Day Traders Diary


U.S. stocks slid at the open Wednesday, weighed by profit-taking after a surge in the prior session in anticipation of a successful next-step towards resolving Greece's debt crisis. The Dow Jones Industrial Average fell 38 points to 12,150. The S&P 500 slid 3 points to 1,293. The Nasdaq Composite lost 7 points to 2,680. A quiet morning for news outside the vote in Greece. On the earnings front, FedEx is up 2% after beating estimates. UPS is up in sympathy along with the Dow Jones Transportation Average. Ford and GM also look good. The tech sector opened lower, but then rebounded. F5 Networks is jumping 5% on an upgrade. Jabil Circuit was downgraded, but the stock is higher by 6%. L3 Communications is up 5% on rumors of private equity interest. Research in Motion was upgraded, but the stock is lower. Philips Electronics is the dog of the day down 10% after preannouncing a weak quarter. The commodity sector also rebounded after the open. Diamond Offshore is higher on an upgrade, lifting that sector. Freeport McMoran and Cliffs Natural Resources are modestly higher this morning. The financials are mixed, relatively flat this morning. JP Morgan and the insurance stocks look good. After the first hour the averages clawed back to the unchanged level. Through the morning the averages inched into the green, but little volume to support the rally ahead of the Federal Reserve meeting. In the afternoon the selling pressure came back following the no change in interest rates and the proceeding interview with the Fed Chairman. In the last hour the selling accelerated with the Dow falling over 60 points while the Nasdaq declined 14 points. Only a few stocks were left in the green. The Dow Jones Industrial Average finished down 80 points, or 0.7%, at 12,109. The S&P 500 slid 8 points, or 0.7%, to 1,287. The Nasdaq Composite lost 18 points to 2,669.19. 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.