NORMALLY THERE WOULD BE A PICTURE HERE AND ALFRED E. NEUMAN’S WOULD BE THE OBVIOUS CHOICE. HOWEVER, I DIDN’T KNOW IF THAT WOULD VIOLATE MAD MAGAZINE’S TRADEMARKS, COPYRIGHTS, AND OTHER INTELLECTUAL PROPERTY RIGHTS, AND I’M NOT GOING TO WASTE TIME CALLING A LAWYER TO FIND OUT. HAVING GREAT RESPECT FOR MAD, I DID NOT POST ALFRED’S PICTURE, ALTHOUGH I’M SURE I COULD GET AWAY WITH IT. YOU ALL KNOW WHAT HE LOOKS LIKE ANYWAY.
Crowd psychology, not news, drives markets.
SLL reviewed Robert Prechter’s The Socionomic Theory of Finance, the thesis of which is that financial markets, particularly equity markets, are driven by endogenous social mood, not news developments or other “fundamentals.” If ever a market session supported the socionomic hypothesis, yesterday’s did.
Over the weekend hundreds of thousands of computers around the world were afflicted by ransomware called WannaCry that encrypts files and makes them inaccessible unless the…
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