MTdailynews
10-30-2007, 07:08 PM
The market was in a rather ‘ghoulish’ mood today playing tug of war between the Bulls and the Bears. Trading volume was moderate and trading ranges were rather snug through out the trading session. Both the DOW and the NYSE held firmly in the red zone through out the session, with little glimmer of any positive trading. The NASDAQ flipped from the red to green zone into the afternoon session before posting a slight loss at the closing bell. Crude oil moved sharply lower on the day, creating a false sense of relief, ahead at the gas pump. Overall, the market remains in a wait and see stance a day ahead of the Federal Open Market Committee decision on interest rates to be released tomorrow, at 2:15 pm ET. Bets are on for a 25 basis point drop by the Fed.
At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a loss of 77.79 points on the day to end the session at 13,792.47; the NYSE (New York Stock Exchange) posted a loss of 91.25 points to end the session at 10,164.97; the NASDAQ posted a loss of 0.73 points for a close at 2,816.71: the S&P 500 moved loss by 9.96 points to end at 1,531.02 and the RUSSELL 2000 moved loss by 5.57 points to close at 816.15. The FTSE All-World Index ex-US (top Large/Mid Cap aggregate from over 2,700 stocks from the FTSE Global Equity Index Series (GEIS) which covers 90% of the world’s investable market capitalization) posted a loss of 1.18 points to close at 276.33 and the FTSE RAFI 1000 posted a loss of 37.65 points to close at 6,278.70.
Redbook data released today: U.S. Retail Sales fell 0.3% for the first 3 weeks in October versus September.
U.S. Conference Board October Consumer Confidence came in at 95.6 versus September reading at 99.5; Conference Board October Expectations Index came in at 80.1 versus September reading at 85.0 and Conference Board October Present Situation Index came in at 118.8 versus September reading at 121.2.
Treasury Assistant Secretary David Nason Remarks before the ‘Women in Housing and Finance’
Washington - Thank you for inviting me to join you today at this luncheon. I am honored to have the opportunity to speak to this distinguished group of financial services industry professionals and policy leaders. It is great to see so many familiar faces here. ‘Women in Housing and Finance’ is a significant contributor to the success of many women in the financial services arena, particularly here in our Nation's capital. It has been an especially busy time at the Treasury Department so there are plenty of issues that are ripe for our discussion today. I would like to begin my remarks with a brief economic update after which I will cover two issues that are currently front and center at the Treasury Department, particularly for Domestic Finance: housing policy issues and capital markets competitiveness.
General Economic and Market Conditions
As you know, there have been adjustments taking place in the credit and mortgage markets. Largely because of lax underwriting, the mortgage market, especially the sub-prime market, has been experiencing a high number of delinquencies and defaults. As a result, sub-prime mortgage-backed securities have performed poorly. This has led investors to reassess the risk and as a corollary reassess the pricing of these securities. At the Treasury Department, we have been engaged actively in this developing situation. Secretary Paulson has been working with financial regulators and market participants. At a time like this when markets are reappraising risk and imposing market discipline, confidence is key. Our country and the Treasury Department are fortunate to have a Treasury Secretary who has spent his life in the financial markets, through good times and bad times. Fortunately, this market stress is occurring against the backdrop of a strong global economy. However, as Secretary Paulson noted recently, the ongoing housing correction, rooted in an eight year period of exceptional housing price appreciation, will continue to impact the economy adversely. We continually analyze this situation, knowing that it will take time to work itself out. In our view, the underlying strength of the economy should enable further continued growth. However, despite these strong fundamentals it is the Treasury Department's view that the housing decline is the most significant current risk to our economy.
Commodities Markets
The trend was mostly lower across the board today for the Energy Sector: Light crude moved sharply lower today by $3.15 to close at $90.38 a barrel; Heating Oil closed lower by $0.04 today at $2.44 a gallon; Natural Gas moved higher today by $0.05 to close at $8.02 per million BTU and Unleaded Gas moved lower today by $0.07 to close at $2.26 a gallon.
Metals Market ended the session lower across the board today: Gold moved lower today by $4.80 to close at $787.80 an ounce; Silver moved lower by $0.10 to close at $14.33 per ounce; Platinum moved sharply lower today by $24.60 to close at $1,440.90 an ounce and Copper closed lower by $0.04 today at $3.48 per pound.
On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day lower by $0.58 to close at $53.90; Pork Bellies ended the day lower by $1.05 at $83.05; Live Cattle ended the day higher by $0.38 at $95.73 and Feeder Cattle ended the day higher by $0.95 at $109.85.
Other Commodities: Corn moved lower today by $5.75 to close at $370.25 and Soybeans moved sharply lower today by $19.50 to end the session at $1,009.25.
Bonds were mixed across the board today: 2 year bond moved lower by 1/32 today to close at 99 20/32; 5 year bond moved higher by 1/32 to close at 99 7/32 today; 10 year bond moved higher by 1/32 today to close at 102 28/32 and the 30 year bond closed lower by 4/32 at 105 6/32 for the day.
The e-mini Dow ended the session today at 13,813 with a loss of 94 points on the trading session. The total Dow Exchange Volume for the day came in at 106,606 which are comprised of Electronic, Open Auction and Cash Exchange. Traders should review workshops available at the CBOT (Chicago Board of Trade) Educational in-person seminars schedules available on CBOT (Chicago Board of Trade) website.
The end of day results for the CBOT (Chicago Board of Trade) which is comprised of the total Exchange Volume for Futures and Options (EVFO) including Electronic, Open Auction and Cash Exchange ended the day at 2,526,715; Open Interest for Futures moved higher by 144,547 points to close at 9,779,499; the Open Interest for Options moved higher by 166,167 points to close at 8,323,612 and the Cleared Only closed higher by 129 points at 9,939 for a total Open Interest on the day of 18,113,050 for a total Change on the day with a gain of 310,585 points.
On the NYSE today, advancers came in at 1,222 decliners totaled 2,036 unchanged came in at 100; new highs came in at 223 and new lows came in at 80. Gainers and losers for the day as well as active day trading stocks on the NYSE: Pitney Bowes Incorporated (PBI) plummeted lower on the day with a loss of 15.02% to shed 7.06 points with a high on the day of $43.00, a low of $38.97 to end the session at $38.97; WellCare Health Plans Incorporated (WCG) moved sharply lower on the session with a heavy loss of 22.99% to shed 6.58 points with a high on the session at $29.33, a low of $21.41 for a close at $22.04; PetroChina Company Limited (PTR) posted a loss on the day of 8.60 points with a high on the trading session of $253.92, a low of $244.38 for a final trading price at $245.70; Martin Marietta Materials Incorporated (MLM) bolted higher on the session for a gain of 6.45 points with a high on the day of $130.92, a low of $118.52 with a final closing price at $129.84; FMC Technologies Incorporated (FTI) took a sharp hit on the day for a loss of 10.11% to shed 6.76 points on the day with a high on the day of $65.25, a low of $59.77 with a closing price at $60.10; Corn Products International (CPO) fell lower on the day with a los off 12.92% to shed 6.24 points with a closing price at $42.05; Las Vegas Sands Corporation (LVS) fell by 6.12 points on the day with a high on the day of $144.45, a low of $137.12 for a closing price of $138.03 and United States Steel Corporation ( X )plummeted lower on the day with a loss of 7.88 points to end the day at $104.62.
On the NASDAQ today, advanced totaled 1,105; decliners totaled 1,849; unchanged came in at 141; new highs came in at 111 and new lows came in at 124. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: American Medical Systems Holdings (AMMD) shed a sharp 29.15% for a loss of 4.95 points with a final trading price at $12.03; Smith & Wesson Holdings Corporation (SWHC) plummeted lower on the day to shed 39.27% for a loss of 7.89 points for a closing price at $12.20; Volcom Incorporated (VLCM) literally tanked on the day with a loss of 25.82% for a loss of 10.80 points for a closing price of $31.03 and DryShips Incorporated (DRYS) tumbled lower on the day to post a loss of 21.97 points to shed 16.77% with a high on the day of $129.46, a low of $107.75 for a final trading price at $109.00.
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At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a loss of 77.79 points on the day to end the session at 13,792.47; the NYSE (New York Stock Exchange) posted a loss of 91.25 points to end the session at 10,164.97; the NASDAQ posted a loss of 0.73 points for a close at 2,816.71: the S&P 500 moved loss by 9.96 points to end at 1,531.02 and the RUSSELL 2000 moved loss by 5.57 points to close at 816.15. The FTSE All-World Index ex-US (top Large/Mid Cap aggregate from over 2,700 stocks from the FTSE Global Equity Index Series (GEIS) which covers 90% of the world’s investable market capitalization) posted a loss of 1.18 points to close at 276.33 and the FTSE RAFI 1000 posted a loss of 37.65 points to close at 6,278.70.
Redbook data released today: U.S. Retail Sales fell 0.3% for the first 3 weeks in October versus September.
U.S. Conference Board October Consumer Confidence came in at 95.6 versus September reading at 99.5; Conference Board October Expectations Index came in at 80.1 versus September reading at 85.0 and Conference Board October Present Situation Index came in at 118.8 versus September reading at 121.2.
Treasury Assistant Secretary David Nason Remarks before the ‘Women in Housing and Finance’
Washington - Thank you for inviting me to join you today at this luncheon. I am honored to have the opportunity to speak to this distinguished group of financial services industry professionals and policy leaders. It is great to see so many familiar faces here. ‘Women in Housing and Finance’ is a significant contributor to the success of many women in the financial services arena, particularly here in our Nation's capital. It has been an especially busy time at the Treasury Department so there are plenty of issues that are ripe for our discussion today. I would like to begin my remarks with a brief economic update after which I will cover two issues that are currently front and center at the Treasury Department, particularly for Domestic Finance: housing policy issues and capital markets competitiveness.
General Economic and Market Conditions
As you know, there have been adjustments taking place in the credit and mortgage markets. Largely because of lax underwriting, the mortgage market, especially the sub-prime market, has been experiencing a high number of delinquencies and defaults. As a result, sub-prime mortgage-backed securities have performed poorly. This has led investors to reassess the risk and as a corollary reassess the pricing of these securities. At the Treasury Department, we have been engaged actively in this developing situation. Secretary Paulson has been working with financial regulators and market participants. At a time like this when markets are reappraising risk and imposing market discipline, confidence is key. Our country and the Treasury Department are fortunate to have a Treasury Secretary who has spent his life in the financial markets, through good times and bad times. Fortunately, this market stress is occurring against the backdrop of a strong global economy. However, as Secretary Paulson noted recently, the ongoing housing correction, rooted in an eight year period of exceptional housing price appreciation, will continue to impact the economy adversely. We continually analyze this situation, knowing that it will take time to work itself out. In our view, the underlying strength of the economy should enable further continued growth. However, despite these strong fundamentals it is the Treasury Department's view that the housing decline is the most significant current risk to our economy.
Commodities Markets
The trend was mostly lower across the board today for the Energy Sector: Light crude moved sharply lower today by $3.15 to close at $90.38 a barrel; Heating Oil closed lower by $0.04 today at $2.44 a gallon; Natural Gas moved higher today by $0.05 to close at $8.02 per million BTU and Unleaded Gas moved lower today by $0.07 to close at $2.26 a gallon.
Metals Market ended the session lower across the board today: Gold moved lower today by $4.80 to close at $787.80 an ounce; Silver moved lower by $0.10 to close at $14.33 per ounce; Platinum moved sharply lower today by $24.60 to close at $1,440.90 an ounce and Copper closed lower by $0.04 today at $3.48 per pound.
On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day lower by $0.58 to close at $53.90; Pork Bellies ended the day lower by $1.05 at $83.05; Live Cattle ended the day higher by $0.38 at $95.73 and Feeder Cattle ended the day higher by $0.95 at $109.85.
Other Commodities: Corn moved lower today by $5.75 to close at $370.25 and Soybeans moved sharply lower today by $19.50 to end the session at $1,009.25.
Bonds were mixed across the board today: 2 year bond moved lower by 1/32 today to close at 99 20/32; 5 year bond moved higher by 1/32 to close at 99 7/32 today; 10 year bond moved higher by 1/32 today to close at 102 28/32 and the 30 year bond closed lower by 4/32 at 105 6/32 for the day.
The e-mini Dow ended the session today at 13,813 with a loss of 94 points on the trading session. The total Dow Exchange Volume for the day came in at 106,606 which are comprised of Electronic, Open Auction and Cash Exchange. Traders should review workshops available at the CBOT (Chicago Board of Trade) Educational in-person seminars schedules available on CBOT (Chicago Board of Trade) website.
The end of day results for the CBOT (Chicago Board of Trade) which is comprised of the total Exchange Volume for Futures and Options (EVFO) including Electronic, Open Auction and Cash Exchange ended the day at 2,526,715; Open Interest for Futures moved higher by 144,547 points to close at 9,779,499; the Open Interest for Options moved higher by 166,167 points to close at 8,323,612 and the Cleared Only closed higher by 129 points at 9,939 for a total Open Interest on the day of 18,113,050 for a total Change on the day with a gain of 310,585 points.
On the NYSE today, advancers came in at 1,222 decliners totaled 2,036 unchanged came in at 100; new highs came in at 223 and new lows came in at 80. Gainers and losers for the day as well as active day trading stocks on the NYSE: Pitney Bowes Incorporated (PBI) plummeted lower on the day with a loss of 15.02% to shed 7.06 points with a high on the day of $43.00, a low of $38.97 to end the session at $38.97; WellCare Health Plans Incorporated (WCG) moved sharply lower on the session with a heavy loss of 22.99% to shed 6.58 points with a high on the session at $29.33, a low of $21.41 for a close at $22.04; PetroChina Company Limited (PTR) posted a loss on the day of 8.60 points with a high on the trading session of $253.92, a low of $244.38 for a final trading price at $245.70; Martin Marietta Materials Incorporated (MLM) bolted higher on the session for a gain of 6.45 points with a high on the day of $130.92, a low of $118.52 with a final closing price at $129.84; FMC Technologies Incorporated (FTI) took a sharp hit on the day for a loss of 10.11% to shed 6.76 points on the day with a high on the day of $65.25, a low of $59.77 with a closing price at $60.10; Corn Products International (CPO) fell lower on the day with a los off 12.92% to shed 6.24 points with a closing price at $42.05; Las Vegas Sands Corporation (LVS) fell by 6.12 points on the day with a high on the day of $144.45, a low of $137.12 for a closing price of $138.03 and United States Steel Corporation ( X )plummeted lower on the day with a loss of 7.88 points to end the day at $104.62.
On the NASDAQ today, advanced totaled 1,105; decliners totaled 1,849; unchanged came in at 141; new highs came in at 111 and new lows came in at 124. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: American Medical Systems Holdings (AMMD) shed a sharp 29.15% for a loss of 4.95 points with a final trading price at $12.03; Smith & Wesson Holdings Corporation (SWHC) plummeted lower on the day to shed 39.27% for a loss of 7.89 points for a closing price at $12.20; Volcom Incorporated (VLCM) literally tanked on the day with a loss of 25.82% for a loss of 10.80 points for a closing price of $31.03 and DryShips Incorporated (DRYS) tumbled lower on the day to post a loss of 21.97 points to shed 16.77% with a high on the day of $129.46, a low of $107.75 for a final trading price at $109.00.
Thanks for reading
Millennium-Traders.Com (http://www.millennium-traders.com)
To view additional Daily Market Commentary's Click Here (http://www.millennium-traders.com/news/newscommentary.aspx)