Day Traders Diary
9/13/11For a second straight day, the US market is set to open lower following more weakness and turmoil in the European Union. The Dow Jones Industrial Average fell 47 points to 11,012. The Standard & Poor's 500 Index dropped a point to 1,160. The Nasdaq Composite Index gained 4 points to 2,499. Similar to yesterday, our averages open in much better shape than the overseas markets. The financials are acting well, trading modestly higher. JP Morgan is up a percent on an upgrade. Fifth Third, Huntington Bancshares, and Blackstone are higher by 2% on upgrades. A real estate investment trust, East Group Properties is modestly higher on an upgrade. The chip stocks continue to perform well. Micron, AMD, and Qualcomm are higher on positive analyst comments. Intel is higher once again. Dell is modestly higher on an upgrade. After the first hour the averages pushed higher with the Dow rallying 40 points and the Nasdaq climbing 26 points. In the retail space, Best Buy is down 6% following disappointing earnings. On the flip side, engine maker Cummins is jumping 6% on positive comments regarding the quarter helping lift the industrial space. Through the morning the Dow gave up its' gains only to slowly recover in the afternoon. Hess is performing well jumping 3% on news their CEO bought $10 million worth of their stock. I wish more CEOs did that. The chips continue to perform well. Intel got an added boost on news they are partnering with Google to get their chips in Android based phones. That's a good sign. In the last hour, the Dow fell into the red only to rebound into the close. Volatile market. The Dow Jones Industrial Average finished up 44 points at 11,105. The S&P 500 gained 10 points to 1,172. The Nasdaq Composite rose 37 points, or 1.5%, to 2,532.
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