Day Traders Diary
8/8/12
U.S. stocks began lower on Wednesday, with investors sidelined after a three-session win streak. "It appears this week's three-day global stock market rally is running out of steam," emailed Fred Dickson, chief investment strategist at Davidson Cos. The Dow Jones Industrial Average fell 41 points to 13,127 with weakness in McDonalds following earnings this morning. The S&P 500 index shed 4 points to 1,396. The Nasdaq Composite lost 12 points to 3,003. The earnings are flooding in once again with a number of dogs and diamonds. Priceline and Orbitz Worldwide are lower by 15% or more following disappointing guidance. In the retail space, Ralph Polo is lower by 3% on earnings. Disney is unchanged on earnings while Fossil is lower by 2% even though it was upgraded. The stock has been on a rollercoaster ride the last several months. On the flip side, Dean Foods is higher by 34% on earnings. Macys is higher by 3% on earnings while SodaStream id up 2% on an upgrade. CVS Caremark is higher on an upgrade. The energy and material space has been perking up with this recent rally. AK Steel is higher by 8% on an upgrade. Alpha Natural Resources and Rio Tinto are higher by 2% on earnings. Huntington Ingalls is jumping 5% on earnings. Freeport McMoran keeps creeping higher after a long consolidation. In the tech space, Raxspace and Computer Science are jumping 13% on earnings. HP is higher by 3% after raising guidance. Google looks good, but Apple is modestly in the red. Through the first hour the averages fought to get back into the green. A resilient market once again. Through the morning the averages grinded higher. Not a lot of volume in the markets. In the afternoon more of the same with the averages hugging the flat-line. The transports are the weakest sector not confirming the recent rally. In the last hour, the averages limped into the close. The Dow Jones Industrial Average finished up 7 points at 13,175. The S&P 500 edged nearly a point higher to 1,402. The Nasdaq Composite fell 4 points to 3,011.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.