Day Traders Diary

1/3/14

The major averages wrapped up the week on a mixed note as the Dow Jones Industrial Average added 0.2% while the Nasdaq shed 0.3%. For its part, the S&P 500 ended flat.
Today's mixed finish was an appropriate reflection of a session that featured some mixed signals. On that note, seven of ten sectors ended in the red but market breadth remained positive throughout the trading day. In all likelihood, light volume played a part as some participants were kept away by the winter storm that has encompassed the Northeast. At the end of the day, only 533 million shares changed hands on the NYSE floor.
Stocks began the session on an upbeat note, but the Nasdaq was quick to slip from its early high. The index was pressured by its largest component, Apple (AAPL 540.98, -12.15), which lost 2.2%. Biotechnology also weighed on the Nasdaq as the iShares Nasdaq Biotechnology ETF (IBB 226.03, -1.06) shed 0.5%. The health care sector; however, outperformed with a gain of 0.2%.
The S&P 500 followed in the footsteps of the Nasdaq in the early afternoon, but the indices diverged once again during the final hour when the S&P 500 made an unsuccessful run at its opening high.
Seven sectors posted losses while financials (+0.6%), health care (+0.2%), and industrials (+0.3%) spent the entire session in the green.
Notably, the financial sector was underpinned by large banks as Bank of America (BAC 16.41, +0.31), Citigroup (C 53.40, +1.13), and JPMorgan Chase (JPM 58.66, +0.45) all gained between 0.8% and 2.2%.
Elsewhere, gains in the industrial sector were paced by airlines. Delta Air Lines (DAL 29.23, +1.53) and United Continental (UAL 39.95, +2.22) soared 5.5% and 5.9%, respectively, while the broader Dow Jones Transportation Average added 0.5%.
Switching gears, the commodity market saw a replay of Thursday as oil fell while gold rallied. Crude oil slid 1.6% to $93.96/bbl while gold futures advanced 1.1% to $1238.40/ozt.
Treasuries ended little changed with the 10-yr yield at 2.99%.
On Monday, November Factory Orders and the December ISM Services Index will both be reported at 10:00 ET.

Russell 2000 -0.6% YTD
DJIA -0.6% YTD
S&P 500 -0.9% YTD
Nasdaq -1.1% YTD

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.