10/6/2011 10PM
SET 1020.37 (+3.52)

Let me just start off by saying that the afternoon session was truly epic. Whoever was watching the ticker would know. For those of you who missed it, let me tell you what happened. SET had made its daily high (1025.56) very early in the morning, only about 10-20 minutes after the open. Then it went down for a while. When the afternoon session opened, it was a little quiet...for about 2 minutes. Then, the bulls started buying, pushing the index up from about 1018 to about 1020. Then, there was a breather around the 1020-1021 area, and then the bulls were back pushing the index up to 1022, 1023, 1024!

By now, the bears were in also full steam. It was crazy! None of this little investor type deal, it was almost all block trading, large amounts of shares. Simply put, it was a freakin' battle! Institutions (bulls) vs Foreigners (bears). It's like two gladiators battling to the death to be the Champ. Like Maximus and the current Champ fighting, with Local Investors and Proprietary as the tigers on the side of the arena, trying to get a piece of the action. And they used every arsenal they had. Around 15:45 to 16:15 was probably the most intense. The index itself didn't move much, but that's because you got two large bodies of mass going head to head; there's a lot of force, but it ain't moving. And I'm not even exaggerating. I was watching to see if it would break the daily high, and it got...oh so close. The bulls were hanging on as the index fluctuated between 1024-1025, then it became 1023-1024, and I knew it was over. Eventually, the bears got the final blow and the index dropped down, closing at 1020.37.

I think that the real game changers, though, were the Local Investors and Proprietary. If they had sided with the Institutions, then I think it would have gone above the daily high, and then it would have ran up at least 5 points more. But the fact of the matter is that people are scared. The local investors are watching on the sideline to see how it's gonna turn out. But unlike most days where the battle is usually short, or there's not much of a battle at all, today, it stretched for the entire afternoon session. In the end, fear won. People are thinking that if they don't sell now, then they might miss the chance. Better "safe" than sorry. Like in the movie when Maximus eventually goes to the side too much and the tiger jumps on him, knocking him down to the ground. But who knows...the Champ thought he won, but Maximus stabbed the tiger and got back up. So maybe there'll be another battle next week and Maximus will win out. Or maybe, in reality, the tiger would have bitten Maximus' head off. We shall see!