Wednesday, January 5, 2011

Morning dips reverse to close slightly higher

1/2% declines in the major averages became 1/2% gains as the ADP report showed a surprise +270k increase in payrolls.

POT was up 5 pts or 3.5% today when MOS preannounced positive earnings yesterday after the close sending up the whole sector today.

PCLN was the big winner of the day up 24 pts or 5.77%. Seems the dispute between the airlines with orbitz and now expedia will presumably play right into PCLN's hands.

Top performing sector was the Semiconductors. ENTR up 7.6%, CAVM up 6.7%, and ARMH up 5.5%.

IWM did best for the major averages up 1%, generating a 3% gain for the TNA overnighters.

Coal is doing ok as some weather related event in Australia is affecting global exports. PCX up 7.5%. KOL up 1.1%. MEE was up 2.3% but then reported lower than expected shipments after the bell and surrendered those gains afterhours. JOYG dropped 1% on no news which was discouraging.

ANR led the Industrial Metals up 3.8%. WLT up 1.1%

Both WYNN and MGM rose 1% to lead the casinos.

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