Day Traders Diary
7/9/09
U.S. stocks opened higher Thursday after aluminum giant Alcoa beat expectations and initial jobless claims dropped to their lowest level since January. The Dow Jones Industrial Average gained 44 points to 8,223. Alcoa opened higher by 4% but then sold off. The S&P 500 Index added 5 points to 885 while the Nasdaq Composite gained 12 points to 1,759. The retailers also reported June retail sales which were weaker than expected. A couple of retailers are trading higher. Target is up 4%, TJX is up 4%, and Gymboree is up 6%. Gymboree and TJX raised guidance for the quarter. The financials are quiet. Western Union is up 5% on an upgrade. WD-40 is up 3% after beating estimates. Goldman Sachs is higher on an upgrade. Metlife is higher on rumors they may buy a portion of AIG. The U.S. dollar is weaker causing oil and gold to push higher. The techs are higher. Research in Motion and SAP are higher on upgrades. IBM is higher on an upgrade. 3Coms is lower by 8% after lowering guidance for the nextquarter. After the first half an hour, the Dow remained in the green by 25 points. The Nasdaq rose 10 points. After the first hour, the Dow gave up all its gains. The Nasdaq is up 5 points. Through the morning, oil made fresh lows below $60 a barrel. The Dow moved lower as well. No buyers still. Entering the lunch hour, the averages clawed their way back to unchanged level. The tech sector is performing well. In the afternoon, the averages remained in the green, but not by much, closing near the unchanged level. The Dow closed up 4 points at 8183. The S&P 500 closed 3 points at 882. The Nasdaq rose 5 points to 1752.
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