Day Traders Diary
2/26/10U.S. stocks opened in an indecisive fashion on Friday after insurer American International Group reported a worse-than-expected loss and the government said the economy grew at a more rapid pace than previously estimated in the fourth quarter. The Dow Jones Industrial Average fell 13 points to 10,307. The S&P 500 Index declined a point to 1,101. The Nasdaq Composite Index declined 3 points to 2,231. AIG is trading down 8%. It looks like they need more government money. On the flip side, the retailers are doing pretty well. Deckers Outdoors is up 8% following great sales of Huggs. Gap is up 5% on better than expected earnings. Besy Buy was upgraded, but the stock is lower. Croc's however is lower by 12% following disappointing results. In the tech sector Rosetta Stone is jumping 29% following earnings. Apple is higher on an upgrade. Novell is down 2% on in line results. Palm and Motorola are lower on downgrades. After the first hour the averages moved into the green. The financials moved into the green while the techs improved. Volume may be light due to the big Northeast winter storm. Through the morning the averages did not vacillated far from the unchanged level. Very little volatility. In the afternoon more of the same. The averages did not move more than 5 or 10 points. The techs are performing well. Apple is up 1.4% on an upgrade. The financials are also performing well. JP Morgan is up 3.5% on an upgrade. In the last hour the averages rallied a little then sold off. The Dow Jones Industrial Average climbed 4 points to 10,325, giving it a monthly gain of 2.6% and 0.7% loss for the week. The S&P 500 Index added a point to 1,104, up 2.9% for February and off 0.4% for the week. The Nasdaq Composite Index rose 4 points to 2,238, up 4.2% for February and down 0.3% for the week.
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