Day Traders Diary
11/6/09U.S. stocks opened lower on Friday, with investors disheartened by the October jobs report, which had the unemployment rate hitting 10.2%. The Dow Jones Industrial Average fell 41 points to 9,964. The S&P 500 Index dropped 4 points to 1,062, while the Nasdaq Composite declined 5 points to 2,099. Even though the economic data is weak, analysts are bullish. GE is jumping 5% following two upgrades this morning. The financials opened lower, but are trying to recover. Blackstone is up 5% following better than expected earnings this morning. Travelers is up 2% on an upgrade. Visa is higher on an upgrade. Alliance Financial is jumping 6% after withdrawing a stock shelf offering. After the first half an hour the averages recovered, moving into the green. In the tech sector, Nvidia and Activision Blizzard are both up over 4% following earnings. Amazon is jumping 3% on an upgrade. IBM, Google, Intel, and Cisco are trading higher as well. The retailers are rebounding after getting hit yesterday. Starbucks is up 4% following earnings. Macys is up 3% on an upgrade. TJX is modestly higher on an upgrade. Rosetta Stone is weak, down 11% following disappointing earnings. Through the morning the averages fought to remain in the green. GE is improving, rising 7%. Through the afternoon the averages moved sideways. In the last hour the averages did nothing. Volume is light today. I guess all the traders are in the streets of Manhattan cheering on the World Series Champs. The Dow Jones Industrial Average finished up 17 points at 10,023, with the blue chips up 3.2% for the week. The S&P 500 Index rose 2 points closing at 1069, leaving it up 3.2% for the week. The Nasdaq Composite gained 7 points to close at 2,112, giving the technology-laden index a weekly rise of 3.3%.
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