Day Traders Diary
11/29/10U.S. stocks opened lower on Monday after a bailout for Ireland did little to ease worry about Europe's financial troubles. The Dow Jones Industrial Average fell 87 points to 11,004. The S&P 500 Index declined 10 points to 1,179. The Nasdaq Composite shed 17 points to 2,517. Another down open as the correction continues. The first Monday with no major acquisitions. I guess everyone was shopping. Speaking of that, Amazon is jumping 2% on strong weekend sales. Today should be another good day for Amazon as it is called Cyber Monday. Netflix and Ebay are also trading higher. Ebay was actually downgraded. Apple is higher as I'm sure they sold a zillion products over the weekend. All the big house discount retailers are trading modestly lower. American Eagle is one of the few brick and mortar retailers trading higher on an upgrade. The financials opened unchanged to modestly lower. Wells Fargo is modestly higher on an upgrade. Ameriprise was highlighted in Barrons, but is trading lower on a downgraded. The techs for the most part are lower. Apple and Akamai are higher on positive analyst comments, but that's about it. The weakness overseas is causing the US dollar to rally and commodity stocks to drop. After the first half an hour the averages pushed lower with the Dow dropping 140 points. The Nasdaq declined 30 points. It's not looking good. After the first hour the averages bounced off the lows with the banks showing a little life. Through the morning most of the big banks moved into the green. A couple of commodities turned around like Freeport McMoran and Potash. The transportation average is in the red, but FedEx's stock is acting great. A feature in Barrons and an upgraded this morning with a $111 price target has this freight service stock trading up 3%. In the afternoon the averages continued to improve as the US dollar pulled back. Heading into the last hour the averages had produced a nice turnaround trimming over half the losses. The financials are leading the rally for once. More and more techs, commodities, and retailers are moving into the green. In the last hour the averages fought and clawed trying to get back the unchanged level, but came up a little short. The Dow Jones Industrial Average finished down 39 points at 11,052 well off an earlier low of 10,929. The S&P 500 index declined point to 1,187. The Nasdaq Composite fell 9 points to 2,525.
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