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Market Commentary for November 09, 2007


As we tally the results for the markets as we wrap up the week, the markets aren’t looking to rosy. This past week, the DOW shed over 550 points, with today’s negative trading activity adding to the already negative tone to the market disposition. Throughout today’s trading activity, the Bears roared loudly as the markets tumbled again, following the selloff experienced over the past few market sessions. Oil and concerns over the condition of financial stocks had the markets in a tailspin today as investors bite their nails, waiting for the closing bell to ring as they look wearily at their faltering portfolios. A sense of nervousness has claimed the atmosphere on the floor of the exchanges.

At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a triple digit loss of 223.55 points on the day to end the session at 13,042.74; the NYSE (New York Stock Exchange) posted a triple digit loss of 144.13 points to end the session at 9,733.34; the NASDAQ posted a loss of 68.06 points for a close at 2,627.94; the S&P 500 moved lower by 21.07 points to end at 1,453.70 and the RUSSELL 2000 moved lower by 8.52 points to close at 772.38. 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 loss of 3.61 points to close at 265.36 and the FTSE RAFI 1000 posted a loss of 79.28 points to close at 5,965.55.

University of Michigan Mid-November Consumer Sentiment came in at 75.0 compared to October reading at 80.9; University of Michigan Mid-November Current Index came in at 91.0 compared to October reading at 97.6; University of Michigan Mid-November Expectations 64.7 compared to October reading at 70.1; University of Michigan 12-Month Inflation Forecast rose 3.4% compared to October reading at an increase of 3.1% and University of Michigan 5-Year Inflation Forecast rose by 2.9% compared to October reading at an increase of 2.8%.

U.S. October Import Prices rose 1.8% compared to consensus of an increase by 1.3%; U.S. Import Price rose fastest since May 2006; U.S. October Non-Petroleum Import Prices rose 0.5%; U.S. October Petroleum Import Prices rose 6.9%; U.S. October Export Prices were higher by 0.9% which was largest increase since 1995; U.S. September Trade Deficit came in at $56.45 Billion compared to consensus at a deficit of $59.20 Billion; August Trade Balance was revised to a Deficit of $56.80 Billion from Deficit of $57.59 Billion and September Exports came in at $140.15B, +1.1%; September Imports came in at $196.60 Billion which was an increase by 0.6%.

Commodities Markets
The trend was higher across the board today for the Energy Sector: Light crude moved higher today by $0.86 to close at $96.32 a barrel; Heating Oil closed higher by $0.01 today at $2.62 a gallon; Natural Gas moved higher today by $0.18 to close at $8.29 per million BTU and Unleaded Gas moved higher today by $0.02 to close at $2.46 a gallon.

Metals Market ended the session mostly lower across the board today: Gold moved lower today by $2.80 to close at $834.70 an ounce; Silver moved higher by $0.03 to close at $15.55 per ounce; Platinum moved sharply lower today by $47.60 to close at $1,426.00 an ounce and Copper closed lower by $0.06 today at $3.15 per pound.

On the Livestock and Meat Markets, the trend was mostly higher across the board today: Lean Hogs ended the day higher by $2.43 to close at $53.90; Pork Bellies ended the day higher by $3.00 at $86.75; Live Cattle ended the day lower by $0.05 at $95.35 and Feeder Cattle ended the day higher by $0.35 at $108.03.

Other Commodities: Corn moved lower today by $2.75 to close at $386.75 and Soybeans moved sharply higher today by $14.75 to end the session at $1,056.00.

Bonds were higher across the board today: 2 year bond moved higher by 2/32 to close at 100 11/32; 5 year bond moved higher by 832 to close at 100 16/32 today; 10 year bond moved higher by 16/32 at 100 16/32 and the 30 year bond closed higher by 31/32 at 106 9/32 for the day.

The e-mini Dow ended the session today at 13,025 with a loss of 215 points on the trading session. The total Dow Exchange Volume for the day came in at 357,504 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 5,502,206; Open Interest for Futures moved higher by 75,106 points to close at 10,207,714; the Open Interest for Options moved higher by 146,145 points to close at 9,197,363 and the Cleared Only moved higher by 327 points to close at 13,873 for a total Open Interest on the day of 19,418,950 for a total Change on the day with a gain of 221,578 points.

On the NYSE today, advancers came in at 875 decliners totaled 2,418; unchanged came in at 83; new highs came in at 36 and new lows came in at 598. Active trading stocks on the Big Board today: CME Group (CME) took a tumble on the session for a loss of 15.60 points with a high on the session of $664.51, a low of $641.52 with a final trading price on the big board at $646.70; Rio Tinto plc (RTP) roared higher again on the trading session to post a substantial gain of 38.15 points with a high on the day of $484.21, a low of $464.95 for a close at the bell of $478.35; Petroleo Brasileiro (PBR) posted a loss on the day of 9.01 points with a high on the session of $117.68, a low of $103.70 to end the week at $107.76; Chipotle Mexican Grill Incorporated (CMG) moved lower on the session to post a loss of 5.83 points with a high on the day of $126.32, a low of $121.52 with a closing price just off the low at $121.60 and MEMC Electronic Materials Incorporated (WFR) shed 6.65 points on the day with a high on the day of $76.90, a low of $70.74 with a closing price of $71.16.

On the NASDAQ today, advanced totaled 1,010; decliners totaled 2,005; unchanged came in at 102; new highs came in at 20 and new lows came in at 302. Active trades for the day consisted of: SunPower Corporation (SPWR) posted a sharp loss on the day of 13.23 points with a high on the day of $140.63, a low of $125.00 for a closing price of $128.70; Priceline.com Incorporated (PCLN) soared higher on the session to post a hefty gain of 19.41 points to tack on 23.03% with a high on the trading day of $106.70, a low of $96.00 for a closing price at the bell at $103.68; Allscripts Healthcare Solution (MDRX) shed 18.78% on the day to post a loss of 4.32 points with a final trading price of $18.68; Leap Wireless International Incorporated (LEAP) plummeted lower on the session with a heavy loss of 21.38 points to shed a value of 36.80% with a high on the day at $45.10, a low of $36.55 for a final trading price at $36.72; Hutchinson Technology Incorporated (HTCH) moved higher on the day for a gain of 3.46 points to tack on 14.74% for a final trading price of $26.93 and Middleby Corporation (MIDD) posted a favorable gain on the day of 8.06 points to tack on 13.50% with a high on the trading day of $71.15, a low of $63.00 with a closing price at $67.75.

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Millennium-Traders