Day Traders Diary
11/5/2008U.S. stocks opened lower on Wednesday following the largest Election Day rally in more than two decades. The Dow Jones Industrial Average fell 147 points to 9,478. The S&P 500 declined 16 points to 989, while the Nasdaq Composite shed 27 points to 1,752. A little profit taking is understandable following the land slide victory for the Democrats. Wallstreet typically prefers a divided goverment. Earnings keep coming in. Bond insurers Ambac, MBIA, and GMAC all reported huge losses. The oils companies keep posting big profits, but investors don't care. Transocean, Devon Energy, and Duke Energy are all lower on good earnings reports. Alternative energy, Sunpower is down 22% on earnings. Steel company, Arcelor Mittal is down 18% on earnings. Foster Wheeler and Textron are both down 3%. Polo Ralph Lauren is down 2% after beating estimates by 33 cents. Not much is working this morning. Molson Coors and Agrium are higher following earnings. Research in Motion is higher thanks to an upgrade. After the first hour the averages slowly recovered. I guess the Democrats are in buying. Through the morning, heading into the lunch hour, the averages were making new lows. During the lunch hour, the Dow fell 300 points giving up all of yesterday's gains. The Nasdaq declined 57 points.
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