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Searching For Gandalf: Traders Weigh In On Thursday’s ‘Kolanovic Moment’
On Thursday, at 12:30 (almost on the dot), something snapped.
The VIX spiked, the bottom fell out for stocks, and USDJPY plunged.
While it is of course impossible to pin down the reason for the sudden reversal, more than a few folks (us among them) have suggested that the proximate cause was a note from JPMorgan's Marko Kolanovic.
In other words, the whole thing was blamed on a "Gandalf" sighting.
We documented this extensively on Thursday, and you should read the posts, if for no other reas
