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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, as the current drawdown from the S&P 500’s high closes in on the third longest of the current bull market, given current levels we show how long it could be until it reaches those highs again.  We also highlight a potential red flag in the index’s intraday weakness.  Looking outside the US, as emerging markets hit new highs today, we cover EEM’s reliance on Chinese gains to make this progress.  We also show how EEM relative to SPY has diverged from commodity total returns.  Turning to US data, we expand on this mornings note about MBA Mortgage data by showing the surge in refinancing applications and adjustable rate mortgages.  We finish with a look at weekly fund flows and EIA petroleum data.

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