There has been human error in the use of securities trading models, other than with mathematical calculations. Often that error is enforced by government in the form of strict regulation, amidst a reaction with the very panic that such regulation supposedly has been developed to suppress.
The formulae employed probably would have worked over the longer term. These are never successful for short-term markets that regulation certainly overlooks.(See the Earl J. Weinreb NewsHole® comments and @BusinesNewshole at Twitter.)
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