Day Traders Diary
12/22/10U.S. stocks wavered from opening gains as Wall Street tried to extend a winning streak that has the Standard & Poor's 500 up for a fifth consecutive session. The Dow Jones Industrial Average dipped a point to 11,531. The S&P 500 inched up a point to 1,255. The Nasdaq Composite added 2 points to 2,669. Plenty of earnings last night and this morning. In the tech and retail space Nike, Red Hat, and Finish Line are down over 3% following disappointing guidance. Chipmaker, Xilinx is down 4% after lowering guidance last night. Most of the chips are trading lower. Micron is modestly higher on an upgrade ahead of earnings tonight. One chip stock acting great is ARM Holdings up 5% to new highs. Microsoft said they would use their chip in a new Windows based software next year. Not great news for Intel which is down a percent. A number of stocks are higher following earnings including Progressive Software, American Greetings, and Walgreens. All three are up 8%. Not bad. The financials are acting great once again. US Bancorp upgraded the sector. State Street and Bank of New York were also upgraded. An analyst made positive comments on Visa and Mastercard this morning. The Dow Jones Transportation Average remains on a tear. Railroad company Genesee Wyoming is higher on an upgrade. Carnival Cruise keeps pushing higher following strong earnings the other day. The stock is up 3% today on an upgrade. After the first hour the averages remain modestly in the green. This market does not want to go down.
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