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Dave’s Daily


Jam Job Edition of Dave Fry’s ETF Digest, September 3, 2009

Jam it

There are only two conditions and markets worthy of comment today before tomorrow’s employment data: the ongoing annoying and manipulative end of day “jam jobs” and the action in gold.

Looking at the 5 minute SPY chart you can see ultra-light total volume and the big “stick save” into the close. What can we infer from this?

1. Someone knows the employment data and is front-running it believing it to be positive.
2. Someone wants to squeeze some shorts for fun and profit since volume is ultra-light and they have the resources/muscle to do it.
3. These are the types of activities that are the stuff for conspiracy theories regarding direct or indirect government meddling in and propping of markets.
4. Where’s the SEC to investigate this type of trading especially if it’s derived from inside information? Oh, they’re busy playing nanny to leveraged ETFs and other low hanging fruit.

The other story of course today is gold followed by its companion silver. But, let’s stick with gold for today…

Continue here.>>>


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