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Markets Open Sharply Down

Periodic pullbacks are inevitable in a market this oversold, and today that's how Wall Street opened.

In the first 15 minutes of trading, the Dow is down 138 points, or 1.5 percent.

The broader S&P 500 is down nearly 2 percent and the tech-heavy Nasdaq is down nearly as much.

Since the most recent market bottom in early March, the Dow has risen more than 30 percent, withe the S&P 500 and the Nasdaq each up more than 35 percent.

Traders, rightly skeptical that such monstrous gains will continue, are selling into the rally, or taking some of their profits before the inevitable drop. This selling of course causes an inevitable drop, one of which we're seeing right now.

-- Frank Ahrens
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By Frank Ahrens  |  May 11, 2009; 9:47 AM ET
Categories:  The Ticker  | Tags: Dow Jones, nasdaq, s&p 500  
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