Day Traders Diary
6/27/12U.S. stocks opened higher Wednesday, extending gains into a second day, ahead of a report on the housing market, which recently has shown hopeful signs. The Dow Jones Industrial Average rose 41 points to 12,575. The S&P 500 added 6 points to 1,326. The Nasdaq Composite climbed 16 points to 2,870. Another quiet start to the day. The beaten up sectors like materials, industrials, and energy are catching a bid once again. Monsanto is up 2% following better than expected earnings. The oils all look good. The financials are all modestly higher. Homebuilder, Lennar is jumping 5% on earnings. Mastercard is unchanged after having their numbers cut at FBR. In the tech space all the big caps look good. Intel and Broadcom are higher on upgrades. Google and Apple look good. Facebook is lower as the investment banks that brought it public can now initiate coverage. Morgan Stanly was the lead underwriter bring the company public at $38 a share. Now a month later Morgan Stanley believes the stock is worth, you guessed it, $38 a share. Crazy. Video game App maker, Zynga is down 5% heading toward its' lows even though it was upgraded. Through the first hour the averages kept pushing higher with the Dow rising 80 points and the Nasdaq rising 22 points. So far so good. Through the morning and into the afternoon the averages remained strong without much volatility. It looks like most investors are ready for the quarter to end. In the last hour the Dow rose over 1000 points only to pull back into the close. The Dow Jones Industrial Average added 92 points to 12,627. The S&P 500 rose 11 points to 1,331. The Nasdaq Composite climbed 21 points to 2,875.
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