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Keep an eye on volatility heading into today’s close (VIX currently -20%). One-day drops in excess of 20% can precede a sharp decline in stocks the following session. It’s basically a toss-up as to whether the S&P is up or down short-term, but losses tend to dwarf gains. Two days later, S&P’s average loss was 4% compared to an average gain of 1%…
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