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Market Commentary for November 3, 2006 from Millennium-Traders.com - 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 3, 2006 from Millennium-Traders.com

 

NewswireToday - /newswire/ - Somerset, PA, United States, 2006/11/03 - 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 in motion with the Bears un full control for the second day in a row today as we put the raps on the final trading day of the first week in November. Trading volume was light to moderate and trading ranges were so tight, day traders struggled through out the day, just waiting for the closing bell to ring. At the end of the session, here is how the major indices closed for the week: the DOW (Dow Jones Industrial Average) closed down 32.26 points at 11986.04; the NYSE (New York Stock Exchange) fell 5.92 points to end the day at 8716.65; the NASDAQ ended the day at 2330.79 with a loss of 3.23 points; the S&P 500 (Standard & Poor’s 500 Index) lost 2.57 points to close at 1364.77 and the RUSSELL 2000 gained 2.34 points to close the day at 752.47. 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 0.35 to close at 226.99 and the FTSE RAFI 1000 moved lower by 10.32 points to close at 5672.57.

Economic data released for the day:

Employment Situation: A set of labor market indicators provide what is known as the Employment Situation. A measure in percentage of the labor force creates the unemployment rate measurement of the number of unemployed. The number of paid employees working part or full time in businesses across the nation as well as government agencies is the non-farm payroll. The number of hours worked is the average workweek in the non-farm sector. The basic hourly rate is the average hourly earning for major industries as indicated in non-farm payrolls. October Unemployment Rate hit is lowest Since May 2001; September Unemployment was left unrevised at 4.6%; September Payrolls were revised to an increase of 148K from an increase 51K; October Overall Workweek rose by 0.1 hour to 33.9 hours; October Manufacturing Payrolls fell by 39K, Service-producing rose by 152K; October Average Hourly Earnings rose by $0.06 to $16.91; October Non-farm Payrolls rose by 92K compared to consensus of a rise by 125K and October Unemployment Rate came in at 4.4% compared to consensus of 4.6%.

ISM Non-Manufacturing Survey: Compiled from approximately 400 non-manufacturing firms from 60 sectors across the United States. Included in the survey are retail trade, construction, agriculture, mining, transportation, wholesale trade and communications. ISM October Non-Manufacturing Business Index reading came in at 57.1 versus September reading of 52.9; ISM October Non-Manufacturing Employment Index reading came in at 51.0 versus September reading of 53.6; ISM October Non-Manufacturing New Orders Index came in at 56.5 versus September reading of 57.2; ISM Oct Non-Manufacturing Prices Index came in at 51.9 versus September reading of 56.7 and ISM Oct Non-Manufacturing Business Index came in as expected 54.9.

On the commodities markets, the trend was mixed across the board for the third day in a row: Light crude rose by $1.26 to close at $59.14 a barrel; Brent Crude ended the day on Thursday lower by $1.11 to close at $57.87 a barrel; Heating Oil closed higher by $0.04 at $1.68 a gallon; Natural Gas ended the day higher by $0.10 for the second day in a row, at $8.33 per million BTU and Unleaded Gas rose by $0.05 to close at $1.51 a gallon.

Metals ended the session mostly higher today: Gold moved higher again today by $1.40 to close at $629.20 an ounce; Silver moved lower by $0.02 to close at $12.64 an ounce; Platinum rallied nicely higher again today by $45.20 to close at $1,209.40 an ounce and Copper ended the day with a gain of $0.03 to close at $3.32 per pound.

On the Livestock and Meat markets, the trend was lower on the session across the board: Lean Hogs moved lower by 0.43 to close at 64.18; Pork Bellies closed lower by 0.95 to end the day at 91.45; Live Cattle shed 0.85 to end the day lower at 85.90 and Feeder Cattle ended lower again today by 1.30 to close at 97.13.

Bonds moved lower across the board for the second day in a row today: 2 year Bond closed lower by 9/32 at 100 3/32; 5 year bond closed lower by 20/32 at 99 20/32; 10 year bond moved lower by 29/32 to end the day at 101 29/32 and the 30 year bond closed sharply lower by 1 13/32 at 95 13/32.

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 3,493,035. Open Interest for Futures fell by 87,210 to close at 8,677,863 and the Open Interest for Options moved higher by 204.663 to close at 7,451.368 for a total Open Interest of 16,129,231 for a total gain on the day by 115,453. The mini Dow ended the session with a loss again today of 22 to close at 12014. The total Dow Exchange Volume for the day came in at 110,747 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: Perini Corporation (PCR) moved higher by 4.17 points for a gain on the day of 17.23%; Mettler Toledo International Incorporated (MTD) rallied higher by 6.80 points for a gain on the day of 9.99%; OM Group (OMG) fell sharply by 7.71 points for a loss on the day of 13.50%; Goodrich Petroleum Corporation (GDP) moved higher by 3.98 points for a gain of 11.21% on the session and Walter Industries Incorporated (WLT) fell by 4.37 points for a loss of 9.59% on the day.

On the NASDAQ today, advancers came in at 1,745; decliners totaled 1,274; unchanged came in at 170; new highs came in at 59 and new lows came in at 36. Gainers and losers for the day on the NASDAQ: Whole Foods Markets Incorporated (WFMI) plummeted by 13.86 points for a loss on the day of 23.05%; Red Robin Gourmet Burgers Incorporated (RRGB) plummeted by 12 points for a loss on the day of a whopping 26.09%; Electronic Arts Incorporated (ERTS) rallied nicely by 6.24 points for a daily gain of 11.77%; Gravity Company Ltd. (GRVY) moved higher by 2.29 points to rise by 45.62% for the session and Dollar Financial Corporation (DLLR) moved nicely higher by 19.01% for a gain of 4.23 points on the day.

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Market Commentary for November 3, 2006 from Millennium-Traders.com

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