More Late Day Rally Action on SPY
13:54 UTC 08 Jun 2009 
6 Comments
Its starting to be a regular occurence where the trading robots over at JP Morgan start a buying spree in the last half hour of trading. Below is a chart showing this action, including todays push up. This move resulted in the DOW having a price range of 190 points. What are your thoughts on this???
Most of the time this is a bullish signal when there is a rally into the close. Also there is a W pattern forming, which could lead to a breakout of new highs. No matter if it is being manipulated/artificial or not it is real … so it is tough to ignore
It is tough to ignore that volume, but how long can this last until the bottom finally falls out and the manipulation is toast?
If you can't beat em join em!!!
Odie I agree with you… these guys control the market so why fight it… even if it makes Zero sense whatsoever. Im expecting another big silly rally tomorrow… they love Tuesdays!
They will keep the market up until they're done with their secondary offerings.
http://www.theundergroundinvestor.com/2009/06/tel...
Seem to be doing it through JPM
http://www.theundergroundinvestor.com/2009/06/tel...
Although UBS got in on it today
http://zerohedge.blogspot.com/2009/06/intraday-sp...
Of course, that 4m+ share UBS buy of SPY at the close was probably just an accident, I'm sure…
…And I'm sure there's no collusion or anything either, not like these guys talk to each other or anything…
Thanks for the links Dave… unfortunately I agree with you. Although I do believe things are going to get volatile as we head into some sizable resistance from where we currently are on the SPY through $99.