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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Day Traders Diary

10/20/11

U.S. stock markets opened lower on Thursday, following a flurry of earnings and more reports out of European regarding this weekend's summit to come up with a solution for the debt crisis. The Dow Jones Industrial Average turned down 14 points to 11,490. The Standard & Poor's 500 Index fell a point to 1,209. The Nasdaq Composite Index declined 10 points to 2,594. So far, this is the busiest day so far this month regarding earnings. The tech space is getting hit even though earnings look pretty good. Ebay, Lam Research, and Cypress Semi are all getting hit due to earnings. Dell for some reason is trading down 7% hurting Intel, HP, and Microsoft. The big caps like Google and Apple are also lower. A few techs are trading up including Xilinx, Western Digital, and Nokia. Nokia is the real winner up 7%. The financials opened higher then sold off. Blackstone, Etrade, American Express, First Niagara, Allstate, and Huntington Bancshares are lower following earnings. Fifth Third is a bright spot up 7% following earnings. Keycorp and SLM are modestly higher. The commodity space is mixed this morning. Most commodities are lower, but Freeport and Agrium are higher on upgrades. Nucor is unchanged on earnings while Patriot Coal is jumping 3% after beating estimates. In the retail space Tractor Supply and Buffalo Wild Wing are jumping over 3% following earnings. Casino company, Wynn Resorts is down 7% after missing estimates. Transportation stock, Union Pacific is up 3% after beating estimates. Through the first hour the Dow rallied into the green trying to drag the Nasdaq with it. That's a good sign. Alcoa, Disney, and Chevron are leading the rally in the Dow. As the morning progressed the averages sold back off. Into the lunch hour the selling accelerated with the Dow dropping 90 points and the Nasdaq dropping 40 points. The financials are leading the downside weakness, although nothing looks good. We figured out Dell is down 7% because of production concerns due to the flooding in Thailand. By the middle of the afternoon the averages did a complete reversal. At the start of the last hour, the Dow rebounded jumping 50 points. The Nasdaq made it back to the unchanged level. The financials are back in the green while the commodities have also rebounded. In the last hour we rallied, then sold off, then rallied again. The Dow Jones Industrial Average rose 37 points to 11,541. The S&P 500 gained 5 points to 1,215. The Nasdaq Composite lost 5 points to 2,598.
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.