Day Traders Diary
8/24/10
U.S. stocks opened sharply lower Tuesday as investors around the globe fretted about the health of the global recovery and, Wall Street also readied for another report on the embattled housing market. The Dow Jones Industrial Average fell 100 points to 10,073. The S&P 500 Index declined 12 points to 1,055. The Nasdaq Composite dropped 29 points to 2,130. No rally in sight for the major averages as Goldman Sachs this morning lowered their GDP growth to just 1.5% by the end of the year. Pretty depressing. On the earnings front Medtronics, Barnes & Noble, Burger King, Big Lots, and Trina Solar are all lower. Lets' be honest, everything is lower. In the retail space Talbots, J. Crew, Urban Outfitters, Abercrombie & Fitch, and AnnTaylor were all upgraded, yet all are lower. At 10 o'clock weaker than expected housing numbers sent the averages to new lows. The Dow fell 173 points before 10000 for the first time since the beginning of July. The Nasdaq declined 45 points. Not a lot of good news out there. Through the morning the averages remained weak. The banks look awful. A director at Bank of America bought some stock this week. The CEO bought 30,000 shares and yet the stock is making a new 52 week low. Fun market. In the afternoon the averages remained weak. In the last hour the averages tried to recover only to sell off into the close. Ugly market. The Dow Jones Industrial Average lost 133 points to 10,040, the lowest close since July 7. All but five Dow components ended lower, with global industrial firms Boeing, Alcoa, and Caterpillar leading the drop. The S&P 500 fell 15 points to 1,051, led by medical device and steel stocks. The Nasdaq Composite lost 35 points, or 1.7%, to close at 2,123.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.