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Market Commentary for November 8, 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 8, 2006 from Millennium-Traders.com

 

NewswireToday - /newswire/ - Somerset, PA, United States, 2006/11/08 - 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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The major indices were mixed through out most of the session, holding in a snug trading range with moderate to heavy trading volume. Possible uncertainty due to elections yesterday may have investors and day traders a bit skeptical. Prior to the mid-afternoon session, the Bears held control of the major indices. At the closing bell, here is how the major indices finally ended the day: the DOW (Dow Jones Industrial Average) moved higher by 19.77 points to close at 12176.54; the NYSE (New York Stock Exchange) moved higher by 22.33 points to end the day at 8857.55; the NASDAQ struggled for a gain of 9.06 points to close at 2384.94; the S&P 500 (Standard & Poor’s 500 Index) tacked on 3.04 points to close at 1385.88 and the RUSSELL 2000 moved higher by 5.22 points to end at 769.61. 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 higher by 0.21 to close at 230.08 and the FTSE RAFI 1000 moved higher by 17.52 points to close at 5757.92.

Comments today by Federal Reserve Bank of Chicago President Michael H. Moskow: no overall rise in home loan delinquencies; slight increase in sub-prime delinquencies; loan delinquencies not cause for alarm yet; 3RD quarter productivity number was `aberration' and longer term productivity trend remains 2.5%.

In other news, Secretary of Defense Donald Rumsfeld stepped down today. Ex-CIA Director Robert Gates has been nominated to take his place. President Bush announced today that the time is right for new leadership at the Pentagon.

Economic data released for the day:

MBA Purchase Applications: Compilation from the Mortgage Bankers’ Association of various mortgage loan indexes. This data is the leading indicator for single-family home sales as well as, housing construction. For week of November 3RD, Purchase Index Level came in at 402.2.

EIA Petroleum Status Report: EIA (Energy Information Administration) provides weekly petroleum inventories in the United States whether they are produced here or abroad. Prices for petroleum products are determined by the level of inventories. Department of Energy released U.S. Distillate Stockpiles fell by 2.7 Million Barrels in the week compared to consensus of a drop by 100,000; U.S. Refineries ran at 88.1% compared to consensus of 89.6%; U.S. Gasoline Stockpiles fell by 600,000 Barrels for the week compared to consensus of a rise by 70,000 Barrels and U.S. Crude Oil Stockpiles rose by 400,000 Barrels in the week compared to consensus of a rise by 70,000 Barrels.

On the commodities markets, the trend was mixed across the board again today: Light crude rose by $0.90 to close at $59.83 a barrel; Brent Crude ended the day on Tuesday with a loss of $1.27 to close at $58.48 a barrel; Heating Oil closed higher by $0.03 to close at $1.71 a gallon; Natural Gas ended the day higher by $0.09 at $8.22 per million BTU and Unleaded Gas moved higher by $0.04 to close at $1.56 a gallon.

Metals ended the session much lower today: Gold fell sharply lower by $9.40 to close at $618.30 an ounce; Silver moved lower by $0.13 to close at $12.55 an ounce; Platinum plummeted by $25.00 to close at $1,167.30 an ounce and Copper ended the day with a loss of $0.12 to close at $3.24 per pound.

On the Livestock and Meat markets, the trend was mostly higher on the session today: Lean Hogs moved higher by 0.68 to close at 65.30; Pork Bellies closed higher by 0.18 to end the day at 91.03; Live Cattle moved higher by 0.15 to end the day at 85.45 and Feeder Cattle ended lower again today by 0.25 to close at 94.70.

Other Commodities: Corn gained 6.75 on the day to close at 357.75 and Soybeans rallied higher by 10.75 to close at 678.00.

Bonds moved higher across the board again today: 2 year Bond closed higher by 1/32 at 100 7/32; 5 year bond closed higher by 4/32 at 100 3/32; 10 year bond moved higher by 6/32 to end the day at 101 27/32 and the 30 year bond closed higher by 14/32 at 96 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 3,461,456. Open Interest for Futures fell by 8,776 to close at 8,745,394 and the Open Interest for Options moved higher by 172,886 to close at 7,812,051 for a total Open Interest of 16,557,445 for a total gain on the day by 164,110. The mini Dow ended the session higher by 19 to close at 12207. The total Dow Exchange Volume for the day came in at 126,005 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: Chicago Mercantile Exchange Holdings Company (CME) lost 4.93 points for a loss on the day of 0.97%; MasterCard Incorporated (MA) gave up 4.06 points for a loss of 4.39% on the session; WellCare Health Plans Incorporated (WCG) fell by 3.82 points for a loss of 6.03%; Scottish Power plc (SPI) rallied higher by 7.30 points for a nice gain on the day of 7.30% and Molina Healthcare Incorporated (MOH) fell sharply by 10.80% for a loss of 4.22 points on the day.

On the NASDAQ today, advancers came in at 1,799; decliners totaled 1,236; unchanged came in at 128; new highs came in at 122 and new lows came in at 37. Gainers and losers for the day on the NASDAQ: Apple Computer (AAPL) moved higher by 1.94 points for a rise by 2.41%; Greenfield Online Incorporated (SRVY) climbed higher by 2.68 points for a gain on the day of 26.44%; NeuroMetrix Incorporated (NURO) rallied by 23.94% for a gain of 3.61 points on the session and True Religion Apparel Incorporated (TRLG) fell sharply by 5.80 points for a loss on the day of 27.28%.

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Market Commentary for November 8, 2006 from Millennium-Traders.com

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