Day Traders Diary
5/12/09
U.S. stocks opened higher on Tuesday after a 2% sell off yesterday. Investors are warmings up to the idea that the economy and the financial system are slowly improving. The Dow Jones Industrial Average gained 16 points to 8,436. The S&P 500 index rose 80 cents to 910. The Nasdaq Composite advanced 20 points to 1,731. The financials opened higher, then pulled back. The banks are due for some more consolidation especially with all the capital that is being raised. National Financial Partners is down 28% after missing estimates. Goldman Sachs is higher following an upgrade from Dick Bove. The retail sector is mixed this morning. Gap and Chicos were upgraded, however, the stocks are unchanged. Winn-Dixie is up 19% after beating earnings estimates by 18 cents. Fossil is up 12% after beating estimates by 10 cents. Abercrombie & Fitch is higher by 2% thanks to an upgrade. Nike is lower by 3% on a downgrade. The rest of the market is quiet. The techs and commodities are near the unchanged level like the broader averages. After the first hour, the Dow was down 29 points. The Nasdaq declined 20 points. The correction continues. GE is down 4% on rumors they will have to raise more capital. In the afternoon the averages remained in the red. Capital raises are keeping the averages under pressure. By late afternoon, Cramer on CNBC indicated a couple stocks looked like they were bottoming ollowing announcing capital raises. That helped turn the major averages around entering the last hour. The Dow moved into the green by 40 points. The Nasdaq inched closer to the unchanged level. The Dow Jones Industrial Average finished up 50 points at 8,469. The S&P 500 index fell 89 cents to 908, while the Nasdaq Composite lost 15 points to 1,715.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.