Day Traders Diary
8/21/12
U.S. stocks rose Tuesday on optimism that euro-zone leaders would take steps this week to contain the region's debt crisis. The Dow Jones Industrial Average rose 11 points to 13,283. The S&P 500 index gained 3 points to 1,421. The Nasdaq Composite added 13 points to 3,090. Up, up, and away for the major averages, it doesn't look like we're going to have a down day again. In the tech space, Apple keeps pushing higher make new highs and new historic market cap highs. Cree, Corning, VMware, Salesforce.com are higher on upgrades. Google is higher as well, but the rest of the techs are quiet. The retailers are mixed this morning. DSW is higher by 5% on earnings. Urban Outfitter is jumping 17% on earnings. Gap is modestly higher on an upgrade while Barnes and Noble is getting hit on earnings. Best Buy is lower by 5% on earnings and down 16% in the last week after a takeover offer from the founding CEO was essentially rejected. Through the first hour the averages pushed higher led by the financials. JP Morgan is up 2.5% breaking out of a 2 and half month range. The energy, material, and industrial space also look good while the utilities are lower. It's a risk on day. The S&P 500 and Dow retested their yearly highs this morning before pulling back. Apple led the reversal followed by Google. Heading into the lunch hour the Nasdaq gave up most of its' gains while the Dow has cut its' gains in half. In the afternoon the averages dropped into the red led by techs like Apple and Google. The energy and industrial space reversed course, falling into the red. The financials are one of the few sectors clinging to gains. In the last hour the selling accelerated into the red. We were due for a down day. The Dow Jones Industrial Average finished down 68 points at 13,203. The S&P 500 index lost 4 points to 1,413. The Nasdaq Composite fell 8 points to 3,067.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.