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Market Commentary for October 18, 2007


Overall, the days trading session was rather quiet with light trading volume and tight trading ranges creating a dismal trading atmosphere for day traders. Rising oil prices as well as rising Jobless Claims added to the negative market tone. The major indices held deep in the red zone during the majority of the trading day until late afternoon trading provided a small glance into positive territory. The end of the session brought a mixed close for the major indices.

At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a loss of 3.58 points on the day to end the session at 13,888.96; the NYSE (New York Stock Exchange) posted a gain of 9.31 points to end the session at 10,174.61; the NASDAQ posted a gain of 6.64 points for a close at 2,799.31; the S&P 500 moved lower by 1.16 points to end at 1,540.08 and the RUSSELL 2000 moved higher by 0.14 points to close at 839.00. 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 0.16 points to close at 273.59 and the FTSE RAFI 1000 posted a loss of 9.05 points to close at 6,316.73.

U.S. Continuing Claims for week of October 6 rose by 19K to 2,534,000; U.S. Jobless Claims for week of October 13 rose by 28K to 337K compared to survey of an increase by 7K and U.S. Jobless Claims Post Largest Weekly Rise Since February 10.

U.S. Conference Board September Lagging Index rose by 0.5%; U.S. Conference Board September Coincident Index rose by 0.2% and U.S. Conference Board September Leading Index rose by 0.3%.

Philadelphia Fed October Business Index came in at 6.8 versus September reading at 10.9; Philadelphia Fed October Business Index Expected to come in at 7.5; Philadelphia Fed October Price Paid came in at 40.3 versus September reading at 23.1; Philadelphia Fed October Price Received came in at 12.4 versus September reading at 3.3; Philadelphia Fed October Employment came in at 12.6 versus September reading at 7.5 and Philadelphia Fed October New Orders came in at 2.7 versus September reading at 15.1.

President of the Federal Reserve Bank of Philadelphia, Charles I. Plosser comments released today: Prefers To Use Forward Looking Economic Models and Policy Rules Important To Central Banking.

President of the Federal Reserve Bank of Cleveland, Sandra Pianalto comments released today: Inflation Still Moderate, Anchored; Housing Sector Remains 'Very Weak'; Financial Market Strains Have Lessened Some; Fed To Act As Needed October 31 For Stable Prices; We're Responsible For Price Stability; Fed Rate Moves Might Not Be Felt For Months; Impact On Fed's Rate Moves Is Not Immediate; Fed Goals Are Price Stability, Max Economic Growth and Employment In Non-Housing Sectors Holding Up.

Commodities Markets
The trend was mostly higher across the board today for the Energy Sector: Light crude moved higher today by $2.07 to close at $89.47 a barrel; Heating Oil closed higher by $0.03 at $2.37 a gallon; Natural Gas moved lower today by $0.01 to close at $8.42 per million BTU and Unleaded Gas moved higher today by $0.04 to close at $2.19 a gallon.

Metals Market ended the session mostly higher across the board again today: Gold moved higher today by $6.40 to close at $768.70 an ounce; Silver moved higher by $0.05 to close at $13.80 per ounce; Platinum moved nicely higher today by $9.40 to close at $1,447.60 an ounce and Copper closed lower by $0.05 yet again today at $3.54 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day higher by $0.38 to close at $57.38; Pork Bellies ended the day lower by $0.35 at $82.98; Live Cattle ended the day higher by $0.43 at $97.70 and Feeder Cattle ended the day lower by $0.10 at $112.25.

Other Commodities: Corn moved nicely higher today by $9.25 to close at $367.25 and Soybeans moved sharply higher today by $17.25 to end the session at $1,010.25.

Bonds were higher across the board again today: 2 year bond moved higher by 3/32 today to close at 100 4/32; 5 year bond moved higher by 8/32 to close at 100 13/32 today; 10 year bond moved higher by 13/32 today to close at 101 29/32 and the 30 year bond closed higher by 24/32 at 103 15/32 for the day.

The e-mini Dow ended the session today at 13,944 with a loss of 23 points on the trading session. The total Dow Exchange Volume for the day came in at 225,235 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.

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 4,648,648; Open Interest for Futures moved higher by 85,787 points to close at 9,580,418; the Open Interest for Options moved higher by 90,106 points to close at 8,702,571 and the Cleared Only closed lower by 288 points at 9,254 for a total Open Interest on the day of 18,292,243 for a total Change on the day with a gain of 175,605 points.

On the NYSE today, advancers came in at 1,592 decliners totaled 1,671; unchanged came in at 119; new highs came in at 149 and new lows came in at 131. Gainers and losers for the day as well as active day trading stocks on the NYSE: China Petroleum & Chemical Corporation (SNP) was quite active once again today with a high of $166.62, a low of $158.02 with a loss of 14.02 points for a final trading price at $164.82; Consolidated Graphics Incorporated (CGX) moved sharply lower on the session to post a loss of 7.50 points to shed 11.19% with a high on the day of $62.50, a low of $53.67 for a closing price at $59.54; PetroChina Company Limited (PTR) plummeted on the session to post a heavy loss of 12.98 points with a high on the session of $251.82, a low of $243.81 for a closing price at the bell of $250.72; China Telecom Corporation Limited (CHA) retreated lower on the day with a loss of 5.74 points with a high of $91.59, a low of $87.05 to end the session off its high at $91.26;

FTSE/Xinhua China (FXI) moved lower on the day for a loss of 5.98 points with a high of $213.45, a low of $205.10 for a final trading price of $212.50; Aluminum Corporation of China Limited (ACH) shed 4.45 points on the session with a high of $84.20, a low of $78.90 for a closing price of $83.60 and China Life Insurance Company (LFC) gave up 3.28 points with a high of $104.13, a low of $98.05 for a closing price at $103.28.

On the NASDAQ today, advanced totaled 1,421; decliners totaled 1,537; unchanged came in at 130; new highs came in at 77 and new lows came in at 135. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: Logitech International S.A. (LOGI) bolted higher on the trading day to post a gain of 6.76 points to tack on a hardly gain of 23.09% with a high of $37.23, a low of $33.44 to end the session at $36.30; Global Sources Limited (GSOL) moved nicely higher on the day by 12.38% for a rise by 3.60 points with a high of $34.01, a low of $30.30 for a closing price of $32.75; Bright Horizons Family Solutions Incorporated (BFAM) fell sharply lower on the trading session by 15.05% to shed 6.98 points for a closing price at $39.34; Vertex Pharmaceuticals Incorporated (VRTX) fell lower by 13.18% to shed 4.72 points with a high of $33.00, a low of $28.78 to close at $31.10; Google Incorporated (GOOG) continued its move into higher territory today by tacking on 6.14 points with a high of $641.37, a low of $628.50 to close at $639.62 followed by heavy trading activity after the bell to post double the gains of the regular trading session and Triad Guaranty Incorporated (TGIC) continued its trend into lower territory with a loss of 18.86% to shed 2.37 points with a final trading price at $10.19.

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Millennium-Traders