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May 16, 2011

Last Hurrahs

Stocks delivered final confirmation of a daily cycle in decline by piercing the cycle trend line today. The action can be classified as particularly weak given that the drop came against the backdrop of a lower dollar. In fact, tech stocks and small caps were hit harder, as the NDX shed 1.7% and the Russell small cap index was tagged for 1.5%. Relative weakness in these two sectors is often ...

 

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