Day Traders Diary


U.S. stocks opened lower on Tuesday after the government said wholesale inflation climbed more than anticipated last month. The rise is likely to be a topic for discussion at a two-day meeting of Federal Reserve officials that starts later in the day. After four sessions in a row of gains, the Dow Jones Industrial Average fell 35 points to 10,465. The S&P 500 Index declined 5 points to 1,109. The Nasdaq Composite shed 8 points to 2,203. In the retail sector, Best Buy beat estimates and raised guidance modestly, however, the stock is down 7% after a nice run up. The pizza retailers are performing well. Papa Johns is up 4% after lifting guidance and receiving an upgrade. Domino Pizza is higher on an upgrade. Hyatt Hotel is higher on an upgrade. General Mills is flat after raising their dividend. Pfizer also raised their dividend. The financials are lower once again. Goldman Sachs and Morgan Stanley are lower after having their numbers cut. Wells Fargo
is higher after raising money to pay back their TARP funds. Wells Fargo also received an upgrade. Citigroup is lower even though Cramer reiterated his $12 price target for 2012. The techs are modestly lower. Corning is bucking the trend, trading up a percent. After the first hour the averages were modestly in the red, but not by much. The trading is quiet once again. Through the morning the Nasdaq improved, moving into the green. In the afternoon the averages remained quiet. The financials remain weak. In the last hour the averages sold off as President Obama made comments that he is optimistic the healthcare bill will get passed. Ironically, the healthcare stocks did not sell off. The Dow Jones Industrial Average finished down 49 points at 10,452. The S&P 500 Index shed 6 points to 1,107. The Nasdaq Composite Index declined 11 points to 2,201.

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