In recent months (and quarters), ETF investors have pulled funds from those funds heavy on dividend-paying stocks, in favor of funds that focus on momentum. Other times we've seen this kind of flow, it was about time for dividend stocks to outperform.; On Monday and Wednesday, selling pressure was heavy enough to push the 3-day average of both NYSE Up Issues and Up Volume below 20%, which recovered a bit by Thursday. During relatively healthy markets, this has typically led to shorter-term weakness, but medium-term strength.

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