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Market Commentary for November 2, 2006 from - Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news
Market Commentary for November 2, 2006 from


NewswireToday - /newswire/ - Somerset, PA, United States, 2006/11/02 - Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news.

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Downdraft was the motion of the day with the Bears maintaining control, once again. Amidst light to moderate trading volume and tight trading ranges, day traders found the markets to be very quiet through out the day. At the closing bell, here is how the major indices ended the day: the DOW (Dow Jones Industrial Average) hung snuggly below the positive zone to end the session with a loss of 12.48 points to close at 12018.54; the NYSE (New York Stock Exchange) ended the day at 8722.57 with a gain of 4.43 points; the NASDAQ ended the day at 2334.02 with a loss of 0.33 points; the S&P 500 (Standard & Poor’s 500 Index) loss 0.47 points to close at 1367.34 and the RUSSELL 2000 fell by 2.02 points to close at 750.13 on the day. 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 worlds investable market capitalization) moved lower by 0.10 to close at 227.25 and the FTSE RAFI 1000 moved lower by 4.90 points to close at 5682.89.

The down draft seen in the markets today was attributed to the slow down of Productivity and Costs data released.

Economic data released for the day:

Monster Employment Index: Job postings from 1,500 web sites create an index of job availability. This index is similar to The Conference Board’s help wanted index however; Monster Employment Index is not seasonally adjusted. Index reading came in at 172.

Challenger Job-Cut Report: Corporate layoffs comprised in a monthly, not seasonally adjusted report which indicates a trend in the labor market. Announced layoffs came in at 69,177.

Jobless Claims: A weekly compilation of new unemployment claims to show the number of individuals who filed for unemployment insurance for the first time. The condition of the labor market is determined by an increase of the number of claims which suggests a deteriorating labor market. U.S. Jobless Claims rose by 18K to 327K for week of October 28th compared to survey of a rise by 2K; continuing claims for week of October 21st fell by 27K to 2,415,000 and Jobless Claims were highest since July 8th.

Productivity and Costs: A measure of labor efficiency in producing the economy’s goods and services. Labor costs are determined by unit costs of producing each unit of output. Productivity and Costs are indicators of future inflationary trends. U.S. third quarter Labor Costs rose by 5.3% on the year which matched highest reading since 4th quarter 1982; third quarter Unit Labor Costs rose by 3.8% compared to consensus of a rise by 3.5%; third quarter Productivity rose by 1.3% on the year which was the lowest since second quarter of 1997 and third quarter Non-Farm Productivity was unchanged versus consensus of a rise by 1.0%.

Factory Order: Dollar level of new Factory Orders for both durable and non-durable goods. August Factory Orders were revised down by 0.3% from unchanged; September Factory Orders, Excluding Defense rose by 1.2%; September Factory Orders, Excluding Transportation fell by 2.4%; U.S. Factory Orders rose by 2.1% in September compared to consensus of a rise by 2.9% and September Durable Goods were revised higher by 8.3% from a rise by 7.8%.

EIA Natural Gas Report: Weekly information provided by the EIA (Energy Information Administration) on natural gas stock piles in underground storage in the United States and three regions of the country. Prices for natural gas products are determined by the level of inventories. Natural Gas Inventories fell 9 Bcf to 3452 Bcf compared to a draw of 10 Bcf expected by analysts ranging from a draw of 29 Bcf to a build of 25 Bcf.

ECB Announcement: European Central Bank Governing Council decides on monetary policy. No change was made by the ECB. Comments from the ECB: available information confirms last rate hike; "Strong Vigilance" remains of the essence; interest rates remain at low levels; monetary policy remains accommodative; further tightening needed if scenario confirmed; to act in timely manner essential for CPI stability; EMU GDP growing faster than generally expected; conditions in place for growth "around potential”; global economic activity more balanced, still robust; consumption growth to strengthen further over time; risks to growth outlook balanced over short term; employment conditions continue to improve; if oil price drop lasts, demand may outpace scenario; downside risks to growth prevail over longer term; outlook for energy prices remains uncertain; new increase in oil prices can't be excluded; monetary analysis points to medium-term CPI risks; monetary and credit expansion remains rapid; liquidity ample by all plausible measures; monetary developments require very careful monitoring; inflation likely to be elevated in 2006 and 2007; Italy's 2007 budget must not be "watered down"; U.S. slowdown to be soft-landing; direct U.S. trade impact on EMU not substantial and U.K. trade more important than U.S. trade.

Comments from Dallas Fed President Richard Fisher: 'possible' that inflation has peaked; overall inflation still over comfort zone; 'encouraged' by recent inflation trend; housing seeing 'substantial correction'; housing slowdown complicating monetary policy; too low funds rate fueled housing activity; Fed has ultimate power over dollar's value; Fed needs better data to aid decision making; core PCE still Fed's chief inflation measure; Fed must keep inflation under control; lower energy may be lessening inflation pressure and yield curve may reflect U.S. investment attractiveness.

On the commodities markets, the trend was mixed across the board again today: Light crude fell by $0.83 to close at $57.88 a barrel; Brent Crude ended the day on Wednesday lower by $0.05 to close at $58.98 a barrel; Heating Oil closed lower by $0.01 at $1.64 a gallon; Natural Gas ended the day higher by $0.10 at $8.23 per million BTU and Unleaded Gas fell by $0.01 to close at $1.45 a gallon.

Metals ended the session nicely higher today: Gold rallied higher again today by $8.50 to close at $627.80 an ounce; Silver moved higher by $0.18 to close at $12.65 an ounce; Platinum rallied very nicely higher by $63.50 to close at $1,164.70 an ounce and Copper ended the day with a gain of $0.05 to close at $3.29 per pound.

On the Livestock and Meat markets, the trend was mixed on the session: Lean Hogs moved higher by 0.20 to close at 64.60; Pork Bellies closed higher by 0.60 to end the day at 92.40; Live Cattle shed 0.80 to end the day at 86.75 and Feeder Cattle ended sharply lower by 3.00 to close at 98.43.

Bonds moved lower straight across the board today: 2 year Bond closed lower by 1/32 at 100 12/32; 5 year bond closed lower by 4/32 at 100 10/32; 10 year bond moved lower by 9/32 to end the day at 102 4/32 and the 30 year bond closed lower by 16/32 at 96 17/32.

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 4,099,962 Open Interest for Futures rose by 87,820 to close at 8,826,753 and the Open Interest for Options moved higher by 264,405 to close at 7,246,705 for a total Open Interest of 16,073,458 for a total gain on the day by 352,225. The mini Dow ended the session with a loss of 26 to close at 12037. The total Dow Exchange Volume for the day came in at 152,728 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.

New York Stock Exchange movers for the day: Enerplus Resources Fund (ERF) fell by 3.96 points for a loss on the day of 8.56%; AvalonBay Communities (AVB) fell by 4.26 points for a loss of 3.29%

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