Day Traders Diary
03/12/2012
U.S. stocks gained Monday after opening nearly unchanged as Europe readied to seal Greece 's rescue package and after China reported a large monthly trade deficit. The Dow Jones Industrial Average rose 29 points to 12,951. The S&P 500 Index rose a point to 1,372. The Nasdaq Composite climbed 4 points to 2,992. A couple of sectors are under pressure like the financials and materials, but everything else looks good. In the retail space Urban Outfitter is higher by 2% following earnings. Guess, Carnival, AnnTaylor, Hershey Foods, Crocs, Disney, Sherwin Williams, and Lowes all received upgrades. I guess the high oil isn't hurting any of them. In the tech space Apple made a new all time high. IBM also made a new high. The chip sector received an upgrade, but the stocks are modestly lower. Oracle is lower on a downgrade. In the Internet space Youku.com is jumping 17% after agreeing to buy to out Tudou Holdings. Tudou is higher by 159%. Not bad. Through the first hour the averages went nowhere. The Nasdaq dipped into the red. The Dow is holding in the green, but not by much. Through the morning the averages moved sideways with the Dow in the green, but the Nasdaq in the red. The financials, Materials, and consumer discretionary are in the red while the defensive issues like the utilities and consumer staples look the best. In the afternoon more of the same with the Dow rising as much as 50 points. Resilient market. The Dow average rose 37 points to 12,959, its longest string of gains since the win streak ended Jan. 20. The S&P 500 inched up 22 cents to 1,371. The Nasdaq Composite fell 4 points to 2,983.
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