Government Intervention

Today's wild action confirms what Larry Levin said on CNBC, "this market continues to be propped up by government intervention and manipulation, disregarding the underlying currrent..."

An excerpt from the pit:

"As the market dropped below 882.00, it became more volatile. In fact, as called by our auctioneer service (Paul specifically) of PitNoise.com, things got a little wild. Near 882.00 a large order came into the pit to buy 400 contracts, which has a notional value of $100-million! At first these contracts were not taken out by the locals in the pit and Paul even told us locals began bidding in front of this large order. When the market finally reached our 875.00/873.00 MOB (Make or Break) level, it got crazier. Paul called another 400-lot order, and another, and another…and yet another. The final order was never filled. What happened? The locals in the pit who trade their own accounts got the picture: whoever was buying was not going to stop" Someone was determined to have the SP 500 close above 875.