Day Traders Diary
12/28/10U.S. stocks open modestly higher on Tuesday ahead of a consumer confidence number. The Dow Jones Industrial Average rose 15 points to 11,571. The Standard & Poor 500 Index gained a point to 1,259. The Nasdaq Composite added 2 points to 2,669. The US dollar is lower allowing the commodities to push higher. Freeport McMoran is at another new 52 week high. The rare earth stocks continue to sizzle. Molycorp is up another 10% today. The financials are modestly higher once again. Bank of America is up 1.5%. The techs opened higher, but then sold off. Apple is higher, but that's about it. After the first half an hour the averages fell into the red. The recent highflyers like Chipotle Mexican Grill, Priceline, Netflix, F5 Networks, Decker Outdoors, and Panera Bread are all lower. Volume is down so far this morning. No news this morning except for a couple of upgrades for the recent IPO, General Motors. That stock is up 2% to new recent highs. After the first hour the averages remained in the red on no volume. Quiet trading to start the morning. Through the morning and into the afternoon Dow improved thanks to Chevron and Exxon Mobil making new 52 week highs. The Nasdaq remained in the red. The financials have pulled back. In the last hour the Dow rose as much as 30 points as most of the Dow components traded higher. The Nasdaq remained stuck in the red. The Dow Jones Industrial Average ended at 11.575 up 20 points for the day, its best close since August 2008. The Nasdaq lost 4 points closing at 2,622. The S&P 500 crept up 97 cents to 1258.
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