Markets close lower...

Here are the final numbers:

Dow -303 to 10992
Nas -61 to 2467
S&P -31 to 1154

Only three stocks up worth noting:

Ulta Salon & Cosmetics (ULTA) closed up 8.69 to 68.45 on better than expected earnings.
Terra Nitrogen LP (TNH) closed up 3.68 to 187.08 - no news but the stock pays an 8% dividend
Tractor Supply Co. (TSCO) up 1.21 to 64.71 - no news but strong all day

Hold your breath on Sunday evening, hopefully Greece can solve its problems...we'll see.

Have a great weekend!!!  Enjoy the first full weekend of football!!!

Greek one year note paying 98%...

That's right, 98%.

Basically this is telling you that they are going to default.

So the question is, "Do you feel lucky???  Punk???"

Talk about bad timing...

Pandora (P) the online radio player, came out with their IPO on June 15 at $20 a share.

The stock now trades at 10.50.  Ouch!!!

At 3:00 pm....

Stocks are near the lows of the day. 

Dow -338
Nas -71
S&P -35 to 1150

Gold still lower, there are no stocks higher in the Dow.

Gold starting to dislocate from market....

The Gold ETF (GLD) is selling off this afternoon even thohg stocks are still close to their intraday lows.

GLD is down 2.28 to 179.50

Typically Gold has been the place where money has been moving as it exits stocks.  Looks like some huge holder of the GLD is dumping.

Sprint might be worth a look...

Sources indicate Sprint (S) plans to offer the iPhone 5 with unlimited data - a real draw to users looking to stream music, TV and movies. The move could be a difference-maker, says an analyst at Bank of Montreal. "Consumers will pay a premium for unlimited."

Sprint currently trades at 3.46

Treasury yields hit new low....

Earlier today, the 10 year U.S. Treasury yield dipped to 1.896%, the lowest rate in at least 60 years.


Right now the yield is at 1.93%.

Greece releases statement...

Greek Minister of Finance just released a statement saying that Greece WILL NOT default on its debt and is critical that there is some sort of coordinated effort to try to knock the country down. 

Doesn't surprise me.  Traders are spreading all kinds of rumors out there to create fear so they can short.  Until now shorting has been easy money...almost too easy.  At some point very soon, I sense we are going to get a serious snap back in the markets that will burn these shorts badly.

Odd thing right now, Gold is selling off.

At 1:00 pm...

We are still down considerably as traders are reluctant to buy ahead of this weekend with the Greek story looming.  

Dow -303
Nas -55
S&P -30 to 1155

Stocks that are bucking the trend:

ULTA up 7.50 to 67.30
Terra Nitrogen +2.41 to 185.81
Tractor Supply +1.14 to 64.64
Walter Energy +1.25 to 89.05

Market hits another air pocket....

At 11:45 am the market is at day lows.  Now rumors are out there that we could see a default in Greek debt as soon as this weekend.  As a result, bids for stocks have clearly been pulled.

Dow -297
Nas -52
S&P - 28 to 1157

I'm getting a little tired of this European situation.  I'm not sure what, if any, effect the Greeks defaulting has on our economy.  Maybe we just need something significant to happen there and get this out of the way.

Las Vegas Sands gets an upgrade...

Shares of Las Vegas Sands (LVS +0.7%) post a small gain after Stifel Nicolaus ups its PT on shares to $60 from $58. Analyst Steve Wieczynski says the casino operator is well-positioned to introduce new supply into the Macau market, helping it "disproportionately grow its market share ahead of its local competitors."

LVS is up 0.23 to 47.38

I hate to get political...

but politicians need to start doing something productive.  I see absolutlely nothing coming out of Washington that is actually geared toward bringing the US back to prominence.  All I see is a bunch of guys trying to make sure the other side doesn't get re-elected. 

Want a reason why your investments are going nowhere???  This is it.  I say fire them all, unless they start to work together....like soon!!!  If the Republicans don't like Obama's jobs plan, then lets get in a room and figure out the best plan for our country that both sides will agree with.

Apple iPhone sales strong...

Good news and bad news at Apple (AAPL), according to Jefferies' Peter Misek: Back-to-school Mac sales are weaker than expected, reducing his current quarter Mac shipment forecast to 4.4M, but iPhone sales are “surprisingly strong” and raising his forecast to 18.9M. Misek sees a strong December quarter and FY12, maintaining his Buy rating at $500 target.

Not surprising, just look around you.  People are using their iPhones as their tool to access the internet.  PC's and laptops are almost becoming obsolete...especially with the younger generation. My 17 year old son uses his Ipod touch and my 16 year old daughter uses an iPad.

Texas Instruments trims earnings forecast....

Texas Instruments Inc. (TXN). The chipmaker said its third-quarter earnings and revenue would be worse than already low expectations as concern about an economic slowdown is stifling demand for products that use its chips. It forecast third-quarter earnings of 56 cents to 60 cents per share compared with its previous expectation for 55 cents to 65 cents.

Texas Instruments stock is holding up well, up 0.52 to 26.30

Ulta Salon rosy about the future...

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA). The beauty retailer became the latest company in the U.S. beauty industry to post strong results and give a rosy outlook for the current quarter, as new products and promotions help drive growth. Second-quarter net income jumped 82 percent to $23.9 million, or 38 cents a share, topping market expectations of 32 cents a share. For the third quarter, the company expects to earn 36-38 cents a share on revenue of $400-$407 million.

Ulta stock is currently up 5.87 to 65.63

Stocks open lower...

15 minutes into the day, stocks are selling off in sympathy with Europe. 

Dow -184
Nas -31
S&P -16

This open seems to me to be a bit disconnected from what is going on over here.  It looks to me like the kind of open that can reverse itself...let's see what happens in the next few hours.

The Great Flood...

This is ridiculous!!!  An earthquake, a hurricane and now the most rain I've ever seen in three days.  The NE is really getting "the business" from Mother Nature.

Packers defeat Saints 42-34...

Well, the Saints tried, but the Pack was too good offensively.  A pretty good game to start the season. 

Exchanges take a moment of silence...

Before the bell, the exchanges are observing a moment of silence commemorating the 10 year anniversity of the 9/11 attacks.  The anniversary is Sunday.

Transports view of the economy...

Warren Buffett considers rail traffic a good barometer for gauging economic health, and as the operator of the largest U.S. railroad by sales, Union Pacific (UNP) has as good a view of this metric as any.

Their take? Shipments of commodities such as farm products and coal remain strong, but those of consumer goods are slackening a bit.

Futures points to slightly lower open...

S&P futures are down slighlty this morning as weakness in overseas markets, a report of potentially large job cuts at BofA, and a profit warning from Texas Instruments overshadow Pres. Obama's $447B jobs package. News of a specific and "credible" terror threat for the 9/11 anniversary also may have unnerved some investors.