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Summer trading starts with a wipeout

If you were looking for the typical first day of the new month bump up in the markets, you sure didn’t find it today! Summer trading started off with a winter-like wipe-out that extended straight from bell to bell.

Today is a good example of why confirmation is important, as yesterday’s close above the important 1340 level turned out to be a big fake-out.

The head-scratching is likely to continue — Friday morning brings the jobs report. Could be a long summer this year!

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