As Wal-Mart goes, so goes the whole stock market

A Wal-Mart employee pushes grocery carts at a store in Miami.
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Wal-Mart shares plunged 10 percent Wednesday for its worst day since 1988 after the company significantly lowered earnings guidance versus Street estimates.

Chart analyst John Kosar of Asbury Research analyzed the ramifications of the move for both Wal-Mart going forward and what it means for the whole market when shares of the world's largest retailer decline.

The results may surprise you.