Day Traders Diary
7/11/11U.S. stocks started Monday's trading with a steep selloff, as disappointment over the previous sessions jobs report and worries about a spreading European debt crisis weighed. The Dow Jones Industrial Average fell 109 points to 12,550, led by a 2.2% drop in Bank of America shares and a 2.2% decline in Alcoa ahead of earnings. The S&P 500 dropped 15 points, or 1.1%, to 1,328, with all 10 subsectors lower. The Nasdaq Composite dropped 29 points, or 1%, to 2,830. Not the best way to start the week as every sector is trading lower. The European financial crisis is hitting the financials. Bank of America is right back to its' 52 week low. All the commodities are lower. Fertilizer firm, Mosaic is down 4% thanks to litigation costs tied to an injunction. Cemex is down 3% on a downgrade. In the tech space AMD and Cree are lower on downgrades. Google is higher on an upgrade. Amazon was upgraded, but the stock is lower. Netflix is one of the few tech/retailers trading higher on an upgrade touching a 52 week high. In the retail space TJX is up a percent on an upgrade. Fossil is acting well making a new 52 week high. That company is on a roll, however, the rest of the market is struggling. Through the first hour the averages tried to bounce, but then sold back off. Through the morning and into the afternoon, things did not improve. The Dow fell as much as 170 points while the Nasdaq dropped 60 points or 2%. Not good. In the last hour the averages improved a little bit into the close. The Dow Jones Industrial Average finished down 151 points, or 1.2%, at 12,505 with every Dow component in the red. The S&P 500 fell 24 points, or 1.8%, to 1,319. The Nasdaq Composite fell 57 points, or 2%, to 2,802.
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