Day Traders Diary
6/14/11U.S. stocks are set to bounce even though there are plenty of downgrades and weaker than expected economic data out this morning. The Dow Jones Industrial Average rose 95 points to 12,048. The Standard & Poor's 500 Index added 11 points to 1,283. The Nasdaq Composite Index climbed 25 points to 2,665. Virtually all stocks are trading higher. In the retail space Casey General and Best Buy are up over 5% following earnings. Smithfield Foods is up 3% on an upgrade. The sector in general reported data this morning showing a slowdown in sales for the month of May, but it doesn't seem to be hurting the market. The financials are higher for a second straight day. RBC downgraded Goldman, however, Oppenheimer reiterated buys on Goldman, Citigroup, JP Morgan, US Bancorp, and Wells Fargo. Zion Bancorp is up 2% on an upgrade. The commodities are bouncing this morning. Diamond Offshore and Transocean are higher on upgrades. Cliffs Natural Resources is higher after issuing more stock to raise money. The techs are higher even though the news is light in the sector. Corning is up 2% on positive analyst comments. HP is higher after shuffling their top executives. Juniper is higher even though it was downgraded. Through the first hour the averages remained strong with the Dow up over 100 points. Through the morning and into the lunch hour the averages remained strong with the Dow rising over 140 points and the Nasdaq jumping 40 points. Only a handful of stocks are trading lower including Cisco Systems, Research in Motion, and Bank of America. In the afternoon the commodity space took the lead in this rally as the major averages came off their highs when the financials fizzled. The Dow Jones Industrial Average finished up 123 points, or 1.03%, at 12,076, its strongest point gain since May 31st. The S&P 500 rose 16 points, or 1.3%, to 1,287, its highest percentage rise since April 20. The Nasdaq Composite gained 39 points, or 1.5%, to 2,678.
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