Day Traders Diary
11/30/10
U.S. stocks opened steeply lower on Tuesday, taking the Dow Jones Industrial Average back under 11,000, as Europe's fiscal issues weighed on sentiment. The Dow Jones Industrial Average fell 96 points to 10,955. The S&P 500 Index declined 11 points to 1,175. The Nasdaq Composite dropped 33 points to 2,491. For the third straight day the averages have succumbed to heavy selling in the first hour. Very few stocks are trading higher. The recent highfliers continue to perform well. Netflix, Decker Outdoors, and Chipotle Mexican Grill are all higher. Decker Outdoors received positive comments from CNBC's Jim Cramer and also the company is teaming up with UGGs for a new male line of boots. Good luck with that. Research in Motion is one of the few techs trading higher thanks in part to an upgrade. Google is getting walloped due to a new European probe and a US consumer watchdog group reiterating their recommendation for the US Justice Department to similarly investigate the web giant. Ebay is down 4% on a downgrade. Zoltek is down 9% after missing estimates. Seagate is down 4% after discontinuing their attempts to go private. The commodities are lower even as gold and silver spike higher. The oil drillers are all down 2% to 3% this morning. The financials are modestly lower. Citigroup is unchanged on an upgrade. The retailers are lower. Lowes reaffirmed earnings estimates, but it doesn't seem to be helping. Barnes and Noble is down 9% after missing estimates. Within the first hour the averages slowly started to improve as a couple of Dow components moved into the green. After the first hour the Dow was only down 30 points. The Nasdaq declined 16 points. One of these days we'll actually rally into the green. Through the morning and into the afternoon the averages continued to improve with the Dow actually moving into the green momentarily. One sector not bouncing is the financials. Bank America looks awful dropping to a new 52 week low. Another stock that looks awful is Google down 4% on news of a European investigation and rumors they are looking to buy another Internet company. In the last hour the averages tried to get back to the unchanged level once again. But similar to yesterday, came up short.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.