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Market Commentary for October 24, 2006 from Millennium-Traders.com - Directional confusion plagued the markets today. It was a struggle between the Bulls and the Bears with the Bears having the upper hand through out most of the session
Market Commentary for October 24, 2006 from Millennium-Traders.com

 

NewswireTODAY - /newswire/ - Somerset, PA, United States, 2006/10/24 - Directional confusion plagued the markets today. It was a struggle between the Bulls and the Bears with the Bears having the upper hand through out most of the session.

   
 
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At the closing bell, here is how the major indices rapped up the day: the DOW (Dow Jones Industrial Average) played a serious game of whipotile action, not knowing whether to head north or south but finally concluded the end the session with a gain of almost 11 points for the day; the NYSE (New York Stock Exchange) held firm through most of the session to tack on almost 13 ½ points for the day; the NASDAQ found no solace in the green zone and held in negative territory through a majority of the session to lose almost 10 ¾ points on the day; the S&P 500 gained almost a half a point after spending the entire day in negative territory and the RUSSELL 2000 saw no green zone for the day and gave up over a point for the session.
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 again today by less than one point and the FTSE RAFI 1000 moved higher by just over 7 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 a drop of 1.1% and Store sales year over year came in at 2.9%.

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. Retail sales rose 1.3% for first three weeks of October compared to September. Store sales year over year change for week of October 21st came in at 3.2%.

State Street Investor Confidence Index: A measure of confidence created by looking at actual levels of risk in investment portfolios. Investor Confidence Index rose to 82.5 in October compared to 80.7 in September.

On the commodities markets, the trend was mostly higher across the board today: Light crude climbed by $0.54 to close at $59.35 a barrel; Brent Crude ended the day on Monday lower by $0.47 at $59.21 a barrel; Heating Oil moved higher on the session by $0.02 to close at $1.73 a gallon; Natural Gas ended the day higher by $0.11 at $8.19 per million BTU and Unleaded Gas climbed higher by $0.07 to close at $1.54 a gallon.

Metals ended the session mixed today: Gold climbed higher by $4.70 to close at $587.60 an ounce; Silver moved higher by $0.18 to close at $11.85 an ounce; Platinum plummeted again today by $11.3070 to close at $1,063.10 an ounce and Copper ended the day lower by $0.03 to close at $3.42 per pound.

On the Livestock and Meat markets, the trend was mixed on the session: Lean Hogs moved lower by 0.18 today to close at 59.85; Pork Bellies closed higher by 0.38 to end the day at 89.48; Live Cattle moved lower by 0.35 to end the day at 88.35 and Feeder Cattle ended lower by 0.05 to close at 103.73.

Bonds were mixed today ahead of the FOMC decision on interest rates tomorrow: 2 year Bond closed flat at 99 15/32; 5 year bond closed higher by 1/32 at 98 22/32; 10 year bond moved higher by 3/32 to end the day at 100 13/32 and the 30 year bond closed higher by 7/32 at 93 4/32.

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 2,915,035. Open Interest for Futures rose by 46,937 to close at 8,841,805 and the Open Interest for Options moved higher by 19,697 to close at 7,720,658 for a total Open Interest of 16,562,463 for a total gain on the day by 66,634. The mini Dow ended the session with a gain of 33 to close at 12169. The total Dow Exchange Volume for the day came in at 132,825 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.

Comments from the Richmond Fed: October manufacturing index fell 2 versus September 9; October manufacturing shipments index was down 7 compared to September 9; October retail revenues index fell 27 compared to September drop of 1 and October services revenues index came in at 5 compared to September reading of 11.

Belgian October manufacturing confidence came in at 2.4 versus September reading of 5.0; October business confidence came in at 3.8 compared to 4.5 in September and October construction confidence came in at 9.9 versus 2.7 in September.

NYSE (New York Stock Exchange) movers for the day: Precision Castparts Corporation (PCP) climbed by 3.07 points for a gain of 4.71%; Lexmark International Incorporated (LXK) fell by 3.09 points to give up 4.90% on the day; Carlisle Companies Incorporated (CSL) fell 3.66 points to lose 4.07% on the day;
Getty Images Incorporated (GYI) fell by 3.47 points to lose 7.02% on the session;
Imation Corporation (IMN) gained 9.18% on the day for a rise of 3.95 points and Brinker International Incorporated (EAT) rallied by 6.95 points for a gain of 17.57% on the day.

On the NASDAQ today, advancers came in at 1,283; decliners totaled 1,758; unchanged came in at 152; new highs came in at 120 and new lows came in at 34. Gainers and losers for the day on the NASDAQ: NeuroMetrix Incorporated (NURO) plummeted by 5.75 points to give up 28.97% on the session; Travelzoo Incorporated (TZOO) rallied by 19.20% to tack on 6.22 points for the day;
Netflix Incorporated (NFLX) climbed by 4.29 points to gain 18.59% for the day; VistaPrint Limited (VPRT) moved higher by 3.42 points for a gain on the day of 12.24% and ICON plc (ICLR) plummeted by 36.70 points to give up 49.05% for the day.

Visitors to Millennium-Traders.Com can view Performance for our Stocks Day Trading Room, Futures & Commodities Day Trading Room, Forex Day Trading Room, Swing Trades and Morning Watch List from our Performance Index. Subscribers should view our special offers available form associated subscription pages.

 
 
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Market Commentary for October 24, 2006 from Millennium-Traders.com

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