FreeMarkets re. "big players." Who are the "big players," one must ask? From my point of view, they're the big investment houses such as Goldman Sachs, Citicorp, JP Morgan, etc. Do they manipulate the markets? Yes, most definitely. They don't have to work hard to do this, either. They've got the best computers, computer scientists, programs and, most important, $billions to use as they play the game. Plus, they've got the stupid Fed printing money like mad and propping the market through daily repos that amount to $billions. So, you ask, why haven't they begun to sell off big-time? I think they already are doing this. But they're doing it incrementally and at a pace that won't draw a lot of attention (they hope). If they did draw too much attention, Ma & Pop investor and a zillion hedge funds would get out pronto. Also, it wouldn't be "right or appropriate" to create too big a sell-off when the Greenspan Fed, Bush, Snow and all the rest are expecting the market to continue the "miracle summer rally." We'll grind on to the downside, in my opinion, and the bulls will think it's "normal." Then, when the Qs have dropped about 15 percent, guess what? The "big players" will all of a sudden change the trend to the upside and we'll rally like we did in early May. So what do you do? Play the trends, of course, and don't fight the "big players."
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