Half-Full, Versus Half Empty

Since closing at an all-time high of 4,480 four days ago, the S&P 500 has been lurching violently lower.  Based on our multiple conversations over the past week, it seems the wall of worry had grown to a level that was beyond the investor's appetite for risk. Stocks have been internally weakening for some time, so the sell-off on Thursday morning was a continuation of the internal turmoil within markets....But panic showed up in volatility markets, which if it reverses, is a sign that ...

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