Day Traders Diary


U.S. stocks open modestly higher with a positive reading on industrial production in August helping fuel gains led by the energy and materials sectors. The industrial production has risen in back-to-back months for the first time since December 2007. The Dow Jones Industrial Average rose 38 points to 9,721. Caterpillar and GE have been on fire the last couple of days. Both are up 2% this morning. The S&P 500 gained 5 points to 1,057. The Nasdaq Composite rose 8 points to 2,111. Plenty of upgrades once again. In the tech sector Amazon, Broadcom, and Ebay were upgraded. All three are higher. Google, Apple, and Research in Motion push higher. Adobe is down 5% after beating earnings by a penny last night. Corning is modestly lower after announcing a $400 million acquisition of a bioscience firm. The financials are modestly higher this morning. Blackrock, American Express, and Capital One are modestly higher on upgrades. Wells Fargo is talking positively on their merger with Wachovia. Legg Mason is higher after saying their assets under management have improved. KB Homes is up 2% after resuming operation in the Mid-Atlantic States. After the first half an hour the averages remain in the green. Through the morning and into the afternoon, the averages slowly built momentum pushing higher. Entering the last hour, the Dow was up 100 points. The Nasdaq improved by 27 points. Things are looking better and better. In the last hour the averages moved back toward the highs of the day. The Dow Jones Industrial Average climbed 108 points, or 1.1%, to finish at 9,791. The S&P 500 Index rose 16 points, or 1.5%, to 1,068 while the Nasdaq Composite jumped 30 points, or 1.5%, to close at 2,133. 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.