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Yesterday was an important day for the markets. It’s the day the fear went away from the major indices. That was critical because we didn’t know how badly the selling of the past couple of weeks might spill over from the hedge funds to the retail level.

What this shows is that retailers are not very fearful of the S&P 500. The floor in part has probably been set by retail investors moving money in their 401k plans out of emerging markets funds and into bond and major index options:

Source: Thursday: Major Indices Find Footing (SPY)