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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we begin with a note on small cap’s drastic underperformance so far this month. As the VIX reached a 100-day low yesterday and again today, we show the returns of the S&P 500 following other times that the VIX has seen these kinds of movements. Next, we highlight an interesting trend in Initial Jobless Claims so far this cycle as the indicator shows some signs of slowing momentum. Staying on the topic of labor markets, we also show the pickup in Continuing Claims which, like Initial Claims, are turning yellow. We finish with a brief look at investors hesitation to reenter equities based on fund flows into mutual funds and ETFs.

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