Stocks started the session off with gains, but turned to the negative in the afternoon. When the Commerce Department reported today that consumer confidence rose more than expected in August stocks rose. This morning it was reported that consumer confidence rose to a reading of 53.5 in August, from 51 in July. Although it was a modest rise it topped analysts' expectations of a reading of 50. Investors also got a mixed report on banks from the Government this morning. According to a government report the number of banks on the FDIC watch list doubled, making it the highest since 1993. In the Federal Deposit Insurance Corp's quarterly survey, it showed an increase by 53 banks, taking the overall number to 829 banks being watched to fail. Last year the FDIC list reached 416, but in the first quarter of 2010 it rose to 775. Just because banks are on the list doesn't necessarily mean they will fail; smaller institutions are usually the ones to be closed. Roughly only 13% of banks on the list are forced to close overall. Also in the report it showed that financial institutions posted their highest earnings in almost three years. In the second quarter; banks reported an overall net income of $21.6 million. Stocks erased earlier gains in the afternoon; after being up, the Dow was at a loss of 20 points with an hour left in the session. Commodity prices slipped today, along with the dollar which fell versus the euro and the yen.

Free Daily Stock Picks activity and results for August 31, 2010:

BLL - EOD price hit for a gain of 0.35 points
DCI - 1st Target Level hit for a gain of 0.63 points
DG - EOD price hit for a gain of 0.09 points
DSW - 2nd Target Level hit for a gain of 0.71 points

Total: 4 positions; +1.78 points; +$178 (based on 100 shares)

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Stocks Day Trading Picks results:
Total: 11 positions; +7.06 points; +$706 (based on 100 shares)

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Forex Day Trading Picks results:
Total: 3 positions; +$756 (based on 1 contract)

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Futures Day Trading Picks results: N/A
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