Day Traders Diary
11/17/2008U.S. stocks open lower once again as now Japan has slipped into a recession. The summit of world leaders over the weekend produced little news to bolster the global economy. The Dow Jones Industrial Average shed 134 points to 8,363. The S&P 500 declined 15 points to 857, while the Nasdaq Composite fell 22 points to 1,494. Citigroup provided a town hall meeting this morning with slides and plenty of data to try and ease the fears of investors. So far it's not helping. The stock is down 3%. All the financials are lower. Things are so bad that Goldman Sach management said they will not take any bonuses this year. One exception, Genworth is jumping 18% after buying a bank and hoping to gain excess to the TARP money. Charles Schwab said they don't need any TARP money. Barrons wrote a positive piece on the firm and yet the stock is lower. US Bancorp is unchanged following some insider buying. Two retail companies, Lowes and Target reported dismal results yet both stocks are higher. A few select techs are higher like Texas Instruments, Research in Motion, and VMware. But that's about it for the good news. After the first hour the Dow had declined over 200 points. The Nasdaq was down 30 points. Here we go again. Through the morning the averages remained weak until the lunch hour. Entering the lunch hour the averages moved closer to the unchanged level. Citigroup is unchanged. It's sad when you root for stocks to get back to the unchanged level. During the lunch hour financials and the major averages crept into the green.
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