MIDDAY LUNCH

Dow 11122.38  -81.41, Nasdaq 2518.96  +0.84, S&P 1192.82  -6.91 

Today’s trading has seen an increase in volatility, as such the Volatility Index also called the Fear Gauge is up +6%.

Some of today’s negative trading and volatility can be blamed on the stronger dollar which is up +0.4% against other currencies.

Financials are the big loser today with the sector off -1.24%.  The selloff in financials could be attributed to a Barclays Capital report which indicated that U.S. Banks will need to raise more capital for Basel III and news that Ireland will be asking for a bailout, putting a spotlight on their financial institutions.  Bank of Ireland ADR (IRE) 2.21 -0.46, -17.23%, Goldman Sachs (GS) 160.50 -6.20, -3.72%, Morgan Stanley (MS) 160.69 -5.98, -3.62%.

After the market close today several companies of interest are due to report earnings. 

Dycom (DY) 11.01 -0.17, -1.52%: Analysts estimates are for the company to report earnings of $0.10 versus +0.15 a year ago.

Hewlett-Packard (HPQ) 42.33 -0.16, -0.38%: Analysts estimates are for the company to report earnings of $1.27 versus +1.14 a year ago.