S&P 500 5-Day Average Hi/Lo Spread at 5.33%

Wow, the S&P 500 has averaged a daily hi/lo spread of 5.33% over the last five trading days.  It's been a truly remarkable trading period, and efficient market theorists are currently in hiding.  Even more remarkable, however, is that we're barely at half the 5-day average hi/lo spread that we saw back in October 2008, when it reached 9.97% on October 15th.  While it certainly feels like this ridiculous back and forth action is like nothing we've ever experienced before, the fact is that we experienced it less than three years ago, and back then it was nearly twice as crazy! 

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