Day Traders Diary
11/10/09U.S. stocks started slightly lower on Tuesday, with equities and commodities retreating as the dollar gained some steam. After the prior day's 200-point climb, the Dow Jones Industrial Average fell 9 points to 10,217. The S&P 500 Index shed a point to 1,091 and the Nasdaq Composite declined 2 points to 2,151. A few stocks are trading lower following earnings. Fluor is down 5% after missing earnings estimates. The stock, however, did have a nice run up into earnings. The bond insurers business isn't getting any better. MBIA is down 17% following another quarterly loss. Barclays is down 5% following dismal results. The company reinstated their dividend, but its' only a penny a quarter. Thanks for nothing. Tyco and Electronic Arts are other stocks trading lower following earnings. The rest of the market looks a lot better. Within the first half an hour the averages moved into the green. The big tech stocks are acting much better. Google, Apple, Research
in Motion, IBM, and Amazon are all higher. Cramer was pretty bullish on the techs last night. Wasn't he bearish last week? Research in Motion has had a nice bounce back in the last couple of days as fears subside about Motorola's Droid phone. In the financial industry, Stifel Financial is jumping 4% on better than expected earnings. They seem to be stealing brokers from the bigger firms, a trend that should continue. In the retail space, Fossil is jumping 10% on better than expected earnings. Gamestop is higher after reaffirming earnings last night. Activision Blizzard is unchanged as customers waited for hours for the new video game, Call of Duty. After the first hour and through the morning the averages gravitated back to the unchanged level. The big techs remain in positive territory. In the afternoon the averages moved sideways. In the last hour the Dow started in the green and held on to modest gains. The Dow Jones Industrial Average gained 20 points to close at 10,246. The broad S&P 500 Index fell less than a point to 1,093, while the Nasdaq Composite fell 2 points to end at 2,151. 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.