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The transition from ‘Summer Doldrums’ to Fall trading is still underway, but volatility is already proving a hallmark of our current condition.

The S&P 500 and Nasdaq 100 benchmark US indices were amplifiers of the swing with a shift from record highs to substantial losses – a -7.7 percent and -12 percent peak-to-trough reversal thus far with Friday’s intraday lows. There are technical levels that the industrious speculative trader can point to as a ledge holding back a freefall, but I remain focused on underlying market conditions.

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