The S&P 500 dipped over 1% earlier today.  Over the long term a mere pittance, but for this month, a monstrous move.  Over the previous three weeks the index was as calm as it has ever been:

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A pick up in volatility would be a welcome event.  Considering August tends to be the weakest month of the year, a healthy pullback could be on the way.

Hat tip Ryan Detrick