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As we began the final trading session for the month of August and ahead of the upcoming Labor Day holiday weekend, trading was very muted through out the trading session with light trading volume and snug trading ranges for the day. The trading direction opened in the red zone where it was controlled by the quiet Bears, even into the close of the trading day. It’s expected that as the trading week moves forward, trading volume will continue to get lighter as many day traders and investors head out on their final vacation for the summer season. Many day traders and investors will be out for the week, getting an early jump on their own final vacation for the summer.
At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a loss of 56.74 points on the day to end the session at 13,322.13; the NYSE (New York Stock Exchange) posted a loss of 78.11 points to end the session at 9,528.93; the NASDAQ posted a loss of 15.44 points for a close at 2,561.25; the S&P 500 moved lower by 12.58 points to end at 1,466.79 and the RUSSELL 2000 moved lower by 9.48 points to close at 796.65. 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 gain of 2.09 points to close at 252.67 and the FTSE RAFI 1000 posted a loss of 57.05 points to close at 6,075.61.
Dallas Fed August Manufacturing Production Index came in at 21.6 versus July drop by 9.7 and Dallas Fed August Business Activity fell 1.8 versus July drop by 3.6.
Chicago Fed Midwest Manufacturing Index up 0.6% in July versus June; Chicago Fed Revises Up June Manufacturing Index to 105.3 from 104.9; Chicago Fed Midwest Manufacturing Index up 0.5% from July 2006 and Chicago Fed Index: July Output gains in all 4 manufacturing sectors.
Economic Data:
Existing Home Sales: Previously constructed homes, co-ops and condominiums closed during the month are tallied as Existing Home sales as reported by the National Association of Realtors. Existing Home Sales account for a large share of the market compared to new home sales plus, indicates the trend in housing markets. Existing Home Sales data released today: U.S. July Existing Home Sales fell by 0.2% to 5.75 million rate compared to consensus of 5.72 million rate; U.S. Inventory of unsold U.S. Homes remain at 9.6 months supply and U.S. July Median Existing Home Price fell by 0.6% on the year to $228,900.
Commodities Markets
The trend was mostly higher across the board today for the Energy Sector: Light crude moved higher today by $1.88 to close at $71.97 a barrel; Heating Oil ended the session higher by $0.01 today to close at $2.03 a gallon; Natural Gas moved lower today by $0.15 to close at $5.59 per million BTU and Unleaded Gas moved higher by $0.06 again today to close at $2.04 a gallon.
Metals Market ended the session mixed across the board today: Gold moved lower today by $1.30 to close at $676.20 an ounce; Silver moved lower today by $0.17 to close at $11.92 per ounce; Platinum moved higher today by $5.30 to close at $1,252.30 an ounce and Copper moved higher by $0.01 today to close at $3.36 per pound.
On the Livestock and Meat Markets, the trend was mostly lower across the board today: Lean Hogs ended the day lower by 2.95 to close at 67.70; Pork Bellies ended the day lower by 1.15 at 92.05; Live Cattle moved lower by 0.08 to close at 97.75 and Feeder Cattle ended the day higher by 0.58 at 118.88.
Other Commodities: Corn moved lower again on the day with a loss of 5.75 at 353.00 and Soybeans moved higher again today for a gain of 7.75 points to end the session at 872.75.
The e-mini Dow ended the session today at 13,352 with a loss of 55 points on the trading session. The total Dow Exchange Volume for the day came in at 122,150 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.
Bonds were higher across the board today: 2 year bond moved higher by 4/32 today to close at 100 23/32; 5 year bond closed higher by 11/32 at 101 8/32; 10 year bond moved higher by 12/32 today to close at 101 13/32 and the 30 year bond moved higher by 15/32 to close at 102 15/32 for the day.
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 4,446,871; Open Interest for Futures moved lower by 318,865 points to close at 9,318,286; the Open Interest for Options moved lower by 1,847,377 points to close at 6,298,036 and the Cleared Only moved higher by 120 points to close at 8,027 for a total Open Interest on the day of 15,624,349 with a total Change on the day with a loss of 2,155,122 points.
On the NYSE today, advancers came in at 950; decliners totaled 2,292; unchanged came in at 89; new highs came in at 45 and new lows came in at 42. Gainers and losers for the day as well as active day trading stocks on the NYSE: Aluminum Corporation of China Limited (ACH) roared higher on the trading session to gain 24.68% to tack on 13.33 points with a final trading price on the session of $67.35; The Bear Stearns Companies Incorporated (BSC) fell on the trading day by 4.90 points with a final trading price on the day of $112.20 and China Life Insurance Company Limited (LFC) bolted higher on the trading day to post a gain of 16.31% to climb higher by 10.95 points with a high on the trading day of $78.48, a low of $68.32 for a final trading price of $78.10.
On the NASDAQ today, advanced totaled 1,084; decliners totaled 1,910; unchanged came in at 129; new highs came in at 86 and new lows came in at 84. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: Apple Incorporated (AAPL) shed 3.05 points amidst the quiet trading session to close the day at $132.25.
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