Day Traders Diary


U.S. stocks started lower on Tuesday, extending declines into a second consecutive day, with investors worrying about earnings out tonight for aluminum giant Alcoa and a report that the International Monetary Fund would forecast $4 trillion in toxic assets on bank balance sheets weighed on global markets. The Dow Jones Industrial Average dropped 133 points to 7,842. The S&P 500 Index retreated 16 points to 818 while the technology-laden Nasdaq Composite fell 26 points to 1,580. Very little news to move the markets. The financials are lower, but not by much. HSBC is down 4% even though it was upgraded. American Express is higher on an upgrade. In the tech sector, Nokia is down 5% on a downgrade. Marvel Tech and Broadcom are both lower even though both were upgraded. I think we're seeing a normal pull back following a great run over the last month.

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