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Editor's Note: Below is an excerpt from today's Early Look written by CEO Keith McCullough. Click here to learn more about the Early Look.

CHART OF THE DAY: Complacency To Capitulation  - zo9

"With implied volatility DISCOUNT of -13% on SPY (vs. 30-day realized) this morning vs. a +56% implied volatility PREMIUM only 1-month ago today, the crowd is chasing higher-lows here inasmuch as it was selling the lows last month...The goal of The Game is to beat the crowd not be the crowd, when The Quads are about to turn."

CHART OF THE DAY: Complacency To Capitulation  - CoD SPY IV