The market is showing excellent resilience here as it is down only nominally after some high-profile earnings blowups. Apple (-8.5%), Wachovia (-4.5%), Texas Instruments (-15%), and American Express (-9.4%) are leading the way lower. The futures were spilling red ink this morning, but it seems that the character of this market is much stronger than it has been of late. One mitigating factor is crude oil which is getting rocked to the tune of $4 to $126 and change.

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