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Banking Industry Backlash

January 25, 2010


Good afternoon. Last week was the worst week in the market since last March, with the SPY down over 4% to close at 109.21. That closing number is also lower than the 111.44 closing number from last year, wiping out all of the early January gains. The VIX was up a dramatic 52% for the week to close at 27.30, and erased a lot of the upward sloping volatility skew we talked about last week.

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