Day Traders Diary


U.S. stocks opened strongly higher with the Dow industrials up more than 100 points even though the August manufacturing data was much weaker than expected. The Dow Jones Industrial Average jumped 142 points to 10,805. The S&P 500 rose 15 points to 1,140. The Nasdaq Composite climbed 33 points to 2,360. Up, up, and away today. Everything looks good. Nike is jumping 4% after better than expected earnings. KB Homes is higher following earnings. AMD lowered guidance last night, but its' not hurting the stock which is up 5%. For once the chips look good. Marvell is higher by 2% on an upgrade. Apple and Google keep pushing to new recent highs. IBM is closing in on its' 52 week high. The financials are rebounding after getting hit yesterday. E-Trade is jumping 4% on takeover rumors. GE is up 2% after signing a locomotive deal in Brazil. A good country to do business in. Motorola is higher after announcing a reverse split. Berkshire Hathaway is up 4% on no news. The commodities continue to do well. Freeport McMoRan is up 3% to new recent highs as gold hits $1300 an ounce. After the first hour the averages remain strong with the Dow up 180 points and the Nasdaq rising 37 points. September is looking pretty darn good. Through the morning and into the afternoon the averages remain strong with no pull back. The financials are performing well, the commodities look great, and Google and Apple keep moving straight up. In the last hour the averages remained strong closing near the highs of the day. The Dow industrials finished up 197 points, or 1.9%, to end at 10,860, its best one day performance since Sept. 1, closing up 2.4% for the week. The S&P added 23 points, or 2.1%, to end at 1,148, up 2.1% for the week. The Nasdaq Composite climbed 54 points, or 2.3%, to 2,381, up 2.8% from the week-ago close.

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