Friday, October 3, 2008

Wall Street Wins or who is manipulating whom?

[BRIEFING.COM] A knee-jerk selling effort has followed the announcement that the House of Representatives approved the ammended asset purchase plan. That reaction erased more than 300 points from the Dow Jones Industrial Average. The Dow actually fell all the way into the red, though only for a moment. It quickly pulled back into positive ground.

The concerted selling effort follows the build up that led up to the House vote. That build up had each of the major indices sporting gains of at least 3.0%.

Yesterday they took the market down, so they could buy it up today going into that vote. They sold the results of the vote just as they had planned to do on Monday, regardless of the outcome. Maybe Sarah didn't have it mixed up last night when she said that, "Folks on wall street should not have to worry about what happens on main street".

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