DJIA / Market Close for Tuesday, August 09, 2011

After the close…

We have DIS down -1.7% and CREE +6.0% following their earnings reports and guidance.

Man, what a day this was. I thought we might get a rally today. But the Fed only left things as they were, with no hint of a QE3. The markets started selling off a bit after the announcement but just before the close things just went higher. The Russell 2000 closed up +6.94%. TNA and TZA, the Direxion Small Cap bull and bear etfs moved 25% off their respective low or high for the day into the close.

So as described above, volatility did continue today, but this time stocks swung to their best single-session percentage gain in more than two years.

After the close, notable stocks reporting earnings include TNGN, CREE, SHOR, SATC, PRTS, PRXL, KAR, MASI, MOTR, MYGN, PULS, PSEM, COMV, OXF, MDVN, UPL, AOB, AXAS, DIOD, EVEP, HIMX, IPAR, MYRG, ZOLT, ARCL, ARNA, ASYS, BOX, DIS, GCA, HRBN, MALL, MBI, NUAN, PEGA, PSEC, RICK, ROVI, URS, BORN, MDTH, ENV, SPWRA, ABH, LGF, HRZN, AERL and HEK.

Futures are higher after hours with S&P 500 futures up +8.18 from fair value of 1169.32 and Nasdaq 100 futures up +8.08 from fair value of 2158.42.

Tomorrow before the open, there is one economic report scheduled to be released: MBA Mortgage index (Consensus NA).

Also tomorrow before the open, notable stocks expected to report earnings include APWR, AVT, HAR, JASO, PRMW, AH, BAM, BORN, IL, KELYA, MFB, SUSS, YTEC, CSC, RL, M, and DATE.

PSVIX, my favorite small cap mutual fund was up +6.09%.

So, it looks like a bottom was put in today, but is it ‘the bottom’? I hope not. I’d like a double bottom so I can buy with a little more assurance. Another bottom in the first part of September sounds good.

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