Futures for the primary stock index composites in the U.S. were trending in
negative territory prior to opening bell this morning. Stock futures were
positioned for the lower open to begin this week after closing out in positive
territory on consecutive days last week. News that President Obama was prepared
to introduce trillions of dollars in tax cuts that would focus heavily on
Americas rich did not sit well with many. Significant tax hikes for high income
individuals are a key part of his plan. The President has also stated that he
will vehemently protect Medicare Benefits. Obamas plan is focused on fiscal
sustainability for the country. Medicare and Social security are two primary
areas that the Presidents would like to protect and the rich will be asked to
contribute more via taxes. The anticipation of the plans unveiling pushed
indices into the red this morning. As the session approached the halfway mark in
the trading session, the primary indices were still moving in negative
territory. Fears relating to the European debt crisis were dragging the market
lower. Stock indices plummeted after opening bell and have remained lower
through the first half of the trading session today. At mid-day, the Dow Jones
Industrial Average was lower by 177.74 points at 11,331.35. The Nasdaq was lower
by 20.64 at 2602 and the S&P 500 was red by 18.18 points at 1,198. Frank Matto
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