It was one of those days, with lots of churns, but no real directions. As market averages flat, but behind all of that was a lot of angst and a few choice words among analysts.

The first thing to know about today is that last night many of the Street's basic assumptions were laid to rest. The idea we have a fairly good economy was destroyed by a preliminary GDP report which said we're only growing at 2%. less than 1/3rd the level of the last 2 GDP reports.