Day Traders Diary
10/30/09
U.S. stocks open lower following a strong rebound yesterday. The Dow Jones Industrial Average dropped 53 points to 9,911. The S&P 500 shed 5 points to 1,060. The Nasdaq Composite fell 4 points to 2,092. Better than expected economic data and earnings reports are not helping this morning. A few stocks are higher following earnings including Hertz, Alliance Bernstein, Harmon, Genworth, and Cummins Engine. Harmon International is up 18%. Stocks trading lower following earnings include Sony, Tim Hortons, Duke Energy, Novatel Wireless, YRC Worldwide, NiSource, and Metlife. Metlife is down 6%. Novatel Wireless is down 25% even though Barrons last weekend promoted the stock. Oohs. After the first hour, the averages pushed lower. The Dow dropped 90 points. The Nasdaq declined 15 points. Part of the sell off is due to the rebound in the U.S. dollar. In the afternoon the Dow kept selling off giving back all of yesterday's gains. Nothing looks good anymore. An analyst indicated that Citigroup could write down $10 billion next quarter. Citigroup denied such a claim, but the damage had been done. In the last hour the Dow dropped 277 points, then rebounded, only to sell back off. The Dow Jones Industrial Average fell 249 points, or 2.5%, to end at 9,712, leaving it off 2.6% for the week and effectively flat for October. The hit was the worst single-day point drop for the blue chips since April 20. The S&P 500 declined 29 points, or 2.8%, to close at 1,036, a weekly loss of 4% and a 2% monthly decline. The Nasdaq Composite dropped 52 points, or 2.5%, to close at 2,045, down 5.1% from the week-ago close and off 3.6% for the month.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.