Day Traders Diary
10/5/09
U.S. stocks opened higher on Monday, lifted by several upgrades of bank stocks by Goldman Sachs but with gains capped by caution ahead of a U.S. service-sector survey by the Institute of Supply Management. The Dow Jones Industrial Average gained 2 points to 9,490. The S&P 500 Index rose a point to 1,026, while the Nasdaq Composite gained 6 points to 2,054. The financials are in the lead. Wells Fargo is up 5% on an upgrade. JP Morgan and Bank of America are higher on reiterated buys and positive articles in Barrons. Capital One is up 4% on an upgrade. Many of the techs are performing well. Intel is higher on an upgrade. Research in Motion is higher on an upgrade. Apple, Google, and Amazon are also higher. Brocade is jumping 15% on rumors of a takeover. NetApp is up 3% on an upgrade and rumors of a takeover. A number of retailers are higher on positive analyst comments regarding September sales. American Eagle and Gymboree are up 2%. After the first half an hour, the Dow jumped 60 points. The Nasdaq rose 14 points thanks to better than expected manufacturing data. After the first hour, the averages sold off then rebounded through the morning. The techs and financials look good. During the lunch hour, the averages improved. The Dow rose 90 points. The Nasdaq rose 17 points. The commodities are rebounding as well. Entering the last hour the averages pushed higher with the Dow rising over 120 points. In the last hour, the averages remained strong, but off the highs. The Dow Jones Industrial Average finished up 112 points, or 1.2%, at 9,599. The S&P 500 index rose 15 points, or 1.5%, to close at 1,040. The Nasdaq Composite rose 20 points, or 1%, to end at 2,068.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.