The stock market indices had a decisively negative session today, gapping down from the get-go, snapping back in an early rally try but failing at resistance and then rolling over hard.
Patterns seen on the charts for SPY suggest that different dynamics are at work than those that have allowed Clive Corcoran to make sense of MACD divergences for several years.
Goldman executives were in a good mood for a good reason: they had bet against the mortgage market. Of course, that was the only reasonable thing to do.
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