PHYS - All That Glitters Is Not Gold
"My advice to you, my violent friend, is to seek out gold and sit on it." - John Gardner
Since the mid-March lows, the S&P 500 has rallied over 550 points, enough to retrace approximately 50% of the declines from all-time highs on Feb. 19.
Many proponents of technical analysis focus on Fibonacci retracement levels. The levels this process highlights are 38.2%, 50%, and 61.8%. While confirmation of holding a critical level increases the probability of testing the next higher level, the potential for retracement exists, consistent with some of the risk triggers in The