DJIA / Market Close for Tuesday, March 01, 2011

After the close…

We have SINA down -3.9% and MBI down -4.5% following their earnings report and guidance.

First off, we had no 1st day of the month lift-off. It was a resounding thud today.

A spike in oil prices and tension in the Middle East prompted participants to pare their positions. A steady selling effort left stocks to close at session lows with sharp losses. After the close, notable stocks reporting earnings include HOV, MBI, QLIK, SINA, JOE, TIVO and CCG.

Futures are lower after hours with S&P 500 futures down -8.06 from fair value of 1305.26 and Nasdaq 100 futures down -9.8 points from fair value of 2315.05.

All ten sectors were again in negative territory, led by materials (-2.3%), industrials (-2.2%) and financial (-2.2%).

Tomorrow before the open we have three economic reports scheduled to be released: 1) MBA Mortgage Index (Consensus NA), 2) Challenger Job Cuts (Consensus NA), 3) ADP Employment Change (Consensus 165K).

Also tomorrow before the open, notable stocks expected top report earnings include CRI, WTI, FSS, NGS, WRES, ALY, FLY, MFB, AH, CDCS, BJ, CCSC, SPLS, CYBX, COST, JOYG, CVGW, FXCM, and ASNA.

Oh, by the way. PSVIX was down -1.29% with the Russell 2000 and S&P 600 Small cap indices down more than that. Both were down near 2%. Prices have not yet crossed the 50 day sma though (that’s my sell line).

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