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Market Commentary for October 17, 2006 from Millennium-Traders.com - This morning at 7:46 am ET, the United States population hit 300,000,000 as per the United States Census Bureau estimates
Market Commentary for October 17, 2006 from Millennium-Traders.com

 

NewswireToday - /newswire/ - Somerset, PA, United States, 2006/10/17 - This morning at 7:46 am ET, the United States population hit 300,000,000 as per the United States Census Bureau estimates.

   
 
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Per estimates, the United States population increases by one person every eleven seconds, a child is born every seven seconds and every thirteen seconds a death occurs; all per the United States Census Bureau. United States population hit 200 million in 1967 and 100 million in 1915.

The markets performed a trend reversal day, moving into the red zone early on in the session where it remained through out the day. Trading volume was modest to heavy with spurts of tight trading ranges. The Bears maintained control and at the closing bell, here is how the major indices rapped up the session: the DOW (Dow Jones Industrial Average) fell over 30 ½ points on the day; the NYSE (New York Stock Exchange) fell just over 46 points on the day; the NASDAQ lost almost 19 points for the day; the S&P 500 gave up almost 5 points by the closing bell and the RUSSELL 2000 gave up just over 5 points for 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 just over one point and the FTSE RAFI 1000 moved lower by almost 18 points on the day.

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 0.6% and store sales year over year came in at 3.9%.

Producer Price Index: A measure of the average price level for a fixed basket of consumer and capital goods paid by producers is the PPI. August PPI was unrevised at an increase of 0.1%; September passenger car prices rose by 2.8%; September PPI energy prices fell by 8.4%; September PPI crude goods fell by 3.4% with Core increase of 1.0%; September PPI intermediate goods fell by 1.4% with Core increase of 0.1%; September PPI excluding food and energy rose by 0.6% compared to consensus of an increase of 0.2% and September Producer Prices fell by 1.3% compared to consensus of a drop by 0.7%.
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 came in at 3.5%.

Bank of Canada Announcement: Approximately every six weeks, the Bank of Canada Governing Council meets and makes an announcement to indicate the near term monetary policy direction. No change was presented today.

Treasury International Capital: The flow of financial instruments into and out of the United States is tracked by this Treasury data. Tracking is included for: Treasury Securities, agency securities, corporate bonds and corporate equities. Foreign demand for long term U.S. securities came in at $116.8 billion, for August.

Industrial Production: The physical output of the nation’s factories, utilities and mines. The Industrial sector accounts for less than one fifth of the economy with a mostly cyclical variation. The usage of available resources amount utilities, mines and factories is the capacity utilization rate. A warning sign of inflationary pressure is detected by an increase operating rate. Month over month change for production came in with a drop of 0.6% and capacity utilization rate came in at 81.9% compared to consensus of 82.2%.

NAHB-WF Housing Market Index: Compiled by the National Association of Home Builders (NAHB), a housing market index is based on a survey in which respondents are asked to rate the general economy and housing market conditions. The housing market index is a weighted average of separate diffusion indexes for the present sales of new homes, sale of new homes expected over the next six months and traffic of prospective buyers for new homes. NAHB Index for October came in at 31.

On the commodities markets, the trend was mixed across the board today: Light crude fell $1.01 to close at $58.93 a barrel; Heating Oil moved lower on the session by $0.03 to close at $1.77 a gallon; Natural Gas ended the day lower at $8.17 per million BTU with a loss of $0.14 and Unleaded Gas gave up $0.03 to close at $1.46 a gallon.

Metals ended the session lower across the board: Gold fell by $5.00 to close at $593.50 an ounce; Silver moved lower by $0.13 to close at $11.78 an ounce; Platinum fell $8.30 to close at $1,083.00 an ounce and Copper ended the day lower by $0.09 to close at $3.50 per pound.

On the Livestock and Meat markets, the trend was lower on the session: Lean Hogs moved lower by 1.08 to close at 59.73; Pork Bellies closed lower by 0.43 to end the day at 88.20; Live Cattle moved lower by 0.10 to end the day at 87.33 and Feeder Cattle fell by 0.70 to close at 103.70.

Bonds posted a modest gain across the board today: 2 year Bond closed higher by 1/32 at 99 19/32; 5 year bond closed higher by 1/32 at 98 31/32; 10 year bond moved higher by 3/32 to end the day at 100 26/32 and the 30 year bond closed higher by 5/32 at 93 25/32.

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 16,115,710. Open Interest for Futures fell by 61,466 to close at 8,697,287 and the Open Interest for Options moved higher by 79,478 to close at 7,418,423 for a total Open Interest of 16,115,710 for a total gain on the day by 18,012. The mini Dow ended the session with a loss of 26 to close at 12006. The total Dow Exchange Volume for the day came in at 62,938 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.

NYSE (New York Stock Exchange) movers for the day: Chicago Mercantile Exchange Holdings (CME) rallied 13.25 points for a gain on the day of 2.63%; CBOT Holdings, Incorporated (BOT) rallied 17.48 points for a gain on the day of 13%; Rio Tinto plc (RTP) fell 5.18 points for a loss on the day of 2.49%;
Lear Corporation (LEA) climbed higher by 3.75 points for a gain of 15.25%; Greenbrier Companies, Incorporated (GBX) climbed higher by 3.17 points for a gain of 9.29%; Intercontinental Exchange Incorporated (ICE) moved higher by 4.37 points to tack on a gain of 5.65%; A.O. Smith Corporation (AOS) fell sharply by 11.33% for a loss on the day of 4.97 points and Triad Hospitals Incorporated (TRI) fell by 3.14 points for a loss on the day of 7.48%.

On the NASDAQ today, advancers came in at 1,125; decliners totaled 1,885; unchanged came in at 167; new highs came in at 106 and new lows came in at 23. Gainers and losers for the day on the NASDAQ: Broadwing Corporation (BWNG) moved higher by 2.66 points for a gain of 20.09% on the day; InterMune Incorporated (ITMN) climbed 4.29 points for an increase of 25.49%; ICOS Corporation (ICOS) climbed 4.38 points for a gain on the day of 16.15%; Virginia Commerce Bancorp (VCBI) fell 2.52 points for a loss on the day of 11.57% and Google Incorporated (GOOG) fell 1.11 points for a loss on the day of 0.26%.

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Market Commentary for October 17, 2006 from Millennium-Traders.com

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