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Dog days of August could bring surprise for stocks

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Final dog days of summer?

The dog days of August are finally here, but markets could be volatile in the week ahead as focus shifts away from the Fed and possibly to Russia and Ukraine at the beginning of the week.

Traders are also watching the key 2,000 level on the , just points away from Friday's 1,988 close.

"I would think that certainly has to be in the crosshairs, unless we get something disturbing over the weekend," said Mark Luschini, chief investment strategist at Janney Montgomery. "It seems to me that's logical. It may bump up against it and get some resistance, like we did at 1,987 this week. We have clear air space, and I just don't see any economic news next week that dramatic that it would alter that glide path."