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What's Behind Today's Big Losses?

The bad news: the Dow is having its worst day single-day point losssince April 20th.

The good news: it's a light-volume selloff, meaning the decline is caused by buyer disinterest (low demand), not large amounts of selling.

That's more important than you might think: the lack of selling has been a notable feature of the market since the rally began in March. Bulls are hopeful that once the buyers come back...if supply remains tight...prices will again start rising.

On a day when cyclicals (materials, commodities, industrials) are rolling over, defensive names like healthcare should be trading near the top. But healthcare stocks have been under pressure going into President Obama's speech today at the AMA.

Retailers: Goldman Sachs cut Wal-Mart to Neutral, but all the big names are trading down 3 to 6 percent. The problem here: with unemployment and credit card defaults rising, there is little catalyst for the group in the next few months.

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