Day Traders Diary
6/3/10
U.S. stocks lightly pared Thursdays' gains after the government said factory orders gained 1.2% in April and the Institute for Supply Management reported services industries expanded for a fifth month straight in May. The Dow Jones Industrial Average rose 48 points to 10,297. The S&P 500 Index gained 5 points to 1,103. The Nasdaq Composite rose 14 points to 2,295. The retail sector is performing well after better than expected May same store sales. TJX and Saks are up over 2%. Aeropostale is up 7%. AutoNation is up 6% following a big jump in May sales. JoyGlobal is up 4% after easily beating estimates and raising guidance. Priceline is down 2% on a downgrade. Coldwater Creek is down 15% after beating estimates, but then forecasting a loss. In the tech sector Ebay, Texas Instruments, Research in Motion are higher on upgrades. Google looks good today, but Apple is lower. I forgot Apple could move lower. In the financial sector KeyCorp and Charles Schwab are higher on upgrades. In the first hour the averages remain in the green, but off the highs. The commodities are selling off except for ExxonMobil and BP. Through the morning the averages briefly gave up their gains, then rebounded, then sold off again. Entering the lunch hour the Dow and S&P 500 were flat and the Nasdaq remained up 13 points. Google looks good up 2.4%. The commodites are weak except for BP and Transocean. Go figure. In the afternoon the averages sold off then rebounded into the close. The Dow Jones Industrial Average finished up 5 points at 10,255, led by a 1.6% gain in shares of Cisco Systems. The S&P 500 index gained 4 points to 1,103, while the Nasdaq Composite rose 21, or 1%, to 2,302.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.