After yesterday evenings investment from Bank of America Corporation (NYSE:BAC) into Countrywide Financial (NYSE:CFC) many investors, myself included, believed the market was setup for another strong day today. While the day is far from over, the early results are not very encouraging. The Dow was up by over 70 early on today, but the sellers have rushed in quickly, taking the index back into the negatives by 35 points. 
Transportation stocks that were so strong yesterday are leaders on the downside thus far today. CSX Corporation (NYSE:CSX) is down 3.4% so far today, and Norfolk Southern Corporation (NYSE:NSC) is down by 2.75%.
Technology stocks are also weaker on the session so far with the Nasdaq trading lower by 19 points. Research in Motion Limited (NASDAQ:RIMM) currently trades lower by 2.15% after a tremendous run of late. JDS Uniphase Corporation (NASDAQ:JDSU) is down by 4.11% after investors were disappointed by the company's earnings results yesterday evening.
The market action today has not been very encouraging because the positive news last night seemed to provide an opportunity for a follow through rally. The sellers resolve today shows that this market still has lots of question marks surrounding it.
Earlier today Countrywide's CEO Angelo Mozilo said in an interview on CNBC that the housing downturn is showing no signs of improvement at all. He said "This environment is certainly not getting better." These comments seem to put a damper on his company's stock rally as well as the overall market. It seems sometimes that wall street traders seem to get ahead of themselves and feel like some good news like we had yesterday means everything is getting better. This is a situation that will take a long time to play out. The true question here is, how much of the mortgage mess has the stock market already priced in?
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