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Wall Street's fear gauge says the sell-off isn't over yet

Traders work at their desks at the Nasdaq MarketSite in New York.
Lucas Jackson | Reuters

The stock market may need a little more anxiety before a real buying opportunity sets in.

Judging by the Cboe Volatility Index, which is considered the best gauge of fear on Wall Street, a tradeable bottom hasn't been reached, according to Nick Colas, co-founder of DataTrek Research.

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