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Takeaway: No matter what anyone says, it is not different this time.

As Hedgeye CEO Keith McCullough noted earlier today, it's been 48 trading days since the S&P 500 has had a +/- 1% day. That's only happened one other time in two decades.


Meanwhile, Volatility (VIX) is up over +17% from its June 18th low.


No, it's not different this time.

Cartoon of the Day: Sleep Walking - S P walking 6.26.2014