The 4th of July long weekend didn't bring much optimism about the state of global markets.
The S&P 500 is down 68 points to 3756 shortly after the open. That's worse than the 45 points indicated by the futures market and much worse than the solid gains that were anticipated just a few hours ago.
The crumbling of the euro has rekindled fears of a recession and it's a race to the exits.
