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Look Who's Leading Now

While the day ended with more advancing than declining stocks, the action focused on the market leaders, with retailers and financials leading both a midmorning and late-day selloff, but the reflation trade (long commodities and commodity stocks, short the dollar) is now the dominant trade, as Materials are now the #1 sector gainer in the S&P 500 this year, up 17.7 percent vs. 15.8 percent for techs, the former market leader.

FOMC minutes: Fed makes effort to keep market mood in check. While there were a few "green shoots" comments, the tone of the minutes emphasized the "tentative nature" of the data.

As one trader put it: "if their comments are too upbeat, then everyone will clamor about inflation and shutting down these programs that the market still needs."

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