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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Day Traders Diary

11/5/10

U.S. stocks on Friday struggled to toss off opening losses after the government said employers added 151,000 jobs last month, more than double what economics had predicted. Shaking off mild losses, the Dow Jones Industrial Average added 4 points to 11,439. The S&P 500 rose a point to 1,222 while the Nasdaq Composite declined half a point to 2,576. Even if the unemployment number was spectacular, the market was going to have a tough time rallying. We can't go up every day. Plenty of earnings keep flooding in. To the downside we have Activision, Mohawk Industries, Netsuite, Croc's, CBS, Kraft, and Red Robin Gourmet Burgers. Red Robin is down over 12% after reporting a loss and discontinuing guidance. To the upside we have Fluor, Coventry Health, Dish Network, Starbucks, Atmel, CF Industries, and Boston Beer. CF Industry, a fertilizer firm, is higher after trading lower last night and this morning. Freeport McMoRan is up again to a new high. A number of oils are modestly higher. The techs are modestly lower. Research in Motion is down 3% after Dell said they will switch employees to their own smartphone. Symantec is jumping 3% on rumors of a breakup. After the first half an hour the averages remained near the unchanged level. The best performing sector is the financials so far. The Fed's announcement yesterday to allow the best capitalized banks to up their dividends once again is lifting the whole sector. The five largest US banks are all up over 2.5%. PNC bank is up 4.5% on an upgrade. Through the morning the averages held near the unchanged level, but pulled back in the afternoon. The commodities are pulling back, but the financials are holding firm. Massey Energy is jumping 12% on rumors of a takeover. In the last hour the averages rebounded finishing off a great week. The Dow Jones Industrial Average finished up 9 points at 11,444. The S&P 500 index gained 4 points to close at 1,225. The Nasdaq Composite added a 1 point to close at 2578. For the week, the Dow rose 2.9%, the S&P 500 gained 3.6%, and the Nasdaq up 2.9%. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.