(https://www.marketwatch.com/story/one-wall-street-measure-of-market-fragility-just-hit-its-highest-possible-level-the-last-time-it-did-volatility-spiked-c5441009?mod=mw_rss_topstories) — the highest reading since December 2024 post-election. Everyone's reading this as "volatility incoming" and rotating into defensive names. That's the consensus trade.

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