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In a large saucepan, heat evoo over medium heat. Add onion, celery, bacon, and thyme. Cook, stirring occasionally, until vegetables soften and bacon is lightly browned, about 7 minutes.
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Stir in clam juice, water, and milk. Add fish and squash; bring to a simmer and cook until fish is opaque, about 10 minutes. Break up any large fish chunks with a wooden spoon. Season with black pepper and serve hot.
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