Day Traders Diary
6/10/11U.S. stocks opened lower on Friday, with the benchmark indexes headed towards a sixth consecutive week of losses. Wall Street's extended slide has come amid economic reports that have largely disappointed investors worried about the pace of the recovery. The Dow Jones Industrial Average fell 80 points to 12,043. The S&P 500 Index declined 8 points to 1,280. The Nasdaq Composite Index shed 13 points to 2,671. A one day rally and then back to selling. A Dow component, Travelers is down 3% after issuing a statement that they will report a loss due to a billion dollars is costs related to all the spring storms. The company is also halting their share buyback. All the insurance stocks and financials are lower. They can't muster more than a one day rally. AIG was upgraded, but the stock is lower. The techs are all lower. Micron and HP received encouraging analyst comments, but both stocks are lower. Research in Motion is down 2% on a downgrade. Even Apple is lower. The best looking chip stock is NSM unchanged following earnings last night. The commodities opened unchanged, but then fell Into the red. Molycorp is higher after pricing their stock offering. In the retail space, Lululemon may be the diamond up 5% thanks to earnings. Under Armour is higher on an upgrade. Smuckers was upgraded, but the stock is lower. Zales is down 9% on a downgrade. After the first hour the Dow fell over 100 points touching 12000. The Nasdaq declined 25 points. Through the morning the averages pushed lower with very few stocks in the green. During the lunch hour the averages tried to rally only to sell off once again with the Dow dropping 180 points. By the middle of the afternoon the averages recovered a little bit led by financials. Bank of America, Wells Fargo, and Goldman Sachs were all down 2% are now up a percent. In the last hour, however, the sellers came back. The Dow Jones Industrial Average finished down 172 points, or 1.4%, at 11,951, led by 3% drops in Pfizer and Travelers. The S&P 500 lost 18 points, or 1.4%, to 1,270, with energy stocks off the most after oil prices fell nearly 3%. The Nasdaq Composite declined 41 points, or 1.5%, to 2,643. For the week, the Dow average has lost 1.6%, the S&P 500 has fallen 2.2%, and the Nasdaq Composite has fallen 3.3%. For the Dow and the S&P 500, it was the sixth straight week of losses.
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