[razorback-bert]

Note that 80% of trading volume occurred in the first 15 minutes of the market.

[rohry]

Wow! Thanks for posting that chart. Since the report was so short let me link another story about gold derivatives and Enron:

Dinsa Mehta, J.P. Morgan Chase, Derivatives, Enron and Gold

Enron was trading every market in the world, most in SIZE. They were leveraged to the hilt. Dinsa Mehta was one of the chief honcho’s in The Gold Cartel and a well-known gold derivative specialist. He also knew the gold price was rigged as he was instrumental in doing the rigging dirty work. I have been told that Enron often paraded him around at their Dog and Pony shows. How could Enron not have utilized the gold carry trade to finance their operations? How could they have passed on the 1% gold interest rates, knowing the gold price was rigged? How could they not have been short hundreds of tonnes of gold, in their off-shore operations (Mahonia Ltd.)?

Maybe the real Enron story is still hidden?

PS I don't know how much of this true...

[rohry]

Again, interesting chart. Dukie had speculated that the PPT was at work this morning (Tuesday's Market WrapUp). This seems to support that theory

[Soren]

Very interesting chart. I saw the Naz and Dow futures were way up this morning. Could it be that the PPT was buying futures in the pre-open, and the futures sellers rushed to buy the underlying stocks at the open to cover their positions and lock in their gains? Basically, an arbitrage play.