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I've been hammering on why I think the VIX is in a bull market. We have "hammerin' Hank" Paulson's confusion to thank for this. This may be one of the worst performances in the history of the US Treasury.

At 28, the VIX is stair stepping towards my target range of 31-32. If the US stock market continues to crash the boards, that target will look very conservative.

Hedge Funds are blowing up. You will see that news hit the tape, after the fact, not before.

KM

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