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Minyanville's Market Recap: The Strike Is On, Stocks End The Day Lower

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The markets were up this morning but seemed to turn as GM's workers went on strike! Stocks ended the day lower.

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Stocks ended the day lower today. The Dow Industrials fell -0.44% to 13,759, the S&P 500 fell -0.53% to 1,517, and the Nasdaq Composite closed down by -0.12% to 2,667.

Stocks were up for much of the morning even with a bit of bearish news weighing on the financial sector. News of Deutsche Bank (DB) writing down as much as $2.4 bln in leveraged loan commitments sent the shares falling approximately 2% in the premarket. DB ended the day down -2.27%. Other notables included Morgan Stanley (MS) falling -3.34%, Bear Stearns (BSC) losing -3.69%, and Lehman Brothers (LEH) losing -2.5%. Goldman Sachs (GS) broke with the pack gaining +0.21%. Toddo noted this on the Buzz as it was his biggest bank short. "Don't you love it when that happens?" he said. Please read Monday Morning Quarterback: Assigning Reason To The FOMC Rhyme for more insight into this trade. In addition, please read Minyan Peter's newest contribution Financial Services Highlights: the Race Is On for updated information on the sector.

The markets seemed to turn around mid-day as the General Motors (GM)/UAW deadline passed. Although both sides were reported to be close to an agreement, no deal was reached and workers officially went on strike. Nonetheless, GM shares moved higher as union workers walked. GM did succumb to the pressure falling -0.57% on the day. Ford (F) and Chrysler (DAI) moved higher, however, gaining 3% and 1.2% respectively.

Technology shares seemed to do well. The most notable was Apple (AAPL) performing brilliantly in today's session breaking above its 52 week high. Dr. J noted on the Buzz unusual options activity as the stock proceeded to close +2.74%. Professor Udall has been bullish on this stock for quite some time. Read his original column 21 Bullish Predictions For Tech.

Dell (DELL) was another company that closed higher on a down day. The company made headlines this morning with its plans to expand its presence in China using Gome Group, the country's largest electronics retailer. (From WSJ) The stock finished higher closing up +0.36%. Read Professor Depew's Five Things You Need To Know as he gives more "color" on this story.

For more in-depth summaries of what happened on our 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: LMT, AAPL, ELON, QCOM, SVNT, VCLK, AAPL, GOOG, LVS, WYNN, NHWK, CIEN, HLIT, BBND, ARRS, BIDU, RIMM, PFE, JNJ, DGX, AMLN, GME, BRCM, HOKU, JASO, ASTI, UA

Some bearish trade or investment ideas: MTH, DAVE, RYL, MS, SPX, GS, DB, SHW, BSC, MS, NYT, HTZ

Here's a preview of what to expect for Tuesday's trading session. Click here to see the full radar.

Economics

10:00 Consumer Confidence: 104.5 cons
10:00 Existing Home Sales: 5.55 mln cons

Okay, Minyans. We hope you had a great day even though it's Monday. Don't stay up too late watching football! We'll see you bright and early tomorrow morning. Have a goodnight!
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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.

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