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Market Recap: The Mother of All Numbers, Yet Stocks End Flat


Stocks failed to follow through even with better than expected job numbers. Solar stocks surged. Markets end flat.

Stocks were flat in the aftermath of the subprime rescue plan. The Dow Industrials added +5.7 points or +0.04% to 13625, the S&P 500 lost -2.7 points, or -0.18% to 1504, and the Nasdaq Composite lost -2.9 points or -0.11% to 2706.

The markets showed a lack of any significant follow through a day after President Bush announced the details of the subprime rescue plan. The markets were flat this morning even with the mother of all economic figures failing to even provide any type of catalyst: the all-important job numbers. The nation's employers added 94,000 in November according to the Labor Department, versus consensus figures of 70,000. The prior figures were also revised upward to 170,000 versus previous reports of 166,000. The unemployment rate also came in at 4.7% vs. 4.8% cons. Yet investors did not seem convinced. Even Mr. Practical stated on the Buzz "I don't even bother to comment on the BLS employment numbers anymore. They are so manipulated as to be a joke… The BLS continues to make up numbers to make it look like the economy is not collapsing but cooling just enough to warrant a Fed rate cut. How convenient." For more on these numbers read Professor Depew's Five Things You Need to Know. Special Edition. Also check out Professor Shedlock's Hope is Now a Sucker Trap.

Financial stocks were mixed on the day. Professor Udall addressed on the Buzz investor concern of "fears of greater writedowns, EPS issues, and just general fears of future ugliness…" Nonetheless he expressed his interest in Wachovia (WB), Morgan Stanley (MS), Merrill Lynch (MER) and Bear Stearns (BSC) with the stocks potentially trading "25, 40, or 50 percent and higher in months to come." On the day, WB closed -2.0%, MS added +0.21%, MER added +0.15%, and BSC added +2.78%.

Solar stocks surged on the day. Professor Tatro buzzed, "It sure is nice to see another solar pop and while I am light there after selling down into the last burst of strength, I did take the opportunity to sell off another piece of my Canadian Solar (CSIQ) here to book a quick gain." Canadian Solar (CSIQ) gained +14.99%, First Solar (FSLR) added +8.37%, Sunpower (SPWR) added +6.5%. Read his recent article Alternative Energy Is Where It's At.

Commodities were weaker today with crude oil closing lower -1.95 to 88.28. Silver futures lost -0.12 to 14.505. Gold futures fell -6.90 to 800.20, and Copper gained 7.75 to 312.60.

For more summaries, click on Minyanville's Buzz Bits.

Idea Flow

Below is a recap of some of the idea flow on today's Buzz & Banter. Please note that stocks may appear in both bullish and bearish categories, due to long and short term trades by our many Minyanville professors.

Some bullish trade or investment ideas: SNPS, MS, BSC, WB, ITRI, LNN, ZINC, SH, SDS, IMAX, GPS, BRCM, ATVI, COST, OMG, BIDU, CDS, CHDX, CHT, CY, TXCO

Some bearish trade or investment ideas: SWHC, PALM, NSM, FMD, PCLN, AAPL, SPY

Work hard; party hard. See you at Festivus! Have a great weekend!
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No positions in stocks mentioned.

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