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By Thomas A. Martin, CFA, Senior Portfolio Manager Is the market on edge? Monday, July 19, the S&P 500 went down -1.6% and to hear the talk, you would have thought the bottom had fallen out. The next day, one strategist used the word “carnage,” and a morning radio talk show suggested we shouldn’t overreact to the correction. Sure, it was the biggest one-day down move in several months, but still. Not even remotely out of the ordinary. Pea under the mattress, Princess? Why the sensitivity? The following day, the market rallied back hard almost erasing the previous day’s loss. The market went on to “correct” back up to a new high for the remainder of the week. The total drawdown from the previous all-time high (on July 12

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