Still no Dow stocks at 52 week highs. There are no Dow stock 52 week lows.

The Market

Friday the Dow closed up +41.08 (+0.28%) at 14,799.40.

This morning the Dow was indicated to open down -121 points.

Last week DJIA was down -1.8%, Nasdaq -1.9%, S&P 500 -2.1% and Russell 2000 -1.8%.

Year-to-date DJIA is up +12.9%, Nasdaq +11.2%, S&P 500 +11.7% and Russell 2000 +13.5%.

The Dow’s top losers last week were AT&T (T) -4.47%, Microsoft (MSFT) -3.25% and Alcoa (AA) -3.03.

Jim cramer says the only reason for rallying today is no one is bullish and there are no reasons to rally.

The People’s Bank of China told banks that they are on their own in securing cash. The central bank said “commercial banks should pay close attention to the market liquidity situation, to strengthen the liquidity factors analysis and forecasting.” Shares in Chinese banks plunged.

The Shanghai Composite index was hardest hit by the announcement, registering a decline of 5.3%. The Hang Seng in Hong Kong lost nearly 3%. Japan’s Nikkei index declined by 1.3%.

Bernanke said at a news conference last week that the central bank could slow the pace of its bond-buying program later this year if the economy continues to improve. The Fed’s stimulus program has been the major driver of the bull market, and worries over its longevity are likely to generate market volatility in the months ahead.

Bond yields continued to rise, with the yield on the 10-year Treasury hitting 2.65% early Monday. That’s its highest since August 2011. The last I looked it was at 2.601%.

The WSJ reported that Disney (DIS) and Sony Pictures Entertainment (SNE) are testing a business model in South Korea to rent movies through video on demand while they are still playing in theaters.

European markets are lower and Asian markets ended lower.

The national average price of gasoline over the weekend is down 2.5 cents to $3.567 per gallon.

Earnings Reports

There are no Dow stocks on the horizon set to report earnings.

Earnings reports from Friday include:

Darden Restaurants (DRI) reported fourth quarter EPS of $1.01 vs. $1.04 expected on revenue of $2.3 billion vs. $2.27 billion expected. The company also raised its quarterly dividend to $0.55 per share from $0.50 per share.

CarMax (KMX) reported first quarter EPS of $0.64 vs. $0.58 expected on revenue of $3.31 billion vs. $3.15 billion expected.

Other stocks expected to report earnings today include:

Gencorp (GY) is expected to report a second quarter loss of $0.01 per share vs. EPS of $0.03 a year ago.

Sonic (SONC) is expected to report third quarter EPS of $0.26 vs. $0.24 a year ago.

McDonald’s Corp (MCD).

McDonald’s Corp (MCD) is up +10.23% year-to-date.

Financial Calendar

0830 ET May Chicago Fed national activity index, Apr -0.53.

1030 ET Dallas Fed June manufacturing activity index expected -1.0, May -10.5.

1100 ET USDA weekly grain export inspections.

1230 ET Dallas Fed President Richard Fisher speaks on U.S. monetary policy and the economy at an event in London.

1600 ET USDA Crop Progress.