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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

7/19/13

Today's session featured disappointing earnings from technology heavyweights, Google (GOOG 896.60, -14.08) and Microsoft (MSFT 31.40, -4.04), but that could have gone unnoticed if someone were to only focus on the performance of the S&P 500, which ended with a slim gain of 0.2%, notching a new record high.

Meanwhile, the Nasdaq settled lower by 0.7% as earnings and revenue misses from the two major components weighed on the tech-heavy index. For its part, the S&P technology sector fell 2.0%.

While technology shares displayed weakness across the board, the broader market was kept afloat by the outperformance of heavily-weighted energy, health care, and industrial sectors. The three groups added between 1.2% and 1.4% with health care ending in the lead.

The health care sector spent the entire session in a steady climb as biotechnology provided significant support. The iShares Nasdaq Biotechnology ETF (IBB 195.00, +3.06) advanced 1.6% after marking a fresh all-time high.

Elsewhere, the industrial sector was underpinned by Dow component General Electric (GE 24.72, +1.09), which jumped 4.6% after its slim earnings beat overshadowed a 3.5% year-over-year decline in revenue. Another Dow member, Boeing (BA 106.96, -0.67), kept industrials from logging further gains after two more jets produced by the company were forced to return to their home ports following in-flight technical issues.

Also of note, the energy sector advanced 1.4% on the back of better-than-expected earnings from Schlumberger (SLB 82.74, +4.33). On a related note, crude oil added 0.3% to $108.15.

Another commodity-related sector, materials, rose 0.5% as chemical producers and gold miners displayed strength. The Market Vectors Gold Miners ETF (GDX 25.86, +1.08) jumped 4.4%. Gold futures displayed strength as well, climbing 0.8% to $1294.30 per troy ounce.

The CBOE Volatility Index (VIX 12.54, -1.23) spent the entire session in a steady decline, dropping to its lowest level since May 17. After notching its 2013 high of 21.91% on June 24, the near-term volatility measure has logged three consecutive weekly losses as the S&P 500 climbed to fresh all-time highs.

Participation was relatively limited and NYSE trading volume of 872 million shares was light when taking today's options expiration into account.
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.