MBS UPDATE: How Low Can You Go?

There's not much to say...  Just as there's not much to say whilst watching a catastrophic explosion.  There is just awe, fear, and panic among other things.  Beyond what's already been said, the most accurate accounts of the explosion, it's causes, severity, and future implications will--like any other conflagration--come after the dust settles and the ashes float away.   For now, here is the latest picture of the explosion showing the technical analysis pattern of a "penant," which is akin to a triangle.  It forms in a directional up or down price movement and represents a pause in the trend movement where things consolidate sideways in narrowing range.  It is most often a CONTINUATION pattern, meaning it hearkens further losses today as opposed to a reversal.  Sadly, that has been the case so far...  (hint: we added the vertical line so you could see why it's called a penant)