Bear Trap

In twelve months of advance, Wall Street's bull market had not once experienced a real shakeout. This had caused some cautious traders to keep their fingers crossed, and wait to see how the market would withstand such a test. For a little while last week they thought the test had come.

Half an hour after the New York Stock Exchange opened, a flurry of selling began. There was no patent reason for the selling except some profit taking and perhaps some nervousness over the market's long climb. By 11 a.m., the scramble to...

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