The current bull market is 11 years old this month. The long-term chart looks fairly linear to the upside, though there have been some meaningful corrections along the way.

The most significant corrections have been accompanied by the Vix index spiking above 35. Such a spike has occurred on only six occasions since the bottom of the financial crisis in 2009, with the most recent happening now. In each of those corrections the market pulled back 15%-20%...

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