From Art Cashin's UBS note this morning.
Last Wednesday, I cited some work produced by Paul Leming, who is an associate of my friend, Vince Farrell. Paul's work showed that in the 14,284 trading days since January 1, 1950, there were 68 days that had moves of 4% or more. Further, 28 of those 68 (41%) have occurred in the last three months. Since I wrote of that, we've had two more 4% days. Now it's 30 out of 70 (43%). The volatility remains historic, and nerve-wracking.
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