Thai market manipulators under scrutiny.

Taking advantage of a weak situational financial market in view of an ever extending stock market bull run,two foreign brokers - Credit Suisse(Hong Kong) and UBS(Singapore) - and a prominent Thai investor have come under special scrutiny for large trading transactions made last week on the Stock Exchange of Thailand.

Their theme play:"the health of His Majesty Thai King Bhumibol Adulyadez"
The SET index crash more than 7% over two days closing at 692.72 points on Oct 15, rebounded to reach 731.61 at the close last Monday after doctors issued public statements that His Majesty's health was stable.
An irresponsible act in disseminating financial rumours for their own greed and benefits by these people are now under investigations by the Securities and Exchange Commission.
Thirachai Phuvanatnaranubala, the secretary-general said short-selling volume totalled 461 million baht from Oct 7-13, of which one investor alone was responsible for 204 million. Short-selling is a trading technique used by investors in anticipation of a decline in share prices.
The unidentified investor also sold directly 28 million baht worth of stock, for total transactions of 232 million.
From Oct 14-16, the same investor purchased 52 million baht worth of stock to cover the short positions and purchased another 129 million directly.
On Oct 14, Credit Suisse submitted sell orders for 3 billion baht worth of Thai stock on behalf of unknown clients while UBS Singapore sold 1.3 billion. On the next day, Credit Suisse submitted buy orders of 3 billion baht.
The SEC also discovered that one Thai national residing overseas sold 219 million baht in shares on Oct 14, while on Oct 15, another Thai national purchased 145 million. Regulators said both transactions were not being treated as unusual. The SEC is seeking additional information from the SET and the Thailand Futures Exchange on trading transactions made during the period.
Mr Thirachai stressed that the trades did not necessarily indicate share manipulation, only that the large values deserved "special attention" because of the high potential for profits during the wide market swings last week.
The SEC was directly responsible for trading in the capital market, the responsibility for investigating the source of the rumours was the Special Branch Police, in collaboration with the Foreign Ministry and National Security Council.

The Dow,Thursday 22nd october is 21 days to index/options expiry.
Another day of FOMC meeting.
9:30am:--An inverted bullish hammer head start... overseas markets fall.

10:30am:--After an early low,session now holding at bull pivot with bullish inverted hammer noted...initial jobless claims disappoint.

11:30am:--New session high with bearish spin...leading indicators for September increased 1.0%

12:30noon:--Pullback time for morning session from its high currently holding at bullpivot with bullish engulfing...The Dollar Index is up 0.3% .

1:30pm:--Another high with further inverted hammer.

2:30pm:--FOMC minutes underway...ascending soldiers.

3:30pm:--Day's high with bearish engulfing...profit taking.

4:00pm:--Bullish bulls still holding.

The theme play:-good batch of earnings reports and forecasts .The shorties covered back positions after 2 days of sell-off,the work of hedge funds who have earlier downgraded some companies using the fear tactics.

7 days before asian index futures expiry this phenomena will always happen as they are also in control of these markets.
Downbeat note from influential banking analyst Richard Bove saying sell Wells Fargo.This guy trying to test market reactions so he might be the main benefactor this time."It just shows you how susceptible we are to bad news right now," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco. "We've got such an extended stock market that a feather of news is enough to cascade it down 100 points."