Bring to boil.
Panic."
"That combination," he "explained,' "produced one of the wildest days ever in financial markets."
On display were the usual twin towers of market self-abuse: Greed and Fear.
Angela Merkel, Germany's chancellor, likened the wider crisis to "a battle of the politicians against the markets" and attacked the role played by credit rating agencies. She declared: "The speculators are our adversaries" suggesting there is a financial war underway that no one in the media seemed to get. Financial analyst Max Keyser sees an outbreak of "financial terrorism."
The website Gaming the Market all but argues that this market drop was a calculated maneuver which may be why it's being investigated. I am not financially savvy enough to understand all of the evidence but for those of you are, here's part of what they say, including the idea of a "holy crap" moment, writing:
"These moves typically occur after 2:30pm Eastern while the market is near a new low or breaking point, with a relatively high VIX. Another characteristic is a large NYSE Adv/Decl negative ratio. One that is negative 10:1 going into lunchtime typically assures a weak close. Ratios of 3:1 negative aren't what you want. They are easier to manipulate by weak bulls. You want a big scary ratio. It is these negative internals that can clue you into the probability of a PPT push.
A big push on a big negative internal is the tell. To instantaneously swing the market around on these days takes a massive amount of concerted capital.
If you watched the market every day last year you know what this looks like. Using 5min candles on your favorite index you will see an immediate and massive full body candle, sometimes eclipsing the entire day's range in minutes. There is no mistaking this move. It's a wide-eyed holy crap moment! After this massive push the market will typically close near the high of the day."
Again, I am not sure how accurate this is but I do know that the truth in the world of finance is elusive, and, yes "baffling. "In many ways, money making is more an art as a science." I wrote that two years ago in my book PLUNDER: Investigating Our Economic Calamity reporting on the meltdown in 2007. It was published a week before Lehman collapsed"
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