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  1. A test of the lows has two choices. One is not so good.

    Stocks gave up some big early gains on Friday as the sellers of rallies continue to have the upper hand while the indices flirt with testing the recent lows. The Dow held onto a 65-point gain, thanks to a 9% rally in Dow component Proctor & Gamble. The Nasdaq and particularly the small caps lagged again, while the S&P 500 finished basically flat.

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