Earnings season is upon us, and a couple of big investment banks reported this morning. JP Morgan, true to form, blew the doors off, and they’re hanging out at new lifetime highs. Goldman Sachs, on the other hand, has gapped down, and it seems to me the trendline it already broke is indicative of the breakdown that is transpiring.
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Here is a longer-term view, dating back to the depths of the financial crisis. I would call this chart quite precariously positioned, for it has not only broken the line mentioned above, but also has completed busted the long-term trendline dating back over a decade.
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