As brutal as this day has been, the big picture still hasn’t changed: lower lows, lower highs, and a general downtrend (although, God almighty, I am really sick and tired of all these “fight backs†the bulls are pulling off). For a little perspective on this, here is the triple-bullish on financials fund, symbol FAS, on which I own January 2019 puts. As you can see, we finally got our first bearish crossover on the two faster moving averages for the first time in God knows how long……..
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