Day Traders Diary


U.S. stocks fell steeply at the open on Monday, as a stronger dollar pressured commodities and the broader market. The Dow Jones Industrial Average fell 113 points to 8,686. Commodity component, Alcoa is lower by 6%. United Technology reaffirmed numbers, but the stock is lower by 2%. The S&P 500 index dipped 13 points to 933, while the Nasdaq Composite fell 22 points to 1,836. Not many stocks are trading higher. In the retail space, Target and Coldwater Creek were upgraded, however, both are lower.
Positive comments regarding Best Buy did little to help the stock. Walmart is lower by 2% on a downgrade. Toyota is lower by 2% even though Barrons wrote a positive piece on the new car giant. In the tech sector Dell, Ebay, Research in Motion, and Texas Instruments were upgraded, yet all are lower. Broadcomm had their earnings estimates raised at Friedman Billings Ramsey, yet the stock is lower by 2%. Yahoo is one of the few techs higher on an upgrade. The financials are lower as well. The bad loans are mounting at the banks. Capital One is lower by 2% due to more bad loans. Genworth is lower by 4% after retiring their 2009 long term debt. After the first half an hour, the Dow was down 140 points. The Nasdaq declined 40 points. Through the morning the averages pushed lower. The Dow dropped 200 points, the biggest decline since April 20th. The Nasdaq declined 50 points. Nothing is working today. In the afternoon, more of the same. No rebound today. The Dow Jones Industrial Average fell 187 points, or 2.1%, to end at 8,612. The S&P 500 index fell 22 points, or 2.4%, to 923, while the Nasdaq Composite lost 42 points, or 2.3%, to end at 1,816.

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