2024-07-21 22:26:30 ET
Summary
- Stocks may not have priced in Biden withdrawal, the potential for a further -2% or more for the S&P 500 in the first 3 days of the week.
- Market may need a 7% flush, VIX above historical norms. The market is already in a rotation of sectors, and that creates fragility in the indexes.
- At the time of this writing, the Futures were up strongly. I would caution trusting that the futures portray the true direction of the market this week.
The October Surprise Comes Early
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Biden's Withdrawal May Cause Selling, Clearing The Decks For A Rally