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Minyanville's Market Recap: Late Day Rally, Stocks End Mixed


Stocks started strong with positive earnings but lost steam throughout much of the day. Nasdaq and S&P were pushed into the green after a late-day rally.

A late-day rally helped pushed the Nasdaq and S&P into positive territories. The Dow Industrials fell -0.15% to 13,892, the S&P 500 added +0.18% to 2,179, and the Nasdaq Composite added +1.04% to 2,792.

Tech stocks received a lift this morning after yesterday's positive results from Yahoo! (YHOO) and Intel (INTC). Both stocks reported after yesterday's bell above analysts expectations. Numbers from JPMorgan Chase (JPM) also helped the sentiment as earnings for the third quarter came in at $0.97 above analyst estimates of $0.90.

Although the bulls seemed to be in control for much of the morning, Professor Sedacca seemed unconvinced stating on the Buzz, "almost every other measure I use for sentiment shows ultra-complacency on nearly every front. I will fade this rally. Perhaps in a big way, via QQQQ/QID." Nonetheless, stocks lost their steam and were in the red for much of the trading day. For more on those numbers read Professor Macke's Session Review and Professor Succo's JPMorgan: The Good, The Bad, and The Ugly.

In economics, housing continued to be a drag on the economy. Building permits came in under expectations at 1226 k versus analyst estimates of 1200 k. Housing starts fell to a 14-year at 1191 k versus 1285 k consensus. Homebuilders continued their declines. The Philadelphia Housing Sector Index (HGX) fell to 157.09, down -0.78%. Other notables included Lennar (LEN), down -3.22% and Hovnanian (HOV), -4.43%. Toll Brothers (TOL)performed the best closing unchanged at $21.38.

Monthly CPI figures eased inflation concerns. CPI for the year came in at +2.8% in-line with expectations with core CPI also in-line at +2.1%. For more analysis, read Professor Depew's Five Things You Need To Know.

In commodities news, Crude oil fell slightly by -0.51 to 87.10 per barrel as U.S. crude inventories came in +1784 k. Metals were mostly weaker as well. Gold fell -2.6 to 759.40,, and copper fell -5.00 to 359.10. Silver gained +0.062 to 13.720.

For more summaries of what happened today, click on Minyanville's Buzz Bits and Professor Tuttle's Winners & Sinners.

Here's a preview of Thursday's trading session: Click here for the full trading radar.


8:30 Initial Claims: 308 k prior
8:30 Leading Indicators: 0.4% cons
12:00 Philadelphia Fed: 8.0 cons


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: YHOO, CCJ, SCHW, INTC, CCNE, NVLS, IDTI, BRCM

Some bearish trade or investment ideas: QQQQ, QID, FXI, DRYS, SPX

Hope you all had a great day. See y'all tomorrow!
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No positions in stocks mentioned.

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