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“The only place success comes before work is in the dictionary.” – Vince Lombardi 

The rally was fun while it lasted, and after yesterday’s impressive turnaround, futures on the major averages are all pointing to declines of more than 1% in early trading.  After surges in volatility like the one we have seen in the last few days if you were expecting a quick return to calm, think again.  Volatility is here to stay in the near future, especially with earnings season heating up, the FOMC meeting Wednesday, and oh yeah, major geopolitical tensions around the world.

Today’s economic calendar is on the light side with Consumer Confidence and the Richmond Fed report at 10 AM.  Both reports are expected to show a slight pullback relative to last month’s readings.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

Yesterday’s volatility saw a surge in trading volume relative to levels of the last year.  Volume in the S&P 500 tracking ETF (SPY) topped 252 million shares which was the highest level of daily volume since March 2020 right in the thick of the COVID crash.  Going further back, though, there have been plenty of other periods where daily volume in SPY was much larger than yesterday’s level.

When adjusting for SPY’s price, though, yesterday saw a near-record volume in terms of value traded. Based on the closing price yesterday, roughly $111 billion was traded in SPY yesterday.  The only day where a higher value was traded was back in late February 2020 when the daily dollar volume topped $114 billion.

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