By the time Jeffrey Frankel got to bed it was past midnight, but sleep did not come easy. Twice during the night, the broker had climbed out from the covers and returned to the television, trying to get a read on what investors were thinking in Tokyo and Hong Kong and to see what the futures market foretold about the trading day ahead.

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Boo! October was a spooky month for the markets and exchange traded funds (ETFs), and we saw things that haven’t been seen in decades.

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