Day Traders Diary
3/8/12
U.S. stocks started higher Thursday, extending the prior session's rebound, as reports that more Greek bondholders were prepared to swap their debt eased some concerns over Europe's fiscal crisis. The Dow Jones Industrial Average rose 77 points to 12,913. The S&P 500 rose 9 points to 1,362. The Nasdaq Composite rose 18 points to 2,955. The broader markets are set to rebound for the second straight day. Most sectors are performing well on no news. The retailers continue to report sale store sales and earnings. Hot Topic is jumping 10% on earnings. Smithfield Foods is higher on earnings. Anheuser Busch is higher by 3% on earnings. Bunge and American Eagle are higher on upgrades. Autozone is higher after announcing a share buyback. The stock has more than doubled in the last two years. To the downside, William Sonoma is lower by 3% after beating estimates, but then lowered guidance. McDonalds is down 3% on disappointing same store sales. Through the first hour the averages gave up half their gains, but remain firm. The financials are all in the green. Blackstone is higher by a percent after presenting at a conference. The big banks look good. In the tech space Apple is higher after receiving another upgrade this time from Goldman Sachs. The suppliers to Apple are also performing well. Apple chip companies Qualcomm and ArmHoldings are higher on upgrades. Rival Intel is modestly lower. Through the morning the averages slowly improved retesting the highs during the lunch hour. Through the afternoon the Dow kept improving rising nearly 100 points the dollar sold off with the rise in the Euro. The Nasdaq is surging as well thanks in large part to Apple up 2%. In the last hour a little bit of a pull back ahead of the big employment number out tomorrow morning. The Dow Jones Industrial Average rose 70 points to 12,907. The S&P 500 added 13 points, or 1%, to 1,365. The Nasdaq Composite rose 34 points, or 1.2%, to 2,970.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.