Day Traders Diary
7/14/10
U.S. stocks started mostly lower on Wednesday after six consecutive days of gains, with investors hesitant after soft June retail sales data. The Dow Jones Industrial Average fell 30 points to 10,332. The S&P 500 shed 4 points to 1,090, while the Nasdaq Composite rose 5 points to 2,247. The rally in the techs is thanks in part to Intel's better than expected earnings last night. Intel is trading up 5.1%. Most of the techs are trading higher. Motorola is up 3% on an upgrade. Salesforce.com is up 2% on an upgrade. Applied Materials is up a percent after raising guidance. Apple is lower once again. Oustide the tech sector things are weaker. The financials are lower. Lincoln Financial is down 4% on a downgrade. Zion Bancorp is down 2% thanks to a neutral rating at Susquehanna. Annaly Mortgage is down 4% after announcing they will raise more money and dilute their shares. MBIA is higher on an upgrade. Huntington Bancorp was upgraded, but the stock is modestly lower. The commodity space is lower except for a select number of stocks. AK Steel is jumping 5% on an upgrade. Trina Solar is up a percent on an upgrade. After the first half an hour the Dow remained in the red while the Nasdaq tried to hold on to its' gains. Through the morning the averages slowly improved while the techs and Intel lost some of their gains. In the afternoon the averages moved modestly into the green with the financials moving back to the unchanged level. At 2 o'clock, the Fed's minutes indicated they believe the economy may be slowing. That sent the Dow lower along with the financials. Even the Nasdaq gave up it's gains. For the rest of the afternoon the Dow remained in the red until the close. The Nasdaq traded around the unchanged level. Intel, following spectacular earnings, could only muster a 1.6% rally today. Pathetic. The Dow Jones Industrial Average finished up 3 points at 10,366, led by a 2.8% gain in shares of Cisco Systems. The S&P 500 index fell 17 cents to 1,095, weighed down by a 0.9% drop in its financials sector. The Nasdaq Composite rose 7 points to 2,249.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.