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Don Kaufman here with a reality check after today's wild ride.

Sure, the S&P ripped 0.7% higher and the Nasdaq gained 1%, but don't let that fool you. 

What I saw under the hood today was straight-up concerning.

This morning's price action was absolutely vicious. I'm talking 6-7 point S&P moves inside single minutes. 

Over 5,000 contracts per minute flowing through the tape. These aren't your typical "buy the dip" moves - this was fast, hostile trading.

The whole rally? 

Apple (AAPL), Amazon (AMZN), and Tesla (TSLA). That's it. Remove those three names and this market would've been red.

But here's what really caught my attention...

The VVIX (volatility of volatility) actually CLOSED HIGHER today despite the S&P gaining 45 handles. 

That's a massive red flag. 

When volatility refuses to subside even as markets rally, you know something's brewing beneath the surface.

I'm calling these "echoes of volatility" - and they're telling us we're still going to see serious two-sided action through Thursday and Friday.

Look, I get it. 

Everyone wantsis to believe this market is bulletproof. But the smart money is speaking with their wallets, and volatility screaming "keep your hands and feet inside the vehicle."

We're about 30 points away from hitting the upper edge of this week's expected move at SPX 6372. 

High probability we tag it before Friday's close. But that $54 expected move range is still very much in play.

Even if you're bullish (and I'm long gold right here), you MUST protect yourself with spread trades. 

The market participants with skin in the game are telling us this isn't over.

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