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Already Seeing Selling Into The Rally

Stock traders for the first time are openly asserting that a bottom has been put in. Concerns about global bank failures and meltdowns are receding as global finance ministers are now coordinating their efforts.

That doesn't mean a big rally, in fact most think we can move up only modestly before we will hit resistance.

Some traders aren’t even waiting for that: we are already seeing selling into the rally. Big names that opened notably strong and are now negative include JP Morgan, General Electric (our parent

company), JC Penney , Goodyear Tire , Newmont Mining .

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Once we calm down we will be facing a global slowdown that appears more severe than even a month ago.

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    • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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