Today’s market opened up a tad on positive action from Asian and European markets; however, the pangs of last week’s painful performance took hold and the S&P 500 fell as much as 0.7%.  Earnings and revenues for Caterpillar (CAT) were below estimates causing investors to recall flat to poor results from General Electric (GE), International Business Machines (IBM) and McDonalds (MCD) on Friday.  Then, shortly into today’s session, Existing Home Sales o

Editor’s note:  Overshadowing the turbulent market today were the two explosions near the finish line of the Boston Marathon. Our hearts go out to those injured, and the families of those killed.

China reported GDP at 7.7% year-over-year for the first quarter versus an expected 8%— and the markets toppled.  All Asian markets had a bad day; all European markets had a bad day; and all domestic markets opened sharply down.  Gold fell over 8% already.

How’s that for a Monday eye-opener?

This week began on the same negative tone that last week ended on. There were no economic reports today, but an unexpected European problem surfaced as the Constitutional Court in Portugal ruled out a number of austerity measures that the Portuguese administration had implemented, pursuant to the requirements of the ECC, IMF and EC.  This creates a dilemma for both Portugal and the troika.