SPX: A Smile? Or A Snarl?
Jeffrey deGraaf says:
Overbought readings tend to trigger erroneous warning signs for the less initiated under the the false pretense of symmetry: "If oversold is good, overbought must be bad". Reality check: return distributions (below) of $SPX tend to smile and both OB/OS prove bullish.
Is it me or does the smile look more like a snarl?
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Disclosure: Accounts managed by Blue Marble Research may presently hold a long/short position in the above mentioned issues and their inverse comparables.
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