mlsoft--
Nice summary of clues to help discern the exertions of the PPT.
As for U.S. market behavior and the European crisis: the ramp in the dollar and U.S. equities would help Europeans as they sell U.S. assets to generate liquidity; strength in the U.S. markets would help shore up European balance sheets, since European financial institutions have heavy direct exposure to U.S. assets; the European and U.S. markets are trending synergistically (Europe pumps the U.S. pumps Europe), which would be helpful for the PPT to encourage in the face of balance-sheet stress. <???>
You and Zeev are right: there's no use fighting it. Play it their way if you can get a sense of the motivations and the extent of the intervention; otherwise, stand aside. I'm sidelined because they're working much harder than I would've expected under any "normal" scenario. Putting in a floor is one thing, but actively lifting a no-volume market is quite another. Someone out there, whether American or European, looks to be in trouble.
I'm surprised that Asia has remained so weak, even with the charge higher in the West.
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