Day Traders Diary
7/9/10
U.S. stocks turned tentatively higher at the open due to renewed hopes about the global economy. Strong gains over the past three sessions have money managers optimistic about earnings season which starts next week. The Dow Jones Industrial Average rose a point to 10,139.83, led by a 1% gain in shares of aluminum giant Alcoa due to report earnings on Monday. The S&P 500 index inched up 42 cents to 1,070, led by the materials and industrials sectors. The Nasdaq Composite rose 4 points to 2,180. In the tech sector, Google is rebounding 2% after conceding to pressures to reenter the Chinese markets. IBM and Texas Instruments are higher on positive analyst comments. Intel is unchanged on a downgrade. Research in Motion is up 3.5% on no news. That company needs a break. The financials are quiet this morning. American Express, Visa, Janus, and Eaton Vance are modestly higher on upgrades. The retailers are modestly higher after getting hit yesterday. Costco is higher on an upgrade. Pep Boys is higher on insider buying. Best Buy is down 2% on a downgrade. The Dow Jones Transports are rebounded along with the major averages this week. Norfolk Southern is up 2% on an upgrade. Within the first hour the averages improved a little bit. The major averages are up 5% for the week, best week in nearly a year. Can't ask for too much today. Through the morning the averages remained quiet just above the unchanged level. The commodities are performing well thanks to a global growth story. Freeport McMoRan is up nearly 4%. The fertilizer stocks are up 3 to 4%. Heading into the last hour the averages accelerated to the upside. A great week. The Dow Jones Industrial Average finished up 58 points at 10,197. The S&P 500 index rose 7 points to 1,077. The Nasdaq Composite rose 21 points, or 1%, to 2,196. For the week, the Dow gained 5.3%, the S&P 500 gained 5.4%, and the Nasdaq advanced 5%, marking the best weekly performance for all three measures since July 2009.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.