This chart caught my attention.
Great relative strength for the broader market in the face of deteriorating financial support. Historic lows on Goldman's daily relative strength index (RSI). Lower than even during the financial crisis in 2008. Looks primed for a bounce - but buyer beware. The last time it traded this weak on a relative strength basis was right before the bottom fell out of the market in the fall of 2008. A more equal comparison of market conditions (in that GS dislocated from trend) was last May when the SEC investigation broke. The market held up for a few days before it followed suit. What is troubling about today is how long Goldman, and for that part the financials - have been trending away from the broader market.
And isn't there something about some kind of rapture this weekend?
Of course Goldman would know about it before the rest of us...
Along this line of thinking: Baromarket Pressure
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