Day Traders Diary


U.S. stocks began mildly higher on Tuesday following comments from Standard and Poor's putting a majority of the European sovereign countries on credit watch negative put a damper on the recent rally. The Dow Jones Industrial Average rose 12 points to 12,110. 3M is higher after reaffirming guidance. The S&P 500 Index added nearly a point to 1,256. The Nasdaq Composite added 3 points to 2,659. The financials are modestly lower following a nice run up the last several days. Bank of Montreal is lower following earnings. GE is trading higher on an upgrade. Toll Brothers is higher on an upgrade. The techs are holding in there. Apple is modestly higher on a couple upgrades. F5 Networks, Cisco, and Novellus are higher on upgrades. IBM and Intel look good just under their 52 week highs. LinkIn is up 4% on an upgrade. Fusion-io is under heavy selling pressure down 7% as their insider lock up has expired. The retail space is mixed this morning. Toro is down 4% even though they beat estimates. Darden Restaurants is down 9% after lowering guidance. Autozone is modestly higher on earnings while Lowes is higher on an upgrade. In the defensive space Martin Marietta and Altria are higher on upgrades. Eli Lilly is jumping 4% on an upgrade. Through the first hour the Dow improved rising 50 points. Energy and healthcare look good. Most techs look good, but the Nasdaq is unchanged. Through the morning into the afternoon the Dow gravitated back to the unchanged level on light listless volume. Through the afternoon the averages improved rallying in the last hour on rumors of more financial support for the European Union. The financials turnaround while the techs still look good. Energy stocks are also performing well. Industrials are struggling except for 3M and GE which both received positive comments today. The Dow Jones Industrial Average finished up 52 points at 12,150. The S&P 500 gained a point to 1,258. The Nasdaq Composite slipped 6 points to 2,649.

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