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More Bad News Is Bringing Us Back Down

By Jim Cramer

 About this article:
 Slew of bad news to wake up to. Freeport eliminates its dividend to conserve cash as copper has had an unmitigated decline. Impairments coming; ugly, but somewhat predictable given the stunning stock drop. Research In Motion overnight becomes Nokia or maybe even Garmin , as the commoditization of tech continues apace. We can sell everything cell-phone-related off that. Tech down again. Too bad, because it wrecks the rally from yesterday and confirms -- endlessly -- how bad this market is. It's also too bad because China was up big last night, which I believe will put in a bottom to the mineral and steel market components someday. Pricing will get tight eventually as U.S. Steel and Freeport are taking out a huge amount of capacity. They have to; the pricing falls are that devastating. There will be plenty of companies in these industries...

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