Dow Jones Futures Fall As Netflix Dives On Subscriber Guidance; Ugly Market Reversals Teach Painful

Dow Jones futures fell overnight, along with S&P 500 futures and Nasdaq futures. Netflix subscriber guidance sent $Netflix(NFLX.US)$  plunging overnight, with streaming rival Walt $Disney(DIS.US)$ also losing ground.

For the second straight session, the major indexes tried to rebound but reversed lower for sharp losses, extending the stock market correction.

Bulls don't like being penned in, but investors who rushed to buy the morning rebounds of Wednesday and Thursday have suffered painful losses.

$Netflix(NFLX.US)$ and CSX reported earnings Thursday night. Oilfield services giant $Schlumberger(SLB.US)$ is on tap Friday morning.

Dow Jones insurance giant $The Travelers Companies(TRV.US)$ and ocean shipping firm  $Matson(MATX.US)$ moved into buy range, at least intraday, on strong earnings news. Both are in leading groups right now, with peers also acting well. Their relative strength lines are hitting at least recent highs. In a better market, both $The Travelers Companies(TRV.US)$ and $Matson(MATX.US)$ would be flashing strong buy signals. But it's hard to have conviction about any stock in a correction, especially with the market staging ugly reversals.