Minyanville's Market Recap: Barclay's Again, Crude At All-time Highs, Stocks End Flat
Japanese eye-opener, crude hits $80 all-time high, stocks end the day flat...
Investors received a bit of an eye-opener this morning as news of Japan's Prime Minister Shinzo Abe announced his resignation. The news put a bit of downside pressure on the Japanese stock markets as well as the yen, but Mr. Practical maintained his stance as he noted on the Buzz "I plan on moving when the dollar/yen hits 80."
The dollar as measured by the DXY also broke a significant level today. Toddo noted this in his column Answers I Really Wanna Know. Please also read Mr. Practical's Minyan Mailbag as he gives more color as to why the greenback has broken this trend.
Crude oil briefly touched the $80 dollar per barrel mark today on bullish weekly crude inventories data. The weekly government report showed crude levels declining -666 thousand vs. consensus estimates of -500 thousand cons. Adding to the sentiment was Tropical Storm Humberto which formed in the Gulf of Mexico. The pressures combined sent crude oil prices to an all-time high closing at $79.91 per barrel. Professor Krueger opined on the Buzz "the cheating that goes on behind reported OPEC numbers makes it pretty unhelpful. The fundamentals have strongly supported much lower…prices for quite some time now… but the trading and speculation and terror fears have held it up at levels above where arguably it should be."
Signs of credit problems re-emerged as Barclay's (BCS) was reported to inject $1.5 bln into a third fund, Golden Key. Late in the day, however, Citigroup (C) attempted to calm investors' concern by issuing a statement that their subprime losses were declining. Toddo wondered on the buzz how that was so as if they were assuming there were no more unforeseen defaults. See his post as well as other in-depth summaries that happened real-time by clicking on our Buzz Bits.
Below is a recap of the idea flow on today's Buzz and Banter. Please note that stocks may appear on both bullish and bearish categories due to long and short term trades by our many Minyanville professors.
Some bullish trade or investment ideas: AKAM, AAPL, ECA, OILL, SPX, GOOG, DECK, PCLN, JAVA, DBE, BRCM, FCX, MM, AMZN, BIDU, NILE, PAAS, RMBS, CYPB, TGB, CIEN, HLIT, RIMM, MA, NVT, SSRI, DKS
Some bearish trade or investment ideas: SPX, TEX, WYNN
Rest up, Minyans. Click here in case you missed Hoofy and Boo's hilarious new video. Ya'll have a great night!
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