Day Traders Diary
5/9/11
U.S. stocks opened mildly higher on Monday as commodities bounced back from last week's rout. The Dow Jones Industrial Average rose 14 points to 12,653. McDonalds is up a percent on better than expected The Standard & Poor's 500 Index climbed 2 points to 1,342. The Nasdaq Composite added a point to 2,829. The earnings season is winding down. Sysco the food company is trading up smartly thanks to better than expected earnings. Commodity play Silver Wheaton is higher following earnings. The commodity space in general is trading higher. Noble Corp and Diamond Offshore are higher following strong upgrades. Two commodity companies Louisiana Pacific and Dynegy are down over 2% following earnings. Tyson Foods is lower by 4% following earnings. One deal so far announced this Monday morning. Dollar Thrifty is jumping 12% after Hertz made a $2 billion offer to buy the car company. Hertz is also higher. The tech space is quiet this morning. Apple and Corning are trading higher. HP is higher after signing a $500 million business contract in Australia. Amazon and Priceline are higher on upgrades. Cisco is lower on a downgrade. The financials keep pushing lower. No bounce in them. After the first hour the rally had fizzled. Only a select number of techs and commodities are trading higher. Through the morning the averages recovered led by commodities and techs. The Goldman Sachs commodity analyst that called for the commodity sell off over a week ago is now tempering his comments indicating that the sell off is now providing a buying opportunity long term. Heading into the noon hour and during the lunch hour the averages accelerated to the upside. The Dow rose 60 points led by Caterpillar, DuPont, and McDonalds. The Nasdaq rose 18 points. In the afternoon the averages remained in the green, but off the highs. The Dow Jones Industrial Average finished up 45 points to end at 12,684. The Standard & Poor's 500 Index rose 6 points to finish at 1,346. The Nasdaq Composite Index climbed 15 points to close at 2,843.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.