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  1. Some late profit taking


    A late sell off spoiled what looked like a third big day for stocks, pushing some indices slightly into the red by the close. The Dow had been up about 450-points over the prior two days so bulls were probably OK with a 21-point dip on Wednesday. The action and what it did to the chart is not very bullish for the short-term, but that was to be expected after we saw the big rally creating many open gaps and double tops on the charts.

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