Day Traders Diary
1/5/09U.S. stocks turned higher at Tuesday's start, led by a rally in energy shares as crude jumped above $50 a barrel and ahead of a new round of economic data that could show signs of moderation in the nation's economic decline. The Dow Jones Industrial Average rose 72 points to 9,025. The S&P 500 climbed 8 points to 936, while the Nasdaq Composite gained 12 points to 1,640. So far so good this morning. The commodities are acting great although there is some profit-taking within the fertilizer space. Mosaic had solid earnings, but investors are taking profits after a nice run up. The techs are perking up. The chip stocks are performing better as pricing seems to be improving at least in the short term. Apple continues to improve as investors get more news on the health of Steve Jobs. The financials are modestly higher. The former investment banks, Goldman Sachs and Morgan Stanley are acting great. Some of the rally may be due to new proposed legislation for tax loss gains regaining the housing market. The homebuilders are performing better as well. The retailers are acting well. Best Buy and Target are up over 2% for a second day in a row. After the first half an hour the Dow rose 125 points. The Nasdaq rose 28 points. At 10 o'clock weaker than expected economic data brought the sellers back. After the first hour the Dow remained up, but only 30 points. The Nasdaq was only up 8 points. Through the morning the averages remained quiet, modestly in the green.
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