The Market On Wednesday

Obama wants to limit executive pay for the heads of companies receiving bailout money. He is saying the bucks stop at $500,000.

In light of the gross extravagances of these same corporate leaders, gained at the expense of taxpayers, it would appear that they have little understanding of the excesses of greed especially in a world grappling with a major recession.

I say $100,000.

Regardless, I suspect Wall Street will start off in the green plus column, but as the financial data comes out during the day, the waters will be choppy.

My prediction is the DOW swings up or down 50 points by the end of the day. 8000 seems to be the number of interest.

Reuters: Stock index futures up; eyes on earnings, data

Dow Jones futures up 0.6 percent at 1010 GMT, S&P 500 futures up 0.7 percent, Nasdaq futures up 0.1 percent, pointing to a second day of gains for U.S. stocks.

Reuters: Panasonic warns of $4.2 billion loss, to cut 15,000 jobs

Sony Corp, Toshiba Corp, and Hitachi Ltd are all facing multibillion dollar losses, crippled by the double whammy of falling sales and a strong Japanese currency that eats into overseas profits when repatriated.