Dow futures are down 300 points this morning reaffirming my thoughts that rate cuts mean nothing! Apple’s guidance last night has really set the stage for the rest of the market. If Apple’s warning of lower estimates, what does that do to others such as JCP, COH, other retailers, and the economy in general? Not to put my entire faith in Apple and Steve Jobs, but he’s a bright cookie from what I understand. If he’s seeing a slow down in consumer spending, there aren’t enough rate cuts in the world to fix it. I think we’re in a recession already seeing as how the FOMC is usually about 3-6 months behind the curve.

What would I like to see today? From what I understand, a huge selloff early morning helps flush out the weaker hands leading to a nice end of day rally. Technicians perfer this as compared to the opposite, a huge opening rally with a late day selloff. The late day selloff shows weakness whereas closing strong can help carry the markets the following day. Today should be an interesting day.