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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[JPM
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], General Electric [GE
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] (our parent
company), JC Penney [JCP
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], Goodyear Tire [GT
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], Newmont Mining [NEM
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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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