Day Traders Diary
8/25/10U.S. stocks open modestly lower once again as investors digest a disappointing report on durable goods and braced for weak housing data. The Dow Jones Industrial Average fell 41 points to 9,998. The S&P 500 Index shed 4 points to 1,047. The Nasdaq Composite declined 10 points to 2,113. Only one direction for the markets now, downward. Hopefully we're getting close to a capitulation bottom. Not a lot of news other than the weak economic data. The only stocks trading higher are the ones reporting earnings. In the retail space American Eagle is up 5% on lackluster earnings. Coldwater Creek is jumping 21% following better than expected earnings. Toll Brothers is up 2% on better than expected earnings. DR Horton is up 3% on an upgrade. In the tech space, OSI Systems is up 8% after beating earnings estimates. Corning is higher on an upgrade. Within the first hour the Dow fell 100 points back below 10,000 before rebounding. The Nasdaq declined 22 points before rebounding. Through the morning the averages slowly recovered led by the techs. Google is higher. Research in Motion is higher for once. Heading into the lunch hour the Nasdaq actually made it back to the unchanged level. But unfortunately that was the best we could do. The Nasdaq fell back into the red and the Dow dropped 50 points. No buyers out there. In the middle of the afternoon the averages tried to rally once again. The techs and retailers are trying to rally. The financials can't rally and the Dow, for some reason, does not want to go positive. In the last hour the major averages finally broke through into positive territory. What a struggle for a positive close. The Dow Jones Industrial Average finished up 19 points to end at 10,060, after slumping as low as 9,937.90 during the session. The blue-chip average's advance was led by a 2% gain in shares of Home Depot. The S&P 500 index gained 3 points to 1,055, led by its consumer discretionary sector, up 1%. Both the Dow industrials and the S&P 500 had fallen in the previous four sessions. The Nasdaq Composite rose 17 points to end at 2,141.
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