Minyanville's Market Recap: Light Radar, Markets End the Day Up.
It was a light day on the radar. financials were mixed but the markets gained on the day.
Markets continued to digest the actions of the Fed and Chairman Bernanke's testimony this week. Professor Cooper commended Congressman Ron Paul on "telling it like it is." in his morning column. "Will the effects of the Fed news wane after the excess of optiosn expiration?" he asked. Click here to get more of his thoughts in The Fed In Wonderland? For another view, please read Professor Reamer's Bernanke Stumped By Representative Ron Paul.
Gold futures seemed to take a rest coinciding with a downgrade of gold stocks by Merrill Lynch (MER). Dr. J noted on the Buzz that he didn't understand Merrill's logic. Our gold specialist Professor Lewis also added, "Gold and miners are probably due for some sort of rest, but then again, if there's a currency event over the weekend, that rest won't last long." Professor Warner also chimed in on the topic. Get his thoughts on gold and silver, and volatility in his daily column, Doin' It Bloggystyle.
Financials ended the day mixed. Merrill Lynch fell -0.76% along with Morgan Stanley (MS) losing -0.29%. Bear Stearns (BSC) and Lehman Brothers (LEH) gained +1.61% and +0.63 respectively. Toddo had been eyeing Goldman Sachs (GS) the past two trading sessions by buying puts. Although he was stopped out, he proceeded to re-enter the trade after late breaking news of KKR and Goldman informing Harman (HAR) that it was no longer completing the acquisition. "In a perfect world, I was waiting for $214 but….this news could serve to renew M&A concerns…" Get more of insights into this trade in his Random Thoughts: The Good And The Bad Of The Week's Final Hours.
For more of what happened on the Buzz & Banter, please click on our Buzz Bits.
Below is a recap of the idea flow on today's Buzz & 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: VMW, NYX, FTI, BRL, BIDU, GOOG, ABX, AAPL, EBAY, RIO, NILE, ORCL, CAL, SWN
Some bearish trade or investment ideas: CVG, NYX, GS, SPX, FMD, WFC, BSC, CGV, MS, MA, SNE, HAR
Monday is another light day with no economic events scheduled. See below for a preview for the trading session. Please click here for the full trading radar.
After: LTRE, SNX
Woohoo! It's Friday. Be safe, Minyans, and ya'll have a great weekend!
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