The Dow is indicated to open down -12 this morning. Yesterday, we had GE, JNJ, PG and TRV all hitting 52 week highs.

The Market

The Dow is within 1.6% of its all-time high, hit in October 2007.

Volumes are low and the market is slow. Just not much going on.

With the VIX this low, 12.66, trades are muted as well.

We won’t see much change in the VIX until we get a pullback.

That may not happen until tax day or later.

European markets are mostly higher (Spain is down) and Asian markets closed mostly higher (Japan was down).

Earnings Reports

Walmart (WMT) will report earnings on 2/21/2013 before the market open.

Home Depot (HD) will report earnings on 2/21/2013 after the market close.

Home Depot (HD) will report earnings on 2/26/2013 after the market close.

Financial Calendar

0830 ET Feb Empire manufacturing expected +4.9 to -2.9, Jan -0.5 to -7.8.

0915 ET Jan industrial production expected +0.2% m/m, Dec +0.3% m/m. Jan manufacturing production expected unch m/m, Dec +0.8%. Jan capacity utilization expected +0.1 to 78.9%, Dec 78.8%.

0950 ET Cleveland Fed President Sandra Pianalto speaks on U.S. economy in Ft. Myers, Florida.

0955 ET Early-Feb U.S. consumer confidence index (University of Michigan) expected +1.0 to 74.8, final-Jan +0.9 to 73.8.

n/a PPI revisions.

n/a G20 finance ministers and central bank governors 2-day meeting on Thu/Fri in Moscow.