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Market Recap: Stocks Mixed Into The Weekend


Homebuilders and financials weigh on the markets while tech shines.

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!
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No positions in stocks mentioned.

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