What looked like a huge down day, turned into a smaller down day. The DOW was down over 200 at one point today, but the indexes turned around about 1:30 this afternoon and moved higher to the close. The dollar shot up overnight and broke through the 78.34 resistance and held. The dollar rise caused crude and some commodity stocks to weaken, as well as gold, which got hammered to a tune of 28 bucks. Overnight, China said they were tightening lending and many China stocks fell, especially ones related to housing.
After the bell we heard earnings from Starbux and E-bay, both of which deal in the retail sector. Starbux is trading higher and E-bay is about flat. Amazing to me people are still buying $5.00 coffee.
The star of the day was CREE, the semiconductor maker (LED lighting)who were up over 17% after killing earnings. This one I understand. I have been watching them for several years, but of course didn't buy any. Stupid me.
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