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A volatile week left equities down significantly on mixed economic messages. In fact, the Russell 2000 (IWM) and Emerging Market (EEM) ETFs were down a whopping -6.2% and -7.8% respectively. This type of reintroduction of volatility is generally not solved easily or quickly, and I suspect we may see more choppy performance in the weeks ahead. A quick overview of my current thinking may be found here in Friday's mid-day post.
Beyond that, perhaps the most stunning statistic in this week's table is the VIX's near 31% stretch from its fifteen-day moving average. In my opinion, the usual bullish implications of this statistic should be moderated by the possibility that we are entering a regime change.
Week Forty-Five of 2009 features yet another very busy economic calendar culminating in the monthly Friday Jobs Report:
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Enjoy your one-hour longer weekend, remember to change your clocks, and hope you had a Happy Halloween with the Kiddos!
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