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Why is it that on every big drop at the end of the day, we hear about manipulation, and how it is the fault of this or that (generally the leveraged ETFs)? Yet, on the constant half-hour spikes at the end of the day, which there have been many, many more over the last month, no one complains?
Furthermore, after talking with the providers of the leveraged ETFs, they've shown me countless stats demonstrating that more of their money is in the net longs rather than the net shorts. Barclays, the biggest of the group -- and the one that has the most assets, volume, etc. -- has no leveraged ETFs. The SPDR Trust (SPY - commentary - Trade Now) had over $26 billion in dollar volume yesterday, while the two leveraged inverses netted less than $6 billion, and this doesn't include all the other S&P 500 ETFs, like the one from Barclays or the equal-weighted or WisdomTree's offering ... well, you get the idea. And the futures market dwarfs what these things can do. Options? Well, we haven't even thrown those into the equation, but they were much higher on the SPY than on any of the leveraged ETFs. The volumes are not even close.
This is just an easy scapegoat rather than saying that there are quant funds targeting a specific trading range, or that traders are setting tight stops, and getting taken out at the end of the day. Heck, some people may just be locking in profits. Several Fridays ago, the idea of manipulation was brought up when the market spiked tremendously in the last five minutes via the S&P futures, but the bulls quickly dismissed it. Two days ago, there was an article penned about how end-of-the-day buying still counts and is real; anyone who believes that almost must believe that end-of-the-day selling must count too.
I am absolutely certain I will get ridiculed for this, but so be it. Without two sides to an argument, we are simply dictated opinion that we are to take as fact. That's not my game. |
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狗仔卡
发表于 2009-6-12 07:55 AM
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喧嚣卡
变色卡
发表于 2009-6-12 06:44 PM
