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After yesterday’s rally, and President Obama’s speech last night, it would have been nice to see another strong day for the market, but that was not the case as sellers came back in and sent all the major markets lower in today’s trading.

As we know, the housing market has been a major drain on the overall economy, and the real estate market got some more bad news today as we learned that January existing home sales dropped by more than expected.

Several big names hit new fresh 52 week lows today:

• Pfizer (PFE)
• Las Vegas Sands (LVS)
• Nokia (NOK)
• Caterpillar (CAT)
• Boeing (BA)

We will see if the markets are able to pick up some steam tomorrow, but for now it looks like pessimism is still running wild on Wall Street

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