Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Market Recap: Stocks Mixed Into The Weekend

By

Homebuilders and financials weigh on the markets while tech shines.

PrintPRINT
Traders seemed undecided into Friday's close. The Dow Industrials lost -65 points, or -0.53% to 12,182, the S&P 500 fell -5 points, or -0.42%, and the Nasdaq Composite gained +11 points, or +0.52% to 2,304.

Financial stocks declined on the day. Merrill Lynch (MER) shares fell after the WSJ reported the Justice Department's U.S. attorney's office in Manhattan notified the SEC that it was beginning to collect information for an investigation into the company. The news took down the banking sector with MER closing -2.7% to $52.19. Other financial stocks included Morgan Stanley (MS) -3.7% to $43.19; Bear Stearns (BSC) -2.8% to $80.67, and Goldman Sachs (GS) -1.78% to $187.07. The broader Financial ETF (XLF) fell -1.67% to $27.12 which capped a -8% drop for the week. Read Toddo's Freaky Friday Potpourri.

Homebuilders were another drag on the markets. News of Bear Stearns increasing their short exposure to $1 bln on subprime securities certainly didn't give bulls confidence in the sector. D.R. Horton (DHI) was among the leaders to the downside dropping -4.8% to $14.17. Ryland Group (RYL) fell -2.5% to $28.07, and Beazer (BZH) lost -2.15% to $7.74. The broader DJ Real Estate ETF (IYR) dropped -3.10% to $63.40. Check out Minyanville Editor Andrew Jeffery's Housing Bailout Masquerades As Stimulus and Professor Kevin Depew's Five Things You Need To Know.

The tech sector was the highlight of the day, however. Toddo noted the beta names which had been taking a beating in recent days. "You can learn a lot by just watching," said Toddo, "Stocks that are green in the face of fugly future speak volumes about underlying agendas, at least for a trade." Amazon (AMZN) added +3.56% to $73.40, Apple (AAPL) gained +3.34% to $125.27, and Research in Motion (RIMM) surged +5.50% to $89.55. Check out today's Random Thoughts.

Commodities moved higher in the session. Crude oil added +3.66 to 91.77. Gold gained +12.90 to 919.00. Copper added +6.65 to 351.45, and Silver added +0.40 to 17.175.

"…the HUI is starting another leg up today similar to its move from the December low. The CCI is at an all-time high," said Gold specialist Professor Lance Lewis, "DBA is at an all-time high. Stagflation is the name of the game. The Fed is printing and will continue to do so. It has no choice. For more, read his article Gold Poised For New Highs.

For more summaries, check out 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: AAPL, WFR, GIGM, AMZN, GOOG, RIMM, BIDU, AU, QQQQ, FFIV, INFN, MSFT

Some bearish trade or investment ideas: AEM, AMGN, Retail

Have a great weekend, Minyans!
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE