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The bulls are not willing to give up the 1000-point level in the S&P 500 Index (SPX) without a fight.
The pending home sales jump of 3.6% has spurred the financial sector to gain almost 1%, which is driving the major indexes to a slight gain on the day.
I would expect the market to chop [...]
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I think there has been a lot written about the decline in fear in the markets. The CBOE SPX Volatility Index (VIX) peaked above 80 in November and is down 68% to about 25 today. Option premiums have come in tremendously as we have seen the fear of financial Armageddon melt away [...]
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