For Dow stocks, AXP, BA, BAC, IBM, JNJ, MCD, MMM, TRV and UTX were at 52 week highs Friday. There are no Dow stock 52 week lows.

The Market

This morning we are down -100 on the Dow.

Last week DJIA was up 0.8%, Nasdaq +0.1%, S&P 500 +0.6% and Russell 2000 +1.1%.

Year-to-date DJIA is up +10.8%, Nasdaq +7.6%, S&P 500 +9.4% and Russell 2000 +12.1%.

That said, the opening day trade for me was long the Russell 2000 through TNA

Now the Dow is down only -73.

The VIX is up 16%, which I love for day trading.

The European Union unveiled a €10 billion plan early Saturday to rescue Cyprus’ outsized banking sector and avoid a default. Though the bailout is relatively small, the EU has required a one-time tax of 6.75% on bank deposits of less than €100,000 and 9.9% for those over that amount.

Folks in Cyprus then rushed to ATMs as the country tried to win parliamentary support for the plan. The worry is that investors and depositors in other financially weak European nations might fear similar bailout provisions in the future, which has the potential to destabilize global financial markets.

Banks are taking it in the shorts.

Alcoa (AA) shares are down as steel prices declined on Chinese tightening fears.

HPQ looks to be moving higher on a upgrade by Morgan Stanley.

The question is whether this will be a deep pullback or a buy the dip opportunity to head higher to tax day (April 15).

European markets are down and Asian markets ended down.

The national average price of gasoline is down one-tenths of a cent to $3.685 per gallon.

Earnings Reports

There are no Dow stocks set to announce earnings in the near term.

Horizon Pharmaceuticals (HZNP) is expected to report a fourth quarter loss of $0.47 per share vs. a loss of $.097 per share a year ago.

Kior (KIOR) is expected to report a fourth quarter loss of $0.32 per share vs. a loss of $0.15 per share a year ago.

Micron Technology (MU) is expected to report a second quarter loss of $0.20 per share vs. a loss of $0.29 per share a year ago.

Financial Calendar

1000 ET Mar NAHB housing market index expected +1 to 47, Feb -1 to 46.

1100 ET USDA weekly grain export inspections.

n/a Iran expert-level nuclear talks with world powers in Istanbul.