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Pancake Trading Day

The major stock market indexes are all trading sideways in a tight range today. Often after a major decline or rally like we saw yesterday the next trading session is more subdued or tame. This is exactly what we are seeing today. It is very difficult the markets selling off again today ahead of the Government Motors IPO tomorrow. The last thing the government would want is for the buyers of that IPO to get cold feet and not want the shares. Right now the stock market is facing it's first pullback since Federal Reserve Bank Chairman Ben Bernanke announced his quantitative easing plan on August 27, 2010. Therefore, expect a flat session into the close ahead of the GM IPO.