Ah ! It depends on what the definition of rigged is. I am working off a definition that means a criminal attempt to defraud. The Fed put was well documented and well known effort to influence the public. The plunge protection team was established by Reagan. So to me these are political games, like the tax code.
I do not think we have ever had an open market where no entity has had undue influence, let alone close to equal knowledge by all players. That would be Camelot and we, I am afraid, are stuck in the war of the roses. Still, just like the Greek soldiers who conquered the known world we do sit at our campfire the night before and decide if the commanders have a good plan of battle or not, and if it isn't a good plan, well we make our own.
Initial bounce off the low looked solid enough for me to cover. If it isn't a double bottom I am all in with fehro that the entire move up from the 2665 2670 Es range can be easily covered. Am particularly nervous because Dennis Gartman has announced that he switched to bull this morning.
Higher low update
Flipped to lower lows
Lower lows are now the guide, unless/until they are challenged by a higher low and a convincing breakout
Options traders favor lower lows … at the moment… (1/VIX is the dashed green line behind SPX)
15m
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Trades with cats wrote:It isn't that it is a rigged game, I think it more that those with deep pockets play a different version, like a medieval game of thrones, we all have our place but the rules for us aren't the same as for those with titles. If it was well and truly rigged I don't think we would see the turn over in the great houses. This is, after all the great game.
I think that if you think it isn't rigged you are holding a conspiracy theory.
Every large dip was bought by the US Govt at 10% since 2009.
It is rigged.
The free market died.
zero % LT bonds and negative yield IS rigging.
It has forced pension funds and govt around the world to move into equity from LT bonds. It is rigged - no question.
yes. very much rigged. Just look to the large block prints in the dark pools. 53 million shares of SPY blocks is probably a strong level of support or resistance, and add the Options writers wag the dog .. now with Mon, Wed. Fri, what's next hourlies? Several of the pbars are just "late" dark pool orders.. reporting late.. they have 24hrs (market hours) to report the trade.. hence the "late" pbar
now i'm awake. interesting. double bottom or not, wait and see.
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UUP is having trouble holding its multi-month high around 24.50, set earlier in the month. Gapped open above it, has since mainly traded below.
Meanwhile SPY has plunged to a marginal new LOD. Will this be a quick grabbing of some stops, before reversing-- the "trick" Cobra often refers to? Or the beg of a new leg down...
Last edited by Daniel on Tue May 15, 2018 2:02 pm, edited 1 time in total.