DJIA / Market Close for Tuesday, May 24, 2011

After the close…

We have AMAT down -2.0% and PSS down -12.8% following their earnings report and guidance.

We end the day with small losses with the indices. I started selling today, and plan to keep selling. Hopefully as the market comes back some (we are oversold).

The Dow closed down -25.05 (-0.20%) at 12.356.21.

After the close, notable stocks reporting earnings include AMAT, AVGO, CPWR, DY, EXPR, PSS, PSUN, TIVO and TTWO.

Futures are lower after hours, with S&P 500 futures down -1.68 from fair value of 1314.48 and Nasdaq 100 futures down -3.13 from fair value of 2302.33.

Tomorrow before the open, we have two economic reports scheduled to be released: 1) MBA Mortgage Index (Consensus NA) and 2) Durable Orders (Consensus -2.0%) and Durable Orders- ex Transportation (Consensus 0.6%).

Also tomorrow before the open, notable stocks expected to report earnings include AEO, BMO, BWS, CONN, COST, FRO, HRL, LTXC, MDCI, RL, STP, SMR, SYNO. TOL, and ZLC.

PSVIX was down a bit today. As I said earlier, I started selling today and plan to raise my cash level. If PSVIX manages to come back and break above the 20 Linear Regression Indicator I use, I will put that cash back to work.

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