Another Plunge Protection Team rescue attempt?
Well, it's official. You can't short this market unless you want to do battle with the men behind the printing press.
Take a look at some of this morning's headlines:
- Home sales crater on credit squeeze -Sales of single-family homes at 10-year low; inventories highest in 20 years
- Merrill Woes Suggest Trouble for U.S. Economy
So the DJIA was down about 150 odd points this morning and through much of the afternoon. Then we saw a pattern that has become so familiar to us lately:
A huge spike in the futures within an hour or so of the trading day close. Suspicious, no? Yet, it is happening with such regularity these days you can pretty much trade it and make real money betting on it.
Was this the PPT interceding again to keep markets at all time highs? Did Ben Bernanke call his friends at Goldman and Lehman to let them know he'll be knocking 50 more basis points off the fed funds rate next week?
Will the PPT stand by while the stock market drops a percent or two? Not if they can help it. We'll have more analysis this weekend on this, now-becoming-suspicious, late day buying pattern.
