Day Traders Diary
7/1/11
U.S. stocks opened slightly lower to start July and the third quarter following a four day, 4% rally to end the month of June. The Dow Jones Industrial Average fell 3 points to 12,410. The Standard & Poor's 500 Index declined a point to 1,318. The Nasdaq Composite Index shed nearly 2 points to 2,771. An initial sell off on the open, didn't last as the averages rebounded ahead of a national manufacturing number. The techs and financials look good while the commodities are under pressure. At 10 o'clock, the averages got a nice boost thanks to a strong manufacturing data for a second consecutive day. The Dow jumped a quick 80 points while the Nasdaq rose 16 points. The techs and financials look good while the commodities are trying to recover. Freeport is modestly higher thanks to an upgrade and a $70 price target. Marathon Petroleum is jumping 3% on an upgrade. On the earnings front, Christopher & Banks is up 13% after beating estimates. Education firm, Apollo Group is jumping 7% after beating estimates. Everything is working this week. After the first hour the Dow rose over 130 points while the Nasdaq rose 30 points. Money is rotating back into the equities. That's a good thing. Through the morning and into the afternoon the averages quieted down moving sideways to slightly higher. In the last hour the averages kept grinding higher. What a week. The Dow Jones Industrial Average finished up 168 points, or 1.4%, to 12,582, up 5.4% for the week. The Standard & Poor's 500 Index climbed 19 points, or 1.4%, to 1,339, up 5.6% for the week. The Nasdaq Composite Index added 42 points, or 1.5%, to 2,816, up 6.2% from a week-ago. Crazy, crazy, week.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.