Minyanville's Market Recap: Broad-Based Rally In The Markets
Markets surged with a broad-based rally. OPEC increased output, yet crude reaches all-time high.
The rally was broad based with the typical added push in the last hours of the trading day. Gains were experienced in all ten economic sectors each adding over 1%. (From Briefing.com)
All eyes were watching Fed Chairman Ben Bernanke earlier this morning as he gave a speech in Berlin. Despite the attention, Chairman Bernanke gave no indication of a rate cut for the Fed's September 18th meeting. Please read Professor Depew's Five Things You Need To Know for more analysis on Chairman Bernanke's speech. In addition please review our stance on the Fed's actions with our package Ben In A Box on our Economy Page.
Crude Oil surged to an all-time high even as OPEC met today voting for an increase in oil production by 500,000 barrels per day. The sentiment was shared with all commodities as front month futures for gold and silver surged over 1%. Copper gained 3.8%. Please read Professor Shedlock's Double Standard In Gold Hedging? for more insight into the commodities space.
Late in the day, Countrywide Financial (CFC) made headlines as Dow Jones reported the company was taking decisive steps to address its funding needs. Toddo mentioned the importance of CFC in his Random Thoughts from yesterday.
In other news, McDonald's (MCD) stock surged over 3%. Professor Macke mentioned this on the buzz as being "one of the best managed companies on Earth" due to its ability to manage the stock as well as franchisees.
In economic data, the country's trade balance came in a little greater than expected at -$59.2 bln vs. -$59.0 bln cons. The prior figure was revised to -$59.4 bln from -$58.1 bln.
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: HOKU, ASTI, MA, SPX, MRVL, BRCM, NSM, CGV, YG, BX, JAVA, DECK, TTWO, ATVI, XLNX, MCD
Some bearish trade or investment ideas: NCM, FMD, AAPL, SPX, DNA, DXY, MAT
Please click on our Buzz Bits for more summaries of what happened real-time on the Buzz.
Rest up, Minyans. We'll see you bright and early tomorrow as it's Hoofy and Boo Wednesday and they'll have a great new video for you. Have a good night!
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