Day Traders Diary
11/9/10
U.S. stocks quickly lose the bulk of the opening gains Tuesday with the market struggling to find direction after hitting more than two-year highs last week. The Dow Jones Industrial Average fell 3 points to 11,403. The S&P 500 rose half a point to 1,223. The Nasdaq Composite added 2 points to 2,582. Even though the averages are struggling the commodity sector is not. Atlas Energy is jumping 35% after Chevron agreed to buy them. The oil drillers continue to push higher. Noble Corp and Diamond Offshore are both up over 3%. The fertilizers are higher and Freeport McMoRan is up 2%. The silver stocks are on fire. Silver Wheaton is jumping 3% following earnings. In the tech space Apple opened at another new high. Google is higher as well. Yahoo is jumping 6% on rumors of takeover or joint venture. Symantec is higher on an upgrade while Research in Motion is lower on a downgrade. The financials opened unchanged. Stifel Financials is jumping 6% after beating estimates. Blackrock is lower after announcing a secondary offering. In the retail space Dean Foods is down 14% following disappointing earnings. Estee Lauder is lower even though they are raising their dividend. Fossil is jumping 7% following strong earnings. Pier One is higher following earnings. Petsmart and Buckle are higher on upgrades. After the first half an hour the averages moved modestly into the green and stayed there until the lunch hour when selling pressure developed. The financials and techs sold off while the commodities held up. In the last hour the selling accelerated with the Dow dropping 100 points and the Nasdaq declining 25 points before recovering into the close. The Dow Jones Industrial Average finished down 60 points at 11,346. The S&P 500 index fell 9 points to 1,213 weighed by financials and materials. The Nasdaq Composite fell 17 points to 2,562.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.