Day Traders Diary
3/7/12U.S. stocks opened higher Wednesday after a report offered another upbeat sign on the labor front, bolstering investor confidence some ahead of Friday's monthly jobs report. The Dow industrials rose 19 points to 12,778. The S&P 500 added 3 points to 1,347. The Nasdaq Composite gained 14 points to 2,925. The rebound is not as pronounce as the premarket indicators implied. The techs and financials are in the lead. GE is higher by one percent after reaffirming numbers. SLM or Sallie Mae is higher thanks to an upgrade. All the big banks are higher. In the tech space Apple is higher ahead of press conference this afternoon to release their new version of the ipad. Ciena is higher by 9% on earnings. Cree is higher on an upgrade. Chip company, Cypress is lower by 2% after issuing downside guidance last night. The dog of the day goes to Internet music company, Pandora down 23% on poor earnings and guidance. A number of retailers are performing well this morning. Bon Ton and American Eagle are both up over 6% on earnings. Express is higher on earnings as well. Dunkin Brands is up 2% after issuing a dividend. Children's Place is down 3% on earnings. Through the first hour the averages slowly improved. The Transports, Industrials, and Consumer Discretionary look good as well. The Energy space is on decline. Noble Energy and Hess are lower on upgrades. The weakest sectors so large are Utilities, Consumer Staples, and Healthcare. So far a risk on day. Through the morning the Dow gave up all its' gains only to rebound to the highs of the day. Today's a rebound day. Through the afternoon the averages kept rallying even as Apple sold off following the release of their new ipad. Another stock selling off now at a 52 week low is the Uggs shoe company, Decker Outdoors. In the last hour the averages held up for a nice rebound. The Dow Jones Industrial Average finished up 78 points at 12,837. The S&P 500 rose 9 points to 1,352. The Nasdaq Composite gained 25 points to 2,935.
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