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: Bulls Come Out Of The Woodwork


Bulls came out of the woodwork today, believing the markets were oversold. The Dow gains a hundred points.

Bulls believing the markets were oversold came out of the woodwork today. The Dow Industrials added +171 points, or +1.36% to 12778, the S&P 500 added +15 points, or +1.09% to 1416, and the Nasdaq Composite finished +38 points, or +1.57% to 2478.

"It's interesting to note that the tenor of the commentary I've read has become entirely more constructive," said Toddo, "I see it in the 'Ville, hear it on the Street, and, truth be told, I'm feeling it myself. I'm left to wonder if conventional wisdom has shifted towards the expectations of a near-term bounce (in the context of a broader malaise)."

In the financial sector, the Philadelphia Bank index (BKX) managed to inch into positive territory. The stock finished +0.23% to $84.23. The best gainers on the day were Merrill Lynch (MER) finishing +2.34% to $55.97, Bear Stearns (BSC) +2.38% to $81.80, and Credit Suisse (CS) +2.32% to $58.32. Read Toddo's Monday Morning Quarterback.

Tech stocks finished strongly on the day. Shares of Apple (AAPL) moved higher as investors shook off news that the company and China Mobile (CHL) ended talks without an agreement to sell the iPhone in China. Apple settled +3.91% to $178.7. "Methinks the behavior of Apple, the heart and soul of speculation, on earnings later this month will seal the deal as the psychology of the broad market in the first half," said Professor Jeffrey Cooper.

IBM (IBM) shares also helped lift the markets. The company preannounced earnings exceeding Wall Street expectations in the premarkets which also sent stock futures rallying. IBM settled +5.39% to $102.93 For more tech ideas, read Professor Udall's Tech Names That Can Save The Day.

In other news, Sears Holdings (SHLD) hit a new 52-week low after the company said it would likely miss Wall Street's fourth quarter expectations. "What happened today with Sears essentially illustrates the problems I had with the company from the jump. Everything you can see and touch about the chain is horrible. What was supposed to make up the difference was Eddie Lampert's financial management. Obviously, that's not happening.

"When the consumer tide rolls out, running a bad, massive, retail chain is a really expensive way to fund a trading operation," said retail specialist Professor Macke. SHLD shares finished -6.34% to $86.43. Read Professor Depew's view on the consumer in today's Five Things You Need To Know.

Commodities were strong today. Crude oil added +1.51 to 94.20. Silver gained +0.052 to 16.325. Copper gained +4.70 to 333.05, and gold settled +8.00 to 905.70.

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: FCSX, IBM, ELN, JNJ, PFE, AGU, TRA, LNN, XLF, GSIC, DBA, IBKR, SDTH, SPX, HLIT, COST, Gold, Gold shares

Some bearish trade or investment ideas: SHLD, SGP, MRK, AEM, GLD, NILE, AMZN

"Hey, look on the bright side, we're 20% done with the week!" said Toddo. Have a great night!

< Previous
  • 1
Next >
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.

Featured Videos