Day Traders Diary
5/6/11The major averages jump over 1% to start the day thanks to better than expected April payrolls data reviving a market knocked down by heavy selling pressure within the commodity space. The Dow Jones Industrial Average rose 144 points to 12,728. The Standard & Poor's 500 Index rose 16 points to 1,351. The Nasdaq Composite Index gained 33 points to 2,847. The earnings keep flooding in better than expected. Mohawk, Kodiak Oil & Gas, CF Industries, Constellation Energy, Dow Corning, Diana Shipping, and Madison Square Garden are higher following earnings. The commodities are snapping back pretty good this morning. Fertilizer firm, CF Industries is jumping 8% following earnings. The oils are bouncing back even though Goldman Sachs made cautious comments on the price of crude. Hess and Apache are jumping over 3% thanks to upgrades. The financials are performing well. Cowen is jumping 3% following earnings. Citigroup is modestly higher on an upgrade. In the tech space, everything looks pretty good. Research in Motion and Intel are about the only top tech firms trading lower. Rumors Apple will dump the Intel chip in favor of Arm Holdings' chip for their Mac book has that stock jumping 7%. Through the morning the averages remained strong with the Dow rising 160 points and the Nasdaq rising 40 points. A few stocks are trading lower following earnings including Priceline, QLogic, Alcatel-Lucent, K-Swiss, and Weight Watchers. During the lunch hour and through the afternoon the rally started to fizzle. That's not a good sign. The financials have lost all their gains. The techs and commodities are higher, but not as much. In the last hour the averages were able to hold on to some gains. Not an encouraging close. The Dow Jones Industrial Average finished up 54 points at 12,638. The S&P 500 gained 5 points to 1,340. The Nasdaq Composite Index gained 12 points to 2,827. For the week, the Dow average lost 1.3%, the S&P 500 fell 1.7%, and the Nasdaq Composite slid 1.6%.
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