1:05pm (EST)

The Dow is trading lower for the fourth-straight day following comments this morning from one of the Fed’s top brass and another round of disappointing earnings.  Economic news was also worse-than-expected which has halted yesterday’s rebound by the bulls. 

Hewlett-Packard (HPQ, $17.92, down $1.28) is down 7% following its earnings report.  The company beat Wall Street’s expectations but missed on revenues after reporting a profit of $1 a share on revenue of $29.7 billion.  The suit-and-ties were looking for 98 cents a share on revenue of $30.1 billion. 

New Home Sales for July increased 3.6% versus expectations for an increase of 4.3%.  Initial Claims were up 4,000 to 372,000 versus estimates at 365,000.  The 4-week average came in at 365,000.

We have a lot to cover, including the 2 New Trades we opened earlier today, so we have to cut our commentary a little short.  

As we head to press, the Dow is down 97 points to 13,075 while the S&P 500 is lower by 9 points to 1,404.  The Nasdaq is showing a decline of 20 points and is at 3,053 and the Russell 2000 is off 5 points to 807.

Subscribers, check the Members Area for the updates and we will be back in the morning with a full report.