Day Traders Diary
2/5/10
U.S. stocks open lower once again following the biggest drop since April of last year. This mornings' government unemployment report is drawing mixed reviews. "If you drill down a bit, there's more good news than bad," said Art Hogan, chief market strategist at Jefferies & Co. "We're moving significantly in the right direction year-over-year, and the manufacturing part of the economy is creating jobs." The Dow Jones Industrial Average dropped 34 points to 9,967. The S&P 500 Index shed 3 points to 1,059. The Nasdaq Composite fell a point to 2,124. Even though the averages opened lower, a number of stocks are bucking the trend. A number of big cap techs are higher. Baidu is higher on an upgrade. Netsuite, however, is down 13% following earnings last night. Corning is down 5% on cautious growth prospects. The financials are modestly higher after getting hit yesterday. Metlife is up a percent on an upgrade. Mastercard received a couple of upgrades, but the stock is lower. A REIT, Simon Property is up 4% even though they missed estimates. After the first half an hour the Dow dropped 60 points. The Nasdaq declined 11 points. In the retail space Tyson Foods is up 8% after beating estimates. Gap and Molson Coors are higher on upgrades. Childrens Place was upgraded, but the stock is lower. After the first hour the averages recovered led by the techs. As the morning progressed the averages moved back down. In the afternoon the averages broke down to new lows. Here we go again. The Dow dropped 160 points below 9900. The Nasdaq declined 25 points before rebounding. In the last hour the U.S dollar dipped and the averages rallied like crazy. The Nasdaq came all the way back moving into the green dragging the Dow with it. The Dow sold off again, but then rallied into the close. Whew. The Dow Jones Industrial Average finished up 10 points at 10,012, leaving the blue chips with a 0.6% weekly loss. The S&P 500Index gained 3 points to 1,066, down 0.7% for the week. The Nasdaq Composite Index rose 15 points, or 0.7%, to 2,141, leaving it off 0.3% from the week-ago close.
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