Tuesday was another downward day mainly on profit taking and falling oil prices. This fall was not a surprise for anyone as there was a formation for a correction to surface after heavy rallies for the past month. Nothing to panic about on the markets today.

Summary for Tuesday:

Look towards Wednesday:
Earnings:
(FDO) 0.6 (MERX) -0.28 (RELL) 0.07
(RPM) -0.05 (SJR) 0.24 (SGR) 0.61
(SMSC) -0.44 (GBX) -0.06 (WDFC) 0.27

With yesterday’s post, I mentioned (AA) and its pending loss. Well the loss was indeed reported, but the stock has not fallen below its day range after-hours. Seems like it will hover around the same range before picking up towards the end of the year. Zales was another stock that I said yesterday was heavy on the short interest and today imploded along with (LVS). Both should fall for a while before another push on the upside.

Economic Indicators to watch:
7:00AM Weekly Mortgage Applications
10:00AM Wholesale Inventories for February
10:30AM Crude Inventories

News for Wednesday:
Crude oil fell for a fourth day on speculation that a government report today will show U.S. supplies increased as the recession curbed fuel demand. Link.

General Motors Corp. (GM) could be moving more quickly toward bankruptcy, according to numerous reports that cite individuals familiar with the matter. Link.

Pier 1 Imports Inc. (PIR) swung to a fourth-quarter loss on aggressive product promotions, but the home furnishings retailer is seeing some signs of stability as it continues cutting inventory and also expects to book a significant securities sale gain in the first quarter.Link.

Blockbuster Inc (BBI), the largest store-based U.S. movie rental chain, said the risk that it may not complete a deal to amend its credit facilities raises “substantial doubt” about its ability to continue as a going concern, according to a securities filing on Monday.Link.

Tuesday I was not able to trade on the count of a personal tragedy and the loss of a good friend. I highly doubt I will trade the rest of this week but will do my best to summarize the market and post what earnings or indicators to watch. Right now I have to focus on this tragedy at hand and hope readers understand.

Happy Investing.

Aman, MBA

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  1. Flat Tuesday
  2. Tuesday Swine Flu and Wednesday Watch
  3. A Step Back Tuesday