Day Traders Diary
11/23/09U.S. stocks rallied at Monday's start, with energy and materials fronting the gains as gold and other commodities soar thanks to a weaker U.S. dollar. The Dow Jones Industrial Average rose 107 points to 10,426. The S&P 500 Index climbed 14 points to 1,106. The Nasdaq Composite gained 27 points to 2,173. Virtually everything is working this morning. A few earnings reports from Campbell Soup, LDK Solar, Tyson, BJs, and Valspar. Only Valspar is lower. LDK Solar is jumping 7%. Plenty of upgrades this morning. The analysts are in love with stocks once again. Wellpoint, Cigna, DR Horton, ExxonMobil, Chevron, AK Steel, Playboy, Carnival, Mosaic, Anntaylor, and American Express were all upgraded. All are trading higher. Barrons wrote positive pieces on AT&T and BB&T. Both are up 2%. At 10 o'clock, better than expected housing data sent the averages higher. The Dow rose 170 points almost touching 10500. The Nasdaq rose 40 points. The techs, financials, commodities, and retailers all look good. Everything is working. Through the morning the averages remained strong, but off the highs of the day. In the afternoon the Dow dripped lowr, but remained up over 100 points. The financials and retailers are pulling back. In the last hour the averages rebounded into the close. The Dow added 132 points, or 1.3%, to close at 10,450. The S&P 500 Index rose 14 points, or 1.4%, to 1,106. The Nasdaq Composite climbed 29 points, or 1.4%, to close at 2,176.
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