Definitely prefer to receive the bad news first. There's always something to look forward to when you take the bad first and the good later. It's much like being a pessimist or optimist, I think. Being a pessimist you are expecting things to be bad so when something good happens you are more glad than an optimist who generally assumes good things. It's always nice to look forward to something.
Plus, the good news can counter-balance the bad news. The Wise Viki's example portrays this wonderfully:
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Originally Posted by The Wise Viki
The bad news is : The Emo Speedway cannot afford to run a Super Stock show without $4 000.
The good news is : Someone has offered $2 000 worth of sponsorship for a Super Stock show.
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Jam it back in, in the dark.