Day Traders Diary
7/6/09U.S. stocks started lower on Monday as investors turned defensive in fretting about the fragile economy. The Dow Jones Industrial Average fell 48 points to 8,231. The S&P 500 shed 5 points to 891 while the Nasdaq Composite dropped 10 points to 1,785. Nothing really looks good this morning. China is making positive comments on the U.S. dollar causing it to shoot higher and oil and gold to move lower. BP is down 3% after having their earnings estimates lowered. Transocean was upgraded, but the stock is lower. Harmony Gold was upgraded, but the stock is lower. The financials are lower except for American Express. American Express is up 2% on an upgrade. Credit Suisse raised earnings estimates for Citigroup, but lowered numbers for Bank of America and JP Morgan. All three are lower. The techs received a number of upgrades, yet the stocks are lower. Symantec, Qualcomm, and Microsoft were upgraded, but all three are lower. Data Domain is up 3% after EMC raised their offer to buy the firm. The retail space is lower as well. Aeropostale was upgraded, yet the stock is lower. Within the first hour, the averages rebounded to the unchanged level only to sell off once again. After the first hour, the Dow was down 65 points. The Nasdaq declined 25 points. Through the morning and into the afternoon, the Dow slowly recovered while the techs and the Nasdaq remained weak. The commodities space remained weak as well. In the last hour, the Dow recovered moving into the green. The Nasdaq also slowly recovered. The Dow Jones Industrial Average finished near the highs of the day up 44 points at 8,324. The S&P 500 Index added 2 points to 898, while the Nasdaq Composite fell 9 points to 1,787.
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