Evan Grey Owl

Julian Robertson: Some Buying, but Bearish on the Economy

Until the market manipulations are stopped - comprehensively and effectively - there is no support level one can trust, and no rally that will be sustained. I do not believe it is short selling that is the problem. It is gross manipulations of the prices at the open. It is manipulation of prices down ward in the After-Market, the Pre-Market, and the Opening cross by persons or groups who hope to manipulate the opening prices by creating the illusion of sell pressure thru a pattern of obscenely low bids. It is criminals who manage to push thru obscenely low trades that trigger all the stop-loss orders unfairly, creating the illusion of sell pressure. It is those who manipulate prices down and down and down so they can impose margin calls when stocks have been manipulated so low that the client/investor/pensio... will NEVER recover. The brokers and banks seem to have solved their liquidity problems the last two weeks by emptying investors accounts under the guise of margin calls that were precipitated by rampant price manipulations. Apple at $21.70 on October 1, an $31.00 on September 30, then the Steve Jobs rumor October 3. No wonder Apple went $115 to $87 in 5 days. And RIMM $100 to $60 in less than 48 hours, on a false pretense. The POINT of the 40-50% losses is to produce the margin calls that provide cash and highly discounted shares to the brokers and banks. They saw they couldn't count on Congress, and they took it from our accounts, in the midst of a terrifying disinformation campaign. We need at least as much oversight and reform of the trading and brokerages as is needed in the banking sector.