Day Traders Diary
5/22/09
It should be a quiet day as investors gear up for the holiday weekend.The Dow Jones Industrial Average rose 20 points to 8311. The S&P 500 inched up 2 points to 889 while the Nasdaq Composite Index rose 6 points to 1,698. Plenty of earnings from the retail sector last night. Sears, Red Robin Gourmet Burger, Aeropostale, Gap, and Foot Locker all beat estimates last night. Sears looks great, up 18%. Red Robin is lower by 17% following a bleak outlook. Aeropostale, Polo, and Gap all received upgrades and yet all three are lower. In the tech sector, Autodesk is jumping 10% on earnings. Juniper and Research in Motion were upgraded, however, both are lower. The financials are modestly lower this morning. HSBC is modestly lower on cautious comments on the next year. After the first half an hour the averages gravitated back to the unchanged level. It could be a boring day. Through the morning the averages drifted higher. The Dow rose 60 points. The Nasdaq rose 11 points. The retailers turned around and look good. The financials are quiet even though Morgan Stanley raised their price targets on a majority of the financial titans. In the afternoon the averages remained in the green until the last hour when the averages succombed to selling pressure. The Dow Jones Industrial Average finished down 14 points at 8,277. For the week, the Dow held onto a 0.5% gain. The S&P 500 index fell a point to end at 896. It still ended the week up 0.5%. The Nasdaq Composite dropped 3 points to 1,69, but it rose 0.7% over the past week.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.