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STRATEGY: The longest wait...  losing 1,000 points per day until Election day
Equity markets were utterly crushed Wednesday, falling 3% and adding to the carnage over the past 3 days.  There have been factors weighing on markets and if I was to highlight a few:

- Fiscal stimulus "clock ran out"
- Europe entering lockdown after a massive, absolutely massive surge in cases
- Vaccine delays seen as cited by Fauci today
- Biden sweep starting to scare people because of higher taxes and increased regulation
- October tax loss selling season
- Nobody taking risks prior to Election day

So this is an absolutely sickening decline.  VIX surged to above 40.  We are now reaching levels where the market is pricing in significant expected moves over the next few months.  And as the chart below shows, when VIX reaches 40, we are near turning points for both VIX to fall and thus, stocks to find some footing.  So, while this has been an absolute bludgeoning, we think this is a buying opportunity and not a time to sell.

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Source: BloombergDaily cases are still rising, and this is bad news.  And with Europe's cases surging so much that both Germany and France are calling for a month-long shelter in ...

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