Zeev's Turnips Patch-No Politics (ZEEV)

[Joe Stocks]

MH, Thanks. It is always interesting how the media is fast to peg a reason on any rally without acknowledging possible intervention by large traders just buying to move the market up. The media will often explain a down day as "profit taking". If the 'profit takers" are that big to move the market, why can't we have the reverse of profit taking as an explanation of why it went up - buying the market by big traders to set it up for profit taking.

If one watches the tick, you would see a steady rise in the tick as buying is followed by more buying if their was true broad based buying on good news. What we saw yesterday was wild swings in the tick going from from strong buying to strong selling in just minutes, repeating this pattern for the last two hours of trading. The Nas NMS tick actually ended the day at a bearish -284.

One example I see on my chart is the tick hitting -204 at 15:19, and then hitting a +926 at 15:27. The +926 extreme is a number that is seen very seldom on this indicator - I would guess no more than 10-15 times a year if that. Yet, with this extreme buy levels, the last hour showed 36 down bars on the tick versus 24 up. This is a sign of distribution in a rising market. Just the kind of activity that you would expect from the large program traders.