Day Traders Diary


U.S. stocks opened moderately higher Tuesday ahead of an Italian parliamentary vote viewed as a test as to whether the nation's prime minister would remain in office. The Dow Jones Industrial Average added 25 points to 12,093. The S&P 500 rose 3 points to 1,265. The Nasdaq Composite advanced 15 points to 2,710. So far so good this morning. The European markets are higher this morning lending support to our markets. The financials are all trading modestly higher. KeyCorp, Franklin Resources, and Fifth Third are all higher on upgrades. Toll Brothers is jumping 4% on earnings guidance. REIT, Ares Capital is modestly higher on earnings. The techs also look good this morning. Cisco is higher ahead of earnings tonight. Intel, IBM, and Microsoft are all performing well this morning. Raxspace is jumping 5% on an upgrade. Through the first hour the averages improved only to give up most of the gains when Italian Prime Minister Silvio Berlusconi won a budget vote in Italy's parliament but without a majority, indicating a confidence vote may come next. Through the morning the averages drifted into the red as most stocks gave up their gains. The retail sector is weak this morning. Urban Outfitters, Scots Miracle Gro, Toyota, and Fossil are lower on earnings. Deere is lower on a downgrade. Starbucks was upgraded, but the stock is lower. In the afternoon the averages battled back when the US dollar sold off. News out of Europe indicated the Italian Prime Minister, Silvio Berlusconi will resign after 2012 austerity plan passes. Are all the European leaders going to lose their jobs? In the last hour the averages accelerated to the upside with the Dow rising 100 points. I'm not complaining. The Dow Jones Industrial Average finished up 101 points at 12,170, with 28 of its 30 constituents rising. Leading gainers were 3M and Wal-Mart Stores. The S&P 500 Index advanced 14 points, or 1.2%, to 1,275, while the Nasdaq Composite gained 32 points, or 1.2%, to 2,727.
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