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Market Recap: Stocks Inch Up In Volatile Trading

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Stocks inch up in today's volatile session. Tech stocks and commodities fall.

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Last minute buyers lifted the markets into positive territory. The Dow Industrials added 27 points or +0.21% to 12827, the S&P 500 added 4 points, or +0.32% to 1416, and the Nasdaq Composite lost -5 points, or -0.21% to 2499.

The markets were volatile in today's trading with stocks significantly lower early into the trading session. Economic worries had bulls sitting on the sideline until late in the day. "The problem with trying to get something going in a market like this isn't just the financial loss should you take a few on the chin, but it is the emotional damage as well. After a few failed attempts your emotional level is zapped and pretty soon you aren't even thinking rationally about the trading ahead," said Professor Quint Tatro.

In the financial sector, the Bank Index (BKX) ended up on the day gaining +0.86% with a number of brokers closing lower. "The banks, which have been beaten with an ugly stick, are hanging tough. Boo would argue that the weakness in the brokers more than offsets the money center traction and, well, he would likely be right," said Toddo. Bear Stearns (BSC) led the brokers to the downside falling -3.3%, followed by Goldman Sachs (GS) -2.6%, Morgan Stanley (MS) -2.01%, and Credit Suisse (CS) -2.18%. For context on the financial sector, read Professor Depew's Five Things You Need To Know.

Tech stocks dropped. Apple (AAPL) shares closed -1.16% to $177.81. Professor Jeffrey Cooper noted on the Buzz, "Apple tagged the 170 strike level and reversed meaningfully after the first hour." Research In Motion (RIMM) fell -3.40% to $99.80. Google (GOOG) closed -1.16% to $649.01, and Baidu (BIDU) fell -4.62% to $343.87. Toddo mentioned these plays in today's Random Thoughts.

Commodities ended lower. Crude oil fell -2.35 to 95.56. Professor Adam Michael said "The selling is temporary in my opinion. A pullback to the low 90's would not surprise me. There is a fair amount of backwardization in crude oil so we may see some selling of the front month and buying of late 2008 crude until the curve flattens out some more. If we rally back and break $100, there will be a nice looking inverse head and shoulders on the charts that would measure to over $110. It looks to me like we could be carving out the right shoulder now."

Metals were weak on the day as well. Copper fell -2.15 to 312.00, silver fell -0.166 to 15.180, and Gold futures declined -5.30 to 860.40. "The Fed is going to ease when it shouldn't and it also looks like the federal government is going to issue even more debt in order to create a stimulus package…the problem won't be solved by money printing but gold will benefit from the monetary fiscal medicine. This is the same principle I talked about last August," said gold specialist Professor Lance Lewis.

For more summaries from the Buzz and Banter, 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: MO, OMG, FTI, RIMM, NKE, PG, FCSX, GFIG, HOLX, ARAY, DBA, PEG, BG, WBD

Some bearish trade or investment ideas: AAPL, GS, BX, FRE, COST, GOOG, BA, BSC, ATI, SOLF, CSUN, FSLR, RIMM, BIDU, IEF, SBUX, CROX, ARRS, HLIT, CMCSA, TWX, CHTR, WFMI, FFIV

Geaux Tigers! Have a good night!

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No positions in stocks mentioned.

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