ONLY IN THE PHILIPPINES!!!!
I had a hunch that the string of meltdowns would impel manipulators to once again pull another major caper.
That’s because they’ve attempted a pump the other day (November 21, see left) but failed to make a dent.
And yesterday’s (November 22, right) rare ‘mark the close’ dump have certainly annoyed them
And for them, the series of relentless selling has got to stop…by hook or by crook.
And thus today’s another historic mark the close pump!
Down by 1.18% at lunch recess, the index managers sent a message immediately post-lunch—a vertical push that reduced losses by the PSEi to just .92-.98%.
As in the previous cases, such served as a cue for the aggressive bidding up of the headline index.
Oh, don’t forget, the PSEi constitutes a basket of 30 issues. The top 15 constitutes a little over 80% of the market cap weight share. Importantly, the top 5 has accounted for 39% share.
In short, to vertically push the PSEi requires COORDINATION! Or, significant upside on the benchmark can only happen under synchronized activities focused on several market cap heavyweights. This means such can’t be spontaneous but instead are engineered.
It appeared that while the manipulators succeeded to raise PSEi, the pace of ascent would not be enough to meet their implicit goal—i.e. to send the PSEi to green by the closing bell. Sustained selling pressure seems to constrict the attainment of their target.
So something MUST desperately be done to arrest the hemorrhage.
By the final second to the market intervention phase, the PSEi still was down by .69%, then the knockout punch: A TITANIC MARK THE CLOSE PUMP by 81 points or by 1.2% that sent the PSEi suddenly up by .5% from a negative .69%
All in just a span of 6 floating minutes. Incredible.
And if you haven’t noticed, it’s been THREE successive days of “mark the close”. And the PUMPS and DUMPS have become BIGGER!
And as evidence of coordinated and synchronized pumping, while all major mainstream industries exhibited “mark the close”, the above four sectors were the largest.
And the above issues from the said different sectors were responsible for the bulk of the day’s magical returns.
Look at the stunning 6% and 4.3% mark the close pump? Have these been natural???? Not even those above 1% are about market prices!
And have these NOT represented the intention and action to manipulate or game the system???
And that what can’t be done through the regular course of trading has to be fixed at the close????
What have become of the essence of stock markets???
We have seen increasingly panicked and desperate gargantuan pumps at the Maginot 7,800 Line, and also at 7,400. And now again at 6,800.
Yes, present manipulations appear to be LARGER than 2015!
And this signifies not just desperate moves to shore up the stock market by gaming or manipulating them, it’s a sign of the putrefaction of the system. Or in particular, decay caused by the establishment through significant institutional players, backed by regulators who have been asleep at the wheel, or have deliberately been tolerant to such unscrupulous activities. Indications of defalcation and swindles for sauve qui peut (save yourself if you can)
When markets lose their allocative functions, they result to massive imbalances which again will have eventually to be “cleared” in most likely a disorderly fashion.
That’s unless of course economics has ceased to exist.
And such rampant flimflams, which aims to short-circuit the attainment of prosperity through the perversion and or politicization of the Philippine capital markets has truly accounted for sad regressive developments.
Yet all actions have consequences.
Oh, by the way, it’s equally stunning to see the Chinese offshore yuan (CNH) on a sustained meltdown currently off by .3+% at this writing even as DM stock markets continue to set records.
The world has gone nuts.
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