5/7/2011
SET 1084.59 (-5.69)

In the afternoon, the market picked up and went as high as 1097.07 (+6.79) before dropping sharply down to the close. Two words: Institutional Selling. The daily results hasn't come out, but I'm pretty sure that's what happened. They don't want the index to test 1100 just yet. Why do I think it's institutional? The selling is too coordinated, which is something that local investors and even foreigners can't necessarily pull off so well. Sure, foreigners do consist of international funds, but I don't think this is the case. I think Foreign buying pushed up the market, but Institutions pushed it down. Along the way, local investors are scared and sold off too, but more are placing the bid trying to get a good deal. Anyway, I don't think they're going to push it down that badly. They just want to push it down enough so there's room to play. What's too bad is that there are smaller stocks that don't attract the institutions, but get sold off in a panic by local investors, which means that they are not likely to come back soon. So for today, I would say Institutions, Proprietary, and Local Investors sell; Foreign buy.