SPX down almost 10 and VIX went lower still. What is it going to take to get the vIX moving up? Is everyone that sure the bottom is in? Way too much complacency! Any thoughts?
I am fully margined short, and expect to lose all my money because the PPT has orders not to let this market fall All true buying interest has dried up, but PPT just sits on ES/NQ bid all day preventing a hard drop. I just watch market depth all day and they just keep refreshing, not hitting the asks, but sitting on the f'n bid and refreshing all day preventing hard price drops... damn you PPT
Vix not quite as low as it was after the "patriot rallY" early 2002...but then again, it didn't get that high at our most recent market bottom. What does all this mean? I have no idea but heres a look anyway:
Plunge Protection Team, Can the existence of this be proven? I'm not sure it exists but sometimes it sure seems like it!
The vix (23.69 close today) sure seems like people feel the bottom is in place, a perfect setup for the contrarian bear. The sp500 will close above the 50 week moving average for the second consecutive week this week (50 week ave=897.81), something that hasn't been done since sept 2000. Curiously, the vix was at about the same level then(24.17 at weeks close, 9/22/2000), which was near the sp500 relative top (1448 at weeks close 9/22/2000). Seems like these down days are not aggressive selling days, just weak hands on low volume. ll in all, pretty confusing.
PPT.... I first heard Mark Cook use that phrase. He talks like it's fact. I discussed it at length with him and the conclusion was when/if the market takes a big nose dive, it's goin' be real big.
some of you need a history lesson. where was the VIX in Oct of '99 when the COMP went from 2800 to 5100 and the SPX went from 1250 to 1500? triple
Some info on the PPT http://members.rogers.com/fallstreet1/plungeprotection/plungeprotection.html http://www.washingtonpost.com/wp-srv/business/longterm/blackm/plunge.htm http://www.mcalvany.com/specialreports/april/plunge.htm http://www.rense.com/general27/rpto.htm Happy trading$$$
Apropos of the history lesson you suggest, can you cite a period in the history of the stock market comparable to late 1999?