Day Traders Diary

04/19/12

U.S. stocks opened mildly lower on Thursday following a flood of earnings and jobless claims data that disappointed for a second week. The Dow Jones Industrial Average fell 20 points to 13,012. The S&P 500 Index shed 2 points to 1,382. The Nasdaq Composite declined 2 points to 3,029. In the tech space Qualcomm had great earnings, but the stock is lower by 4% due to the fact they can't make enough of their product. The news is also hitting Apple's shares. EMC, TravelZoo and Nokia are lower on earnings as well. The rest of the tech sector looks good. Google is trading higher. Cypress Semi is jumping 18% on earnings. Fairchild Semi, Ebay, F5 Networks, VMware and Lam Research are higher on earnings. In the financial space Morgan Stanley, SLM, BB&T, Bank of America and Travelers are higher on earnings. KeyCorp, Fifth Third, Blackstone and Fifth Third are lower on earnings. In the energy space Freeport McMoran, Noble, Peabody Energy, and Diamond Offshore are higher on earnings. DuPont is modestly lower on earnings. In the transportation space Union Pacific is modestly lower while Southwest is jumping 4% on earnings. Elsewhere in earnings Verizon, Unitedhealth Group, and Marriott are higher on earnings while Stanley Black & Decker, Philip Morris, Yum Brands, and Sherwin Williams are lower on earnings. Through the first half an hour the averages moved back into the green in a really mixed market. Disappointing economic data out at 10 o'clock caused the averages to drop back into the red led by Apple and the financials, industrials, and consumer staples. However, by the end of the first hour the averages battled back with the Nasdaq moving into the green even as Apple remains in the red. The Dow battled back to the unchanged level. During the lunch hour the averages fell back into the red. A real roller coaster day. First time on a while. Through the afternoon the selling accelerated. The Nasdaq fell 25 points led by a 3% drop in Apple. The Dow fell 90 points as only Travelers and Verizon remain in the green. Heading into the last hour the Dow fell 130 points before rebounding in the last hour. The same can be said for the Nasdaq. The Dow Jones Industrial Average finished up 68 points at 12,964. The S&P 500 fell 8 points to 1,376. The Nasdaq Composite lost 23 points to 3,007.

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