Day Traders Diary
11/28/11U.S. stocks opened higher Monday as Europe hints toward a plan to leverage a regional rescue fund to shore up some of their debt crisis. Solid evidence U.S. holiday sales got off to a record start on Black Friday is also lending support to the major averages. The Dow Jones Industrial Average added 266 points to 11,498. The S&P 500 Index climbed 33 pints to 1,191. The Nasdaq Composite Index rose 76 points to 2,518. Up, up, and away this morning. Everything looks good with most sectors trading up 3-4%. The more defensive sectors like utilities are up just a percent. In the retail space plenty of winners. Foot Locker is jumping 8% on an upgrade. Fossil, Amazon, Netflix, Whole Foods, Wynn Resorts, and Petsmart are all higher as well on upgrades. Best Buy is jumping 4% as many indicate this electronic retailer was the big winner over the weekend. Tiffany's is up 6% ahead of earnings tomorrow. The commodities are bouncing back smartly after getting slammed the last several weeks. Potash is up 4% on an upgrade. The financials look good as a couple banks received upgrades this morning. Wells Fargo is up 3% as Stifel actually raised earnings estimates. That hasn't happened in a long time. T. Rowe Price is up 5% on an upgrade. Northstar Realty is higher after acquiring a $100 million credit facility. Through the first hour the Dow rose 327 points as the Nasdaq jumped 87 points. This market is all or nothing. Through the morning and most of the afternoon the averages moved sideways near the highs of the day. Pretty boring. In the last hour the volatility returned with the Dow dropping nearly 100 points. The financials are giving up most of their gains. Sounds about right. Into the close, the averages rebounded to close near the highs of the day. Nice recovery. The Dow Jones Industrial Average finished up 291 points, or 2.6%, at 11,523, its best day since Oct. 27. All 30 Dow components were higher, led by a 5.7% gain in Alcoa. The S&P 500 rallied 33 points, or 2.9%, to 1,192, also its best since Oct. 27, led by rallying resource stocks. The Nasdaq Composite added 85 points, or 3.5%, to 2,527, its best day since Aug. 23
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