Yesterday’s near record market swing of 1,010 points was not a “glitch”, nor was it related to Greece although the financial markets are concerned about Greece’s debt problems spreading to Ireland, Portugal, Spain and Great Britain.
Yesterday’s rapid downturn of more than 900 points before “recovering” and losing “just” 347 points was engineered. Yep, I said it .. “engineered” and I have proof.
It’s called the E-Mini S&P 500 which is made up of eight (8) stocks: Exelon (NYSE:EXC), Accenture (NYSE:ACN), CenterPoint Energy (NYSE:CNP), Eagle Material (NYSE:EXP), Genpact Ltd (NYSE:G), ITC Holdings (NYSE:ITC), Brown & Brown (NYSE:BRO), Casey’s General (NASDAQ:CASY) and Boston Beer (NYSE:SAM)
In a single two-minute window between 1:30 and 1:36 PM CST yesterday, these 8 stocks were targeted and traded all the way down to zero or one cent before their values recovered. More than 16 billion trades were executed against these 8 stocks. Someone made money. Alot of money.
CNBC’s Matt Nesto explained yesterday during the “Closing Bell” that these types of trades happen “frequently” and termed them “bogus trades” because at the end of the day these types of trades tend to net zero.
But here’s the problem which is ripe for exploitation by the very Administration that has seized, the Car companies, health care and the Banking industry and is now going after wall street: Those of us who lost money yesterday through no fault of our own because the market was manipulated have no recourse. Trades made in “good faith” never do.
Enter Big Daddy Government to the rescue! Rather than target the criminal that manipulated the market yesterday, the Obama Administration is going to seize control of Wall Street (after one or two more “engineered market manipulations” of course!) and once again not let a good crisis go to waste.
These Reichstag fires the Obama Administration keeps deliberately setting to herd the sheeple of this country to socialism has got to stop.
Is it November yet?
Did Jim Cramer Accidentally Save The Markets?