The Market On Wednesday

Good morning. It is 66 degrees and overcast here in Upstate NY. The rain is back and the plants are digging it. On Tuesday the thermometer surpassed 90 degrees for a spell, throw in some thick humidity and it had to be one of the hottest days for May in a long time in these parts. On Tuesday I posted two lengthy interviews with economist Krugman and they are very good as he deals with the long ongoing economic depression the country is mired in. Please check them out.

At 8:00 a.m. futures are moderately down, the dollar is mostly up against major world currencies, and the price of oil is down per barrel. The market is poised to open lower.

As predicted, yesterday's optimism over the eurozone financial crisis was short lived. Today it's back to pessimism especially surrounding some miserable news out of Spain surrounding downgrades and bank failures. In addition investors are facing the alarming concern that China's uber robust industrial blaze is cooling off. Remember that for the economy to be "good" it must be growing in all directions and when this does not occur, we fail. Now exactly how realistic is that.

CNN: Stocks to get hit by more European woes

...independent ratings agency Egan-Jones downgraded Spain's sovereign debt Tuesday after markets closed in Europe.


Pending home sales for April...


Oil for July delivery lost $1.33 to $89.43 a barrel.