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Market Commentary for October 01, 2007


Amidst a strong rally today, the month of October got off to a nice start with the Dow Jones Industrial Average plowing through the 14,000 mark, first time since July, closing at 14,087.55. The Bulls were out in numbers today amidst heavy trading volume creating a very volatile trading session, mostly to the upside, for day traders and investors. The NASDAQ successfully closed at a new high for the year and best closing yet since February 2001. Across the board we saw strong gains. The Dow Jones Industrial Average recently rose 211 or 1.5% to 14107, topping the previous all-time intraday peak of 14021.95 from July 17th. The S&P 500 recently rose 21, or 1.4%, to 1548, within 10 points of its record. The tech-heavy NASDAQ added 42 points or 1.5% to 2743. The Russell 2000 index of small-cap stocks added 2.4% to 825 which is about 30 points from its peak.

At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a triple digit gain of 191.92 points on the day to end the session at 14,087.55; the NYSE (New York Stock Exchange) posted a triple digit gain of 145.22 points to end the session at 10,184.50; the NASDAQ posted a gain of 39.49 points for a close at 2,740.99; the S&P 500 moved higher with a gain of 20.29 points to end at 1,547.04 and the RUSSELL 2000 moved higher by 19.29 points to close at 824.74. 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 2.38 points to close at 271.05 and the FTSE RAFI 1000 posted a gain of 77.42 points to close at 6,351.48.

Former Chairman of the FOMC, Allan Greenspan comment released today: Inflationary Pressures are beginning to mount.

Institute of Supply Management released data today: U.S. ISM September Manufacturing Business Index came in at 52.0; U.S. ISM September Prices Index came in at 59.0 versus August reading at 63.0; U.S. ISM September Employment Index came in at 51.7 versus August reading at 51.3; U.S. ISM September Inventories Index came in at 41.6 versus August reading at 45.4; U.S. ISM September Production Index came in at 54.6 versus August reading at 56.1; U.S. ISM September New Orders Index came in at 53.4 versus August reading at 55.3; U.S. ISM September Manufacturing Business Index came in at 52.0 versus August reading at 52.9 and U.S. ISM September Manufacturing Business Index was expected to come in at 53.0.

According to the Energy Information Administration, U.S. Retail Diesel rose 1.6 cents to $3.048 per gallon in the week and U.S. Retail Diesel Price most since mid August 2006.

Agencies Propose Joint Rule to Implement Unlawful Internet Gambling Enforcement Act The Department of the Treasury (Treasury) and the Board of Governors of the Federal Reserve System (Board) on Monday announced the release of a joint proposed rule to implement the Unlawful Internet Gambling Enforcement Act (the Act). The Act prohibits gambling businesses from accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks. The proposed rule would require U.S. financial firms that participate in designated payment systems to have policies and procedures that are reasonably designed to prevent payments being made to gambling businesses in connection with unlawful Internet gambling. The proposed rule would provide examples of such policies and procedures. For purposes of the proposed rule, unlawful Internet gambling generally would cover the making of a bet or wager that involves use of the Internet and that is unlawful under any applicable federal or state law in the jurisdiction where the bet or wager is made. The Board and Treasury are required by the Act to develop jointly the proposed rule in consultation with the Department of Justice. Comments on the proposed rule are requested by December 12, 2007. The agencies request comment on all aspects of the proposed rule.

Commodities Markets
The trend was mostly lower across the board today for the Energy Sector: Light crude moved lower today by $1.42 to close at $80.24 a barrel; Heating Oil moved lower today by $0.04 again to close at $2.18 a gallon; Natural Gas moved higher today by $0.18 to close at $7.05 per million BTU and Unleaded Gas moved lower today by $0.06 to close at $1.98 a gallon.

Metals Market ended the session mostly higher across the board today: Gold moved higher today by $4.10 to close at $754.10 an ounce; Silver moved lower by $0.07 to close at $13.86 per ounce; Platinum moved higher today by $3.00 to close at $1,401.20 an ounce and Copper closed higher by $0.05 at $3.69 per pound.

On the Livestock and Meat Markets, the trend was lower across the board today: Lean Hogs ended the day sharply lower by $2.70 to close at $59.55; Pork Bellies ended the day sharply lower by $2.25 at $87.43; Live Cattle ended the day lower by $1.20 at $98.60 and Feeder Cattle ended the day lower by $1.68 at $114.95.

Other Commodities: Corn moved lower on the day to post a loss of $4.25 at $368.75 and Soybeans moved higher today with a gain of $0.25 points to end the session at $991.50.

The e-mini Dow ended the session today at 14,153 with a sharp gain of 159 points on the trading session. The total Dow Exchange Volume for the day came in at 129,850 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 mostly higher across the board today: 2 year bond closed lower by 2/32 again today to close at 99 31/32; 5 year bond closed higher by 2/32 at 100 2/32 today; 10 year bond moved higher by 10/32 today to close at 101 18/32 and the 30 year bond moved higher by 26/32 to close at 103 10/32 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 3,503,767; Open Interest for Futures moved higher by 46,966 points to close at 9,023,366; the Open Interest for Options moved higher by 182,598 points to close at 7,960,634 and the Cleared Only closed higher by 57 points to close at 8,572 for a total Open Interest on the day of 16,992,572 with a total Change on the day with a gain of 229,621 points.

On the NYSE today, advancers came in at 2,401; decliners totaled 819; unchanged came in at 73; new highs came in at 262 and new lows came in at 40. Gainers and losers for the day as well as active day trading stocks on the NYSE: Walgreen Company (WAG) plummeted on the day to post a loss of 14.99% to shed 7.08 points with a high on the day of $47.24, a low of $39.94 to end the session at $40.16; PT Indosat Tbk (IIT) pounced higher with a gain on the day of 6.47 points to tack on 15.23% with a final trading price at $48.94; NCR Corporation (NCR) plummeted on the session to give up 51.95% to shed 25.87 points with a closing price at $23.93; Goldman Sachs Group Incorporated (GS) posted a favorable gain on the day of 6.25 points with a high on the session of $223.62, a low of $215.40 for a closing price on the session at $222.99; Freeport-McMoRan Copper & Gold Incorporated (FCX) moved nicely higher on the session with a gain of 6.29 points with a high on the day at $111.47, a low of $105.26 for a closing price at $111.18; CME Group Incorporated (CME) soared into new all time high today amidst heavy trading activity for day traders with a high on the session of $615.40, a low of $591.03 with a sharp gain of 20.95 points to end the trading session at $608.30; Uniao de Bancos Brasileiros SA (UBB) bolted higher on the trading session amidst active trading with a high on the session of $140.17, a low of $132.50 with a gain on the day of 7.72 points with a final trading price at $139.27 and Rio Tinto plc (RTP) rallied higher on the day to post a gain of 14.60 points with a high on the session of $360.40, a low of $347.97 to close the session at $358.00.

On the NASDAQ today, advanced totaled 2,144; decliners totaled 867; unchanged came in at 113; new highs came in at 171 and new lows came in at 70. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: China Precision Steel Incorporated (CPSL) climbed higher by 28.50% to end the session at $10.00; China Natural Resources Incorporated (CHNR) posted a gain of 20.30% with a high on the session of $16.45, a low of $13.90 to close at $16.00; Lifeway Foods Incorporated (LWAY) posted a strong gain of 17.83% to tack on 3.00 points for a final trading price at $19.83; Acxiom Corporation (ACXM) moved sharply lower on the day with a loss of 19.76% to shed 3.91 points for a closing price at $15.88; Radvision Limited (RVSN) moved lower on the day by 17.43% to shed 3.06 points to close the session at $14.50; Google Incorporated (GOOG) rallied higher on the day to post a gain of 13.83 points with a high on the day of $584.35, a low of $569.61 to close the session at $581.10 and Garmin Limited (GRMN) plummeted on the session to post a heavy loss of 12.05 points to shed 10.09% with a high on the day of $109.34, a low of $102.00 for a final trading price of $107.35.

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