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Agree that a bottom is not in, no full-on panic or capitulation move yet. The VIX got up over 33 or 34 recently but I am looking for 37 or more and a last thrust downward to around your target area for the Dow or below perhaps.

 Thereafter I look for a substantive bear market rally (people in "what me worry" land) after this point for a multi week or month time period to climb the wall of worry.

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