Deja vu from February. This has been a market environment that was ripe for volatility, and we finally got it. While Fed Chair Powell’s recent hawkish tone and trade fear were blamed for the recent decline, we firmly believe that if it wasn’t those, it would be something else. To understand the move, we just have to look back to what really drove the February 2018 market swoon; a sharp run-up in the market that led to excessive optimism, an extreme intermediate-term overbought condition, and historically low volatility.

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