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The red lines on the chart below represent the trading range of the SPDR S&P 500 Index ETF (NYSE: SPY) yesterday (Wednesday). As you can see, trading remained very concentrated throughout the day, as both bullish and bearish investors traded on the assumption that U.S. Federal Reserve Chairman Ben S. Bernanke would move the markets. When the Fed Chairman revealed no explicit policy changes, the vast majority of traders sold their positions after-hours, creating a large spike in volatility.
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