Thursday, February 10, 2011

By the way

Regarding the Plunge Protection Team's efforts late today, I have some proof for you. By now anyone who has been here a few weeks knows what an accumulation/distribution cycle looks like whether it's intraday or a swing move. There's accumulation which is usually a quiet event volume wise. Take a look at these charts.

 DIA 1

SPY 1

QQQQ 1

What you should notice on the  minute chart is NO positive divergences whatsoever, no accumulation, however there was right in your face volume and we know that's not how the locals buy-they don't show their hand with a volume surge which most traders are scanning for all day as they still don't get it.

So some form of the PPT was at work today to lift equities, it wasn't the norm at all.

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