Here's what (SPY/TLT) looked like as of last night:
And here's what happened at the green-arrow point last August:
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Well that was a very wild recovery at the end of yesterday's strange trading day. I had a good day mainly as I took off my long hedges at 1075.25 in the morning and then put them back on at 1115.25 shortly before the close. Against that my late day scalp long at 1073.5 that I cashed for 1.25 points obviously left over 40 points on the table.
There was a lot of news yesterday. Moody's three-level downgrade of Italy caused surprisingly little trouble. The announcement of possible plans to shore up Euro-area banks was credited with causing the late day moonshot.