Day Traders Diary
11/11/09U.S. stocks opened higher on Veterans Day, with the blue chips extending their stretch of wins into a sixth day after strong manufacturing and retail sales data from China bolstered sentiment. The Dow Jones Industrial Average added 52 points to 10,299. The S&P 500 Index added 7 points to 1,100. The Nasdaq Composite climbed 15 points to 2,166. It should be a quiet day on the volume front since it's a holiday for most, but that hasn't stopped the market from moving higher. The techs and financials are pushing higher. In the chip space, Nvidia is jumping 4% on news of strong demand. All the chips are higher. Google is making new 52 week highs. Apple, IBM, Amazon, and Research in Motion are higher as well. One tech trading lower is Adobe on a downgrade. Salesforce.com is higher on an upgrade. In the financial space, Prudential is higher after raising their dividend. Lazard is up 3% after reiterating a share buyback. All the big financials are trading higher. After the first hour the Dow rose 70 plus points above 10300. The Nasdaq rose 22 points. Plenty of upgrades this morning. Tyson Foods, Toll Brothers, Callaway, Fluor, Dicks, and Tyco are higher following upgrades. The retailers in general are performing well, but Weight Watchers and Bob Evans are lower following earnings. The dog of the day goes to Macys down 5% after reporting a quarterly loss and forecasting downside guidance. Through the morning the averages gravitated back to the unchanged level. In the afternoon the averages dipped into the red, but then rebounded. In the last hour the averages held their gains. The Dow industrials finished up 44 points at 10,291. The S&P 500 Index rose 5 points to 1,098. The Nasdaq Composite added 15 points to end at 2,166.
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