Day Traders Diary

5/27/10

U.S. stocks opened sharply higher on Thursday after China rejected talk that it might sell its holdings in European bonds. The Dow Jones Industrial Average rose 176 points to 10,150. The S&P 500 Index gained 20 points to 1,088. The Nasdaq Composite added 51 points to 2,247. The broader market looks great today, in particular the oils. BP is jumping 6% on news the spill has been temporarily stopped. Hurray. Brazilian company Petrobras is up 4%. Exxon Mobil is jumping 2%. Plenty of upgrades once again. The list includes BP, Panera Bread, McDonalds, EMC, Starbucks, Fluor, Gamestop, Research in Motion, and Microsoft. All are trading up more than 2%. The financials look good this morning. Citigroup is up 4% on news a hedge fund manager bought a 3% stake in the banking giant. Northern Trust, American Express, Travelers, and Bank of Montreal were all upgraded. All four are up 2% or more. On the earnings front Tiffanys, Heinz, Borders, Big Lots, and Costco all beat estimates. Borders and Big Lots are both down 3%. Tiffanys and Costco are up 6%. After the first hour the averages shot higher with the Dow rising over 200 points. The Nasdaq rose 55 points. It's looking good. The dog of the day goes to Monsanto, down 7%, after lowering earnings guidance. Through the morning the averages remained strong. No pull back yet. In the afternoon the averages remained strong. Only J&J is lower in the Dow. In the last hour the averages shot higher. I wish all days were like this. The Dow Jones Industrial Average finished up 284 points, or 2.8%, at 10,258. The S&P 500 Index climbed 35 points, or 3.2%, to 1,103. The Nasdaq Composite gained 81 points, or 3.7%, to 2,277.

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