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Market Commentary for October 19, 2006 from - 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 October 19, 2006 from


NewswireToday - /newswire/ - Somerset, PA, United States, 2006/10/19 - 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 market trend was very whippy today, bouncing in and out of territory before concluding that the green zone was the final landing pad for the day. Trading volume was light to moderate across the board and trading ranges fell into the snug pattern once again for the session. Here is how the major indices rapped up today’s session: the DOW (Dow Jones Industrial Average) gained just over 19 points to close at 12011.73 for the first time in history to end the day at or over the 12000 mark; the NYSE (New York Stock Exchange) tacked on a modest gain of just over 37 points; the NASDAQ struggled through out the day to hold in positive territory to gain almost 4 points on the session; the S&P 500 moved ahead by less than a full point and the RUSSELL 2000 tacked on just under 3 ½ 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 higher by just under one point and the FTSE RAFI 1000 moved higher by just over 4 points on the day.

Economic data released for the day:

Jobless Claims: A weekly compilation of new unemployment claims to show the number of individuals who filed for unemployment insurance for the first time. The condition of the labor market is determined by an increase of the number of claims which suggests a deteriorating labor market. For week of October 7th, jobless claims were revised to 309K from 208K; for week of October 7th, continuing claims came in at an increase of 25K to 2,453,000 and for week of October 14th, jobless claims fell by 10K to 299K.

Leading Indicators: Ten economic indicators are compiled by the Conference Board that should lead overall economic activity. In the past 30 years the data has been revised many times especially when it has not done a good job of predicting turning points in the economy. September coincident index was unchanged; September leading index rose by 0.1% and September lagging index rose by 0.2%.

EIA Natural Gas Report: Weekly information provided by the EIA (Energy Information Administration) on natural gas stock piles in underground storage in the United States and three regions of the country. Prices for natural gas products are determined by the level of inventories. Natural gas inventories rose by 53 Bcf to 3442 Bcf compared to consensus of a build of 48 Bcf.

Philadelphia Fed Survey: Philadelphia Federal Reserve district releases general conditions index from the business outlook survey which is a diffusion index of manufacturing conditions in the district. Philadelphia Fed October price received 17.8 versus September 21.6; Philadelphia Fed October price paid came in at 32.0 versus September 38.1; Philadelphia Fed new orders came in at 13.4 versus September -1.3; Philadelphia Fed October business index came in at -0.7 versus September reading of -0.4.

Bank of Canada: economy in slight excess demand, back to capacity in 2H 2007; Core CPI to top 2% through mid 2007 then, back to 2%; third quarter GDP Forecast to 2% from 3%; balance of risks for global Canada growth tilted down later and BOC repeats that rates are consistent with meeting inflation target.

On the commodities markets, the trend was mostly higher across the board today: Light crude gained $0.85 to close at $58.50 a barrel; Brent Crude ended the day on Tuesday down $0.72 at $60.94 a barrel; Heating Oil moved higher on the session by $0.03 to close at $1.76 a gallon; Natural Gas ended the day higher by $0.11 at $8.28 per million BTU and Unleaded Gas rose $0.02 to close at $1.49 a gallon.

Metals ended the session higher across the board: Gold rallied higher by $9.90 to close at $602.50 an ounce; Silver moved higher by $0.34 to close at $12.16 an ounce; Platinum climbed higher by $1.70 to close at $1,094.80 an ounce and Copper ended the day higher by $0.01 to close at $3.51 per pound.

On the Livestock and Meat markets, the trend was lower on the session: Lean Hogs moved lower by 0.58 to close at 58.68; Pork Bellies closed lower by 0.28 to end the day at 87.50; Live Cattle moved lower by 0.65 to end the day at 87.20 and Feeder Cattle fell by 1.08 to close at 103.38.

Bonds fell lower across the board today: 2 year Bond fell 1/32 to close at 99 18/32; 5 year bond closed lower by 3/32 at 98 29/32; 10 year bond moved lower by 6/32 to end the day at 100 22/32 and the 30 year bond closed lower by 11/32 at 93 21/32.

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 3,138,886. Open Interest for Futures rose by 35,831 to close at 8,770,567 and the Open Interest for Options moved higher by 114,514 to close at 7,611,462 for a total Open Interest of 16,382,029 for a total gain on the day by 150,345. The mini Dow ended the session with a gain of 19 to close at 12059. The total Dow Exchange Volume for the day came in at 151,549 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) fell sharply by 1.23% for a loss on the day of 6.25 points; Texas Industries (TXI) gained 5.97 points for a rise on the day of 10.84%; Albemarle Corporation (ALB) rallied 5.26 points to tack on 9.41% for the session; C. R. Bard, Incorporated (BCR) moved higher by 8.28% for a gain on the day of 6.32 points;
Alliance Data Systems Corporation (ADS) climbed 4.33 points to gain 7.73% for the day;
Advanced Micro Devices Incorporated (AMD) fell sharply by 13.17% for a loss on the day of 3.19 points and Radian Group Incorporated (RDN) fell 5.85 points for a daily loss of 9.52%.

On the NASDAQ today, advancers came in at 1,778; decliners totaled 1,263; unchanged came in at 169; new highs came in at 139 and new lows came in at 25. Gainers and losers for the day on the NASDAQ: Apple Computer Incorporated (AAPL) rallied 4.39 points to gain 5.88% on the day;
eBay Incorporated (EBAY) climbed by 6.87% for a gain of 1.96 points;
Accentia Biopharmaceuticals Incorporated (ABPI) climbed 1.20 points for a gain of 41.67% for the session; Lumera Corporation (LMRA) moved higher by 1.49 points to tack on 30.08% for the day and NVE Corporation (NVEC) rallied 20.49% for a gain of 6.53 points for the session.

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