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June 23, 2005

Slippery Slopes

The Nasdaq Composite rose to a new high for the recent rally before failing in dramatic fashion, dropping 1.8% from the high. Headlines blamed the slip on rising crude oil prices, which touched $60 per barrel today. Personally, I believe that when such moves as today's action occur, pundits try to blame it on whatever other news is concurrently conspicuous. It’s just as likely that today’s slide had nothing to do with oil price, but rather technical factors, profit-taking, or a number of other possibilities.

In any case, the failed rally appears to be the bears’ best opportunity in a month to move the market down. Some big names reversed course today in commiseration with Mr. Market. The following chart shows some of these names, along with the percentage change off their intraday highs.

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