9:10am (EST)

Futures are pointing towards a nasty open this morning after Alcoa (AA, $16.15, down $1.30) disappointed Wall Street with its earnings report.  After the bell on Monday, the company reported a $277 million loss for its most recent quarter, or $0.28 a share, compared with a profit of 6 cents a share that Wall Street had been looking for. 

If you exclude one-time items and special charges, Alcoa actually reported a penny a share profit but they still missed estimates by a mile.  We said yesterday the market was pricing in a 7%-8% move in the shares and at pre-market levels Alcoa is down 7.5%.  

As we head to press, Dow Jones futures are down by 66 points to 10,538.  The S&P 500 index futures are off by 9, to 1,133, while the Nasdaq 100 index futures are lower by 17 to 1,866.

We have much more to talk about this morning in the Members Area and we are short on time out here.  Current subscribers, please check for the trade updates as we have raised our exit targets on some positions to lock in profits.