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Mr. Ice

The lack of progress on a fiscal-cliff agreement didn’t hurt the market this week.  We are moving into a seasonally strong period with Santa Claus and the beginning of a new month.  While we still have some room on the upside, the easy month probably was 60-70 S&P points ago.  With VIX in the 15s, put protection is again cheap.  A dip that establishes a higher low after a bit more upside would not surprise.


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