The Market On Wednesday

  Good morning. It is 70 degrees and at the moment somewhat sunny and hazy here in Upstate NY. People are expecting rain today. I am doing better and better each day as I move away from kidney stone week which began one week ago today. One week ago I literally thought my number had come up that is what kidney stone pain feels can make you think. Today I already did some yoga, feel fine, and I'm looking forward to breakfast and my morning work. What is the lesson here - something about how everything is constantly changing. Regardless, I am very happy to be here for now.

  At 8:40 a.m. ET futures are slightly lower and the price of oil per barrel is up. The market is poised to open slightly lower.

  I just read the damning news released just a few minutes ago that has the US GDP shrinking in the first quarter by a revised -2.9%. That is roughly double the first projection. Personally I do not think we are slipping back into a technical recession which is two quarters in a row of negative GDP non growth. This is just the way our economy works, it grows and recedes. That is not going to change in the foreseeable future.

CNN: Stocks: 6 things to know before the open

...revised first quarter GDP numbers at 8:30 a.m.

...concerns about continued turmoil in Iraq damaged investor confidence.