What a year it’s been already! Just 3 weeks ago the S&P 500 was sitting at 1344 with 6.8% YTD gains and investors largely convinced that the market was headed to 1500 in a straight line. Today, it struggled to stay positive for the year as equities actually went negative YTD in the overnight session. The S&P 500 has been on a rollercoaster ride over the last 48 hours. Volatility surged to 26 as fears over Japan’s economy roil international markets. And all of this is occurring at a time when the Middle East looks increasingly fragile. It’s amazing that such an enormous story has taken a backseat to anything, but I guess an earthquake/tsnuami/nuclear crisis in the world’s 3rd largest economy will do that….
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