during the course of 24 hours.
Today, the volume in S&P 500 futures purchases is about 3X what it has been these last few weeks.
Someone feared a big, ugly reaction this morning, and someone is trying very hard to keep the market up, now.
You should read Kevin Philips article from the other day discussing how the PPT buys S&P futures to manipulate the markets.
PeakOil is You
The PPT buys 1.4 million S&P futures
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The PPT buys 1.4 million S&P futures
by Cynus » Wed 30 Apr 2008, 17:15:32
One of these now am I too, a fugitive from the gods and a wanderer, at the mercy of raging Strife.
--Empedocles
http://apoxonbothyourhouses.blogspot.com
--Empedocles
http://apoxonbothyourhouses.blogspot.com
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Cynus - Tar Sands
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Re: The PPT buys 1.4 million S&P futures
by Pops » Wed 30 Apr 2008, 19:43:28
Shouldn't the PPT stuff be somewhere else?
The legitimate object of government, is to do for a community of people, whatever they need to have done, but can not do, at all, or can not, so well do, for themselves -- in their separate, and individual capacities.
-- Abraham Lincoln, Fragment on Government (July 1, 1854)
-- Abraham Lincoln, Fragment on Government (July 1, 1854)
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