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  1. Late selling spoils early rally

    Tuesday was not a typical pre-holiday, pre-Independence Day kind of a trading day. It was early on but we have seen a series of intraday reversals that have been whipsawing traders lately. Volume was very light on the shortened trading day, the lightest trading volume of the year so far, so it wasn't any kind of panic selling. The Dow was down 132-points on Tuesday, erasing a triple digit morning gain.

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