S & P hits 4 year high

[quaway]

http://news.yahoo.com/news?tmpl=story&u=/nm/20050714/bs_nm/markets_stocks_dc_48

[MindPilot]

1. Could the market be reacting to the possibility of a * impeachment?

More likely salivating at the idea of of the SC getting packed with even more corporate fascists.

[quaway]

3. you're (unfortunately) probably right !

[denverbill]

2. Yea! Almost back to where Clinton left it.

In Clinton's first 4 years, the Dow went from about 3,000 to over 6,000. In Bush's first 4 years, it's below where it was when he took office! What shitty mismanagement of the economy.

[htuttle]

4. Whee! The Dow has risen 0.3% since Bush took office in 2001!

..assuming they don't lose today's 'gains' of 38 points or so over what the market closed at before Bush was inaugurated in 2001.

I'll stick with the full 3% I'm making in my savings account CD, thank anyway. That's ten times more than I would have made in the market (on average)...

[KC21304]

5. Your subject is a little misleading.

Just the S&P is at a 4 year high.

And did you know that the budget deficit numbers put out by these clowns yesterday were also misleading ? The money for the debacle in Iraq is OFF budget. Who lets them get away with this ?

[ozymandius]

6. since you mention the S&P - I ran across this yesterday.

http://www.financialsense.com/fsu/editorials/mackenzie/2004/0617.html

Received this message from a member of my investment forum who is currently on the floor of the Chicago Mercantile Exchange:

" Only have a minute but, write more later but... The entire S&P price action in the futures is being controlled by one counter party. All the guys frickin hate them: their CME clearing number is 990N and they clear through Gelber trading.

-cut-

ll the traders I have talked to view the market as being rigged.

They keep waiting for the price action to break loose, but it never does. They are stunned by the lack of volatility. And furious. "Time after time after time 990 just sits there on the bid. Don't they ever go away. They just absorb the entire market and then push the price wherever they want it to go.’ Gee, I wonder who that counter party is. ’ They are all terrified of shorting, because every time they do, they get drilled. I thought it was just my systems that weren't working that well, but they are far more dispirited than I. "

More update- http://tfc-charts2.w2d.com/forum/index.cgi/noframes/read/297265

Jun 24, 2004
Yesterday I discussed the possibility of a rogue trader being behind the action in the S&P Emini's with a large trader of these contracts. He confirmed what I had been told by a number of sources both on and off the floor: "Igor" had been making a fortune collaring the market since November of 2003.

This trader accounts for 20% of the volume in the S&P Emini's. Many traders I have spoken with believe this trader, now a group of three to four traders have somehow figured out the interventionist's game plan and are actively trading in lock step with it.

Others believe this "rogue" trader is the market, I can assure you, that is not the case.

Although the trading pattern suggests collusion on the part of the CME and large institutions that make up the balance of the volume, no one has seen fit to address the illegality of this activity, other than to suggest it is currently "under investigation."

more...

[Roland99]

7. What's a 990N? Is this the artificial supports of the market I've felt?

I've had a gut instinct the markets are being propped up artificially for some time now.

[ozymandius]

8. This is the author's contention.

Check yesterday's SMW thread. I posted some lengthy bits about 990N. Much of the information in Mackenzie's column has been repeated -but not refuted- by other market observers. It was specimenfred1984's observation of the S&P that prompted me to look further into the suspicions of manupulation.