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Stocks pulled back on Wednesday as they digest the recent gains. I don't think the action told us much because some consolidation after a week long rally is normal, but it could also give bears the opening they've been waiting for to sell a bear market rally - it's tough to say after one down day. The Dow lost 449-points while small caps lagged. Bonds rallied after a sharp 2-day decline. Oil rallied higher.

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