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Not much to report so far. What is interesting in the charts this week though – there may be a basing pattern emerging in the S&P 500. This is not to suggest the markets will rally significantly from these levels. But it is to suggest the lows may be in the rear view mirror (although I shudder to even write such things as one does not wish to jinx said data).

The basic summary is that the VIX (volatility index) remains pretty darn low right now. Typically speaking, this has been a sign the markets are about to move higher (at least for the last year). Well, the VIX has dipped while the markets have remained at their current levels. If this plays out as it looks, we could see a move back towards the 4000+ range on the S&P 500 in the next couple of weeks.

Obviously there are no guarantees. But we can cross our fingers…

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