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Market Ended Mixed In Volatile Trading

|Includes: AAPL, AMZN, Broadcom Inc. (AVGO), CLF, GOOG, MRVL, NFLX, WDC

The market was weak at the open, but, managed to bounce back.  However, immediately after the Fed minutes were released, the market suffered a quick drop.  It paddled back up in the last hour to closed flat, flat and mixed.  Techs were on the weak side with semiconductors getting hammered; mining stocks, on the other hand, attracted some buyers (see Sector Watch from this weekend).  BRCM was down a whopping 6.43%!  SNDK continued to sink, down another 3.3%.  Just 2 weeks ago, SNDK was trading around $45/share; it closed at $33.13/share today!  MRVL, which reported a really strong quarter a week ago, suffered a 3.4% loss. 

Coals stocks led the climbing in the mining sector.  There were speculations that India may be looking for acquisitions in coal mining.  CLF gained +3.66%; WLT climbed +5.17%; ANR jumped +5.75%.

Competition in streaming videos over the Internet is heating up.  After the market, NFLX released an iPhone app that will allow subscribers to stream movies on their iPhones.  NFLX shares jumped more that $3 in after-hours trading.  AMZN also released some news of its own, preparing to offer unlimited views of older TV shows and movies online, in an effort to perhaps better compete with AAPL's iTunes and the AAPL iPhone/NFLX partnership.  GOOG, of course, is not to be left out, which was reported to be planning an international on-demand movie service through its YouTube.  In addition, GOOG has its own Android phones and a new tablet device coming out later this year.  Analysts, however, don't seem to be particularly impressive with GOOG, as an analyst from Stifel Nicolas lowered his price target on the stock to $560 from $600 and trimmed his 2011 EPS forecast to $31.28 from $31.  3 weeks ago, GOOG was trading at $510; it closed just a hair above $450 today.

The Dow was up +4.99 points; SPX added +0.41 points; Nasdaq slipped 5.94 points:

SOXX (semiconductors) was down almost 2%.  USO (oil) slumped 3.33% while OIH (oil services) sank 1.44%.  GLD (gold) and SLV (silver) both went higher.  XME (metals and mining) added +1.9%.  FXI (Chinese ADRs) fell slightly.

Charts on the market indices were little changed, so, we'll look at them another day. 

The market is very mixed right now.  Semiconductors are really weak and have been keeping the investors away from the tech sectors.  Oil took a dive today and the energy stocks were still under pressure.  Mining stocks saw some buying in the past few days.  Agriculture stocks have held their grounds, partially due to the BHP/POT merger dance.  Investors have been trying to balance the more and more attractive values of some solid companies, the speculations on potential M&A activities, and the strength/outlook of the economic recovery.  So far, this summer, the economic data have not been consistent, and thus, the market has been trading in a tight range. 

Tonight, the global markets will focus on China's PMI for more clues.  China's PMI rose to 51.7 in August from 51.2 in July.  Initial responses in the Asian markets were positive.  Let's see if the optimism can carry over to the US market tomorrow.

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Disclosure: no positions