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Following a nice rally, the markets are set to open lower on more bad economic and corporate news. The Dow Jones Industrial Average fell 120 points to 8,813. The S&P 500 shed 13 points to 896, while the Nasdaq Composite declined 22 points to 1,549. The dog of the day goes to FedEx which lowered guidance last night. The stock is down 10%. Plenty of companies are lowering guidance including Texas Instruments, Krogers, Nucor, Novellus, and Vail Resorts. Vail is down 4% while Kroger is down 7%. Corning is modestly lower after cutting cap-ex spending. Sony is laying off 8,000 jobs, however, the stock is higher. The commodities look good this morning. The financials are lower, but not by much. One thing I do know is don't mess with Bank of America. Yesterday the Illinois Governor threatened to prevent the bank from conducting business in his state. Today he was taken into Federal custody. Ouch. After the first half an hour the Nasdaq moved into the green led by the techs. Texas Instruments is up 4% even though they lowered guidance. The Dow remains down 100 points. Disney is lower even though they received an upgrade. GE is down 3% after receiving a nasty downgrade from JP Morgan. After the first hour the averages kept recovering. The Nasdaq rose 20 points. The Dow inched closer to the unchanged level. The financials are now in the green. The markets have become resilient to bad news, for now. Entering the lunch hour the averages sold back off. The fear is back. A four week auction for Treasury bills yielded 0.00 or zero point zero, zero. Four weeks zero interest. Fiction takes a backseat to reality. Entering the last hour the Dow was down over 200 points. It looks like we're destine for a down day. The Dow Jones Industrial Average finished down 242 points at 8,691. The S&P 500 shed 21 points to 888 while the Nasdaq Composite declined 24 points to 1,547.
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