The initial drop and subsequent recovery in the S&P 500 (SPX) futures following the Iranian missile response to our killing of General Soleimani last week is nothing short of stunning.  It simply reinforces the day-to-day moves that so many try to predict are impossible.  Despite the rally back from the overnight lows, the market remains ripe for a pullback.  We don’t expect a major drop as highlighted in Flying Smart on Monday and our January Macro Slide Deck that will be on the site a little later today.



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