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So, What Happened?

Good morning. Despite a solid advance of 2.1% last Thursday on first estimates of third quarter GDP, the week showed a fairly large decline in the SPY of 4.64, or 4%. The close Friday in the SPY of 103.56 represents a 6.1% decline from the 110.31 high set on 10/21. Last Friday was particularly troublesome in that the market more than gave away a solid advance on Thursday, an advance based on a strong economic number.

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