We did get our stick save yesterday – only it came at 7:45 pm!
That’s right, on pretty much no news at all and without any global markets open, the US futures all took off in synch at 7:45 last night and went up and up and up into Asia’s open. There was no particular news and Jim Cramer had just finished telling his viewers that the markets may be overbought.Cramer also is now targeting a “3-5% decline,” which is amazingly the exact decline I predicted last week and he alsoswiped my BBT pick as his “find of the day.” So good morning Jim, nice to have you back!We don’t mind Cramer stealing our buy picks because we have a fullday advantage over his flock so welcome aboard suckers – er, fellow Cramer fans…
Anyway, so the after-hours markets were flat but the ubiquitousfutures market took off as soon as all the retail traders had their trading accountsturned off for the night and you would have thought something huge was happening to watch the relentless, non-stop, 3-hour climb in the Dow, the Nasdaq, the S&P and even the Russell futures that led into the Asian open. Did this blatant manipulation of the indexes fool Asian investors? Of course it did! TheNikkei opened at 8pm EST and had gapped down to10,200, exactly 4% off the high of 10,620 on Friday. As I said to members in yesterday’s chat, that 4% line is critical in the follow-through day on the 5% rule as it represents our expected bounce off 5%, so holding that line is still bullish.
Well, never let it be said that Mr. Stick doesn’t know how to paint a bullish picture and the Nikkei was rescued from failing that 4% line by the relentless futures buying between 8pm and 10:30, which coincided with 9pm to 11:30 on the Nikkei, which just so happens to be when they close for lunch. What happened at 11:30 Tokyo time? Well, suddenly everyone lost interest in the US futures and they fell ALL THE WAY BACK to where they started in just 60 minutes. Please Congress, whatever you do, don’t look into this nonsense – better to just sit there in your little offices and say “the market forces are too complicated for me to understand” and let12 people control the world, that’s what America’s all about right?
So, where was I? Oh yes, manipulative BS! Of…
