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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Day Traders Diary

6/22/12

U.S. stocks opened higher on Friday, shaving weekly losses, after the European Central Bank said it would take further steps to ease loans collateral for banks. The Dow Jones Industrial Average rose 44 points to 12,618. The S&P 500 climbed 4 points to 1,329. The Nasdaq Composite rose 10 points to 2,869. Another day and another company lowering earning guidance. Transportation stock, Ryder is down 11% following in-line earnings, but lower guidance going forward. Not a good sign. Troubled cruise-liner, Carnival is down 3% on dismal earnings. The transportation sector is the weakest sector this morning, down 4% this week. Not a good sign. The rest of the market is holding up well. The financials are bouncing even as Moody's' did in fact downgrade a number of big cap banks. Morgan Stanley bounced 3% on the open. Wells Fargo and JP Morgan are higher by 2%. The techs are modestly higher. Corning is up a percent on an upgrade. The big caps like IBM, Google, and Apple are bouncing as well. Surprisingly, Facebook has quietly put in a great rally without one word from all the Wall Street pundits that bashed it on the way down. The materials, industrials, and energy sectors rallied on the open, but many are pulling back. In fact the broader market jumped 85 points on the open before pulling back. The Nasdaq rose 20 points before pulling back. The retailers are holding in this morning. Croc's is up 2% on an upgrade. Under Armour is bouncing after getting hit yesterday. Pep Boys is also higher by 2% on an upgrade. The healthcare space continues to perform well. Merck made another new high on an upgrade. All the big cap drug stocks remain near their 52 week highs. Through the morning the averages kept drifting lower toward the unchanged level only to rebound. During the lunch hour the Dow remained up 50 points while the Nasdaq rose 20 points. Apple fell into the red while the materials, industrials, and energy stocks are coming under pressure. As the afternoon progressed the averages crept higher once again rallying 100 points only to pull back into the close. The Dow Jones Industrial Average finished up 67 points at 12,640, but fell 1% for the week, while the S&P 500 added 10 points to 1,335, losing 0.6% for the week. The Nasdaq Composite rose 33 points, or 1.2%, to 2,892, ending the week 0.7% higher. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.