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Somerset, PA, United States, 2006/11/21 - Daily Market Commentary for November 21, 2006. Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news.
The holiday shortened week provided unfair trading ground for day traders with a combination of tight trading ranges and whipotile action. The Bears struggled to gain control which they had for a short period of time before the week Bulls moved the major indices into the green zone where they closed for the day. Here is how the major indices closed at the closing bell: the DOW (Dow Jones Industrial Average) gained 9.46 points to close at 12321.59; the NASDAQ moved higher by a mere 2.12 points to close at 2454.84; the NYSE (New York Stock Exchange) tacked on a gain of 33.91 to close at 8918.08; the S&P 500 (Standard & Poor’s 500 Index) gained 2.31 points to end the session at 1402.81 and the RUSSELL 2000 climbed 1.55 points to end the day at 792.17. 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 0.42 to close at 231.02 and the FTSE RAFI 1000 moved higher by 1.48 points to close at 5817.67.
FOMC Member of the Board of Governors, Kevin M. Warsh comments presented today: Inflation 'remains uncomfortably elevated'; 'clear upside risks' to inflation outlook; sees wider range of policy outcomes than markets; sharp housing drop to restrain economy into 2007; sees economy moving closer to long-run potential; warns GSE portfolios may resume rapid growth; Yield Curve likely not suggesting economical weakness; hard to understand short term inflation dynamics; long term inflation a monetary phenomenon; money supply data of limited value; labor markets appear to be 'robust"; expects productivity to remain strong; economic data will improve over time; GSE’s still undercapitalized on relative basis; GSE’s oversight remains sub-par and rise of derivatives increases economic resiliency.
Chicago Fed National Activity Index fell 0.31 in October versus a drop of 0.38 in September. Chicago Fed Index 3-Month average fell 0.19 in October versus a drop of 0.15 in September.
Economic data released for the day:
ICSC-UBS Store Sales: Weekly measure of comparable store sales at major retail chains which is related to the general merchandise portion of retail sales, as reported by the International Council of Shopping Centers. This date accounts for approximately 10% of total retail sales. Store Sales week over week change came in at 1.2% and year over year came in at 2.2%.
Redbook: General merchandise portion of retail sales covering only approximately 10% of total retail sales, this data is a weekly measure of sales at department stores, chain stores and discounters. Store Sales year over year change came in at 3.0%.
State Street Investor Confidence Index: A measure of confidence created by looking at actual levels of risk in investment portfolios. Reading for November came in at 83.2.
On the commodities markets, the trend was mostly higher across the board today: Light crude moved higher by $1.37 today to close at $60.17 a barrel; Brent Crude remained at $59.46 a barrel; Heating Oil closed higher by $0.06 at $1.78 a gallon; Natural Gas ended the day lower by $0.06 to end the day at $8.36 per million BTU and Uneaded Gas closed at $1.64 a gallon with a gain of $0.08.
Metals ended the session mixed across the board today: Gold moved higher by $6.60 to close at $628.70 an ounce; Silver closed higher by $0.35 at $13.09 an ounce; Platinum fell sharply by $15.20 to close at $1,219.10 an ounce and Copper ended the day higher by $0.07 to close at $3.15 per pound.
On the Livestock and Meat markets, the trend was mixed across the board again today: Lean Hogs moved higher by 0.60 to close at 66.55; Pork Bellies closed lower by 0.55 to end the day at 92.83; Live Cattle moved higher by 0.30 to end the day at 90.93 and Feeder Cattle ended the day higher by 1.10 to close at 98.78.
Other Commodities: Corn moved higher by 2.25 today to close at 377.25 and Soybeans moved higher by 5.00 to close at 673.00.
Bonds were decently higher across the board today: 2 year Bond closed with a gain of 1/32 at 100 6/32; 5 year bond moved higher by 3/32 to close at 100 6/32; 10 year bond moved higher by 6/32 to end the day at 100 12/32 and the 30 year bond closed higher by 10/32 at 97 14/32.
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 2,868,326. Open Interest for Futures rose by 51,115 to close at 8,922,484 and the Open Interest for Options moved higher by 365 to close at 8,532,049 for a total Open Interest of 17,454,533 for a total gain on the day by 51,480. The mini Dow ended the session with a loss of 5 to close at 12347. The total Dow Exchange Volume for the day came in at 107,726 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 (CME) provided a nice rally with a gain of 10.40 points to close on the at $552.00; SL Green Realty Corporation (SLG) gained 5.49 points to close at $139.50; Medtronic Incorporated (MDT) climbed higher by 4.60 points to end the day at $53.55; MasterCard Incorporated (MA) moved higher by 4.41 points to close at $100.60 and Alcon Incorporated (ACL) rallied higher by 6.10 points to end the day at $107.79.
On the NASDAQ today, advancers came in at 1,515; decliners totaled 1,502; unchanged came in at 186; new highs came in at 132 and new lows came in at 31. Gainers and losers for the day on the NASDAQ: Google Incorporated (GOOG) struck a milestone today by hitting the big 500 mark, it gained a whopping 15.10 points on the day to close at $510.15; Mothers Work Incorporated (MWRK) climbed higher by 10.15 points to close at $57.20; Focus Media Holding Limited (FMCN) moved higher by 8.13 points to close at $67.99 on the day and Spartan Motors Incorporated (SPAR) fell by 2.15 points to end the session at $21.81.
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