Day Traders Diary
6/22/09
U.S. stocks on Monday fell at the start amid worries that the global economy might be stuck in recession longer than previously thought. The Dow Jones Industrial Average fell 106 points to 8,436.4. The S&P 500 declined 13 points to 908, while the Nasdaq Composite dropped 25 points to 1,802. Nothing looks good this morning. The financials are lower. Manulife is down 14% after lowering guidance on Friday. The techs are lower even though there are positive comments out there on Apple, Cisco, Oracle, LSI Logic, and Marvell. Marvell is the only one trading higher after raising revenue guidance. Research in Motion is lower by 4% after less than stellar earnings last week. In the retail space, Walgreens is down 3% after missing estimates by 3%. Deckers Outdoors, Hertz, and Coach were upgraded, but all three are lower. The commodities are also lower. Oil and gold sell off as the U.S. dollar rises. After the first half an hour, the Dow dropped 110 points. The Nasdaq declined 37 points. Volume may remain light as many traders are out on the island watching golf. Through the morning, the averages pushed lower without much of a fight. In the afternoon, the Dow dropped nearly 200 points. The Nasdaq fell 56 points. In the last hour the averages lifted a little from the lows of the day only to falter into the close. The Dow Jones Industrial Average finished down 200 points, or 2.4%, at 8,339, its worst point and percentage drop since April 20. The S&P 500 shed 28 points, or 3.1%, to 893, leaving it negative for the year, while the Nasdaq Composite declined 61 points, or 3.4%, to 1,766.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.