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As clients noted, the Nasdaq delivered premarket intraday gains in the longer term, while the S&P 500 delivered most of those gains in the shorter term yesterday. Prepare yourself for volatility today as there are several catalysts that could force them further (and now I don’t mean the Middle East). Until then, consolidation time is ahead, even if it doesn’t seem like it if you check yields (the farther along the curve, the more prominent the climb).
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