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Every time the S&P 500 hits a new high, it gets whacked: down 36% in 2020, 27% in 2022, and a 20% correction in 2024. This pattern is steadier than my receding hairline. If we get another round in 2026, anyone chasing highs should think hard about whether they can handle it. Are you seeing history repeat itself, or is this time different?

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SPYXSPYX+0.01%

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