Zeev's Turnips Patch-No Politics (ZEEV)

[basserdan]

*** 990N Update ***

>>PPT From the SiliconInvestor boards:<<
Can you give me a link to this post??
Mapleton, If you are reading, this is what I was talking about in reference to volatility. More program trading does not mean more volatility. It means just the opposite.
===============================================================

G'morning Joe,
I don't know if you are still interested in this 'phenomenon', but if so, I've excerpted the final portion of the essay below.
My bolding for emphasis.....


990N Update
John Mackenzie
Jun 24, 2004

The S&P Emini is being collared and moved in lock step daily by several parties through linkages in the order queue, the ongoing pattern is the same every day. the market is being controlled and those with winning hands on the short side are losing when asserting their positions. This activity is clearly draining liquidity from the market, yet support exists on the long side.

We have not seen a 2% down day in the S&P in 276 trading days, this is unparalleled.

http://www.321gold.com/editorials/mackenzie/mackenzie062404_990.html