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Market Recap: Oil, Tech Cocktail, Markets Fall


Energy stocks fall, led by a decline in commodities. Tech pain continues to persist. Markets end lower.

Stocks related to tech and energy were hit hard in today's session as commodities declined. The Dow Industrials fell -55 points, or -0.42% to 12987, the S&P 500 fell -14.5 points, or -1.00% to 1439, and the Nasdaq Composite fell -43 points, or -1.67% to 2584.

Recent high-fliers in the tech space extended their losses from last week with Apple (AAPL), Research in Motion (RIMM), and Baidu (BIDU) leading the way. Professor Udall attempted to defend Apple shares, noting on the Buzz potential catalysts including the holiday season and potential "eye popping" iPhone sales in Europe. Nonetheless, Apple shares fell -7%, marking a nearly 20% decline since November 6th. RIMM fell -10.45% and BIDU lost -12.79%. For more on these high beta stocks, read Toddo's Monday Morning Quarterback.

Energy and commodity-related stocks were laggards in today's session with a fall in oil prices. Oil fell over $1 this morning as news of Saudi Arabian officials signaled an increase in production by OPEC. Notable names included Exxon Mobil (XOM) falling -2.66%, marking a -4% performance for the month of November. ConocoPhillips (COP) lost -4.35%, and Murphy Oil (MUR) fell -5.4%. The drillers performed just as poorly, with the Oil Service Hldrs Trust (OIH) closing down -5.6%. Professor Michael noted on the Buzz of the bearish signs in the open interest and net commercial positions in futures, but maintained a longer-term bullish rating, "I am not nibbling on anything yet in the energy or precious metal stocks, but am starting to put together a 'wish list.'"

The decline in oil made room for advances in the retail sector. The Retail Hldrs Trust (RTH) moved up +1.14% with similar performances in individual stocks. Wal-Mart (WMT) rose +0.42%, Target (TGT) rose +0.44%, and Sears Holding (SHLD) rose +1.86%. Professor Nelson noted the recent performances of other stocks. Read his article, Investors Playing Musical Chairs.

In the financial sector, E*Trade (ETFC) shares plunged 59% as an analyst from Citigroup released a note stating poor management put E*Trade's viability in jeopardy. E*Trade has fallen nearly 70% since October 31. For more, read Professor Depew's Five Things You Need To Know.

Oil finally settled -1.70 to 94.62. Gold fell -27 to 807.70. Silver fell -0.78 to 14.76, and copper lost -3.65 to 310.90.

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: SPX, MON, AEM, MDR, LAYN, PHO, NT, CSCO, AAPL, SIGM, DRYS, GS, BIDU, MOS, OIH, XLE, FFIV, EMC, VMW, gold

Some bearish trade or investment ideas: SPY, HBC, BKX, AAPL, MA, RIMM, crude, gold, dollar

The Mondaays are over! We'll see you tomorrow! Have a good night!
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No positions in stocks mentioned.

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