Day Traders Diary
6/28/11U.S. stocks rose Tuesday, adding to the prior day's gains, on hopes a fix is in the works for Greece's debt trouble. Better than expected housing numbers are also lending support to the averages. The Dow Jones Industrial Average rose 43 points to 12,087. The Standard & Poor's 500 Index climbed 4 points to 1,284. The Nasdaq Composite gained 10 points to 2,699. On the earnings front, Nike is jumping 7% on better than expected earnings last night. TJX is up 2% on an upgrade. Autozone is up a percent on an upgrade. The auto sector has been performing much better of late. The recent drop in oil is lending support to the retail sector. The commodity stocks are also performing well. Oil driller, Rowan is up 3% on an upgrade. The fertilizers, copper, and steel stocks are all higher. In the tech space, Apple continues its' rebound following another upgrade. Dell is up a modest 1% on positive analyst comments ahead of an analyst day. Seagate is up 2% on an upgrade. Motorola Mobility is modestly lower on a downgrade. The Chinese stocks are performing well. Youku.com and LinkedIn are jumping over 7% on positive comments. The financials opened higher, but soon succumbed to profit-taking. Western Union, MasterCard, and Visa are higher on upgrades. A REIT, East Group Properties is higher on an upgrade. Cree is up 2% on an upgrade. After the first hour the averages kept improving with the Dow rising 90 points and the Nasdaq up 19 points. The financials are one of the few sectors not participating. Through the morning and into the afternoon the averages remained strong with the Dow rising over 100 points. The financials are still not participating, but the commodity sector looks good. A number of techs like the chip stocks are also not participating. In the last hour the averages kept improving without the financials. Case in point, Goldman Sachs made a new 52 week low today. The Dow Jones Industrial Average finished up 145 points at 12,188. The Standard & Poor's 500 Index climbed 16 points, or 1.3%, to 1,296. The Nasdaq Composite Index gained 41 points, or 1.5%, to 2,729.
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