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Market Commentary for November 20, 2007


Day traders and investors had their share of volatility today with a Bull controlled market during the morning session and the Bears held the rains until the final half hour of trading when the markets moved green, into the close. Crude Oil closed over $98.00 a barrel and the housing market is apparently looking better. Home builders and anything to do with the housing market, looked glum today. Fed minutes out today did not add any positive tone to the market; October Rate cut a ‘close call’. Ahead of the Thanksgiving Holiday, traffic is expected to be snarled on both the highways and in airports. Trading action is expected to be light throughout tomorrows trading session. On a positive note, the DOW closed over 13,000 so, we’ll see if it holds over next few sessions. Markets are closed on Thursday and only a half day session on Friday with markets closing at 1:00 pm Eastern Time.

At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a gain of 51.70 points on the day to end the session at 13,010.14; the NYSE (New York Stock Exchange) posted a gain of 77.96 points to end the session at 9,575.29; the NASDAQ posted a gain of 3.43 points for a close at 2,596.81; the S&P 500 moved higher by 6.43 points to end at 1,439.70 and the RUSSELL 2000 moved lower by 1.00 points to close at 749.33. 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 2.88 points to close at 260.47 and the FTSE RAFI 1000 posted a gain of 19.91 points to close at 5,877.98.

U.S. October Housing Starts rose by 3.0% to 1.229 Million compared to Consensus of a drop by 0.9%;

Building Permits fell by 6.6% to rate of 1.178 Million during October and September Housing Starts were revised to a drop by 11.4% from a drop by 10.2%.

Federal Open Market Committee Minutes released today: October rate cut close call but 'valuable' insurance; officials saw 'substantial' downside economic risks; rate cut aimed at risk of 'unexpectedly severe' downturn; large market losses could increase growth risks; U.S. Dollar's 'significant' drop an inflation worry; recent 'string' of core price data 'encouraging'; sees moderate gains in spending, investment; global growth, Dollar decline to support U.S. exports; rate cuts can be reversed if conditions change and sees more uncertainty on economic growth than inflation.

Fed Economic Forecasts Suggest Moderate Growth, Low Inflation; Fed Sees GDP rise by 2.3% - 2.7% in 2009; Fed Sees GDP rise by 2.5% - 2.6% in 2010; Fed Sees Core PCE rise by 1.8% - 1.9% in 2007; Fed Sees Core PCE rise by 1.7% - 1.9% in 2008; Fed Sees Core PCE rise by 1.7% - 1.9% in 2009; Fed Sees Core PCE rise by 1.6% - 1.9% in 2010 and Fed Sees Unemployment Rate under 5% through 2010.

Commodities Markets
The trend was mostly higher across the board today for the Energy Sector: Light crude moved higher today by $3.39 to close at $98.03 a barrel; Heating Oil closed higher by $0.09 today at $2.70 a gallon; Natural Gas moved lower today by $0.33 to close at $7.82 per million BTU and Unleaded Gas moved higher today by $0.07 to close at $2.45 a gallon.

Metals Market ended the session higher across the board today: Gold moved nicely higher today by $13.40 to close at $791.40 a Troy ounce; Silver moved higher by $0.35 again today to close at $14.51 per Troy ounce; Platinum moved nicely higher today by $12.60 to close at $1,469.70 per Troy ounce and Copper moved higher by $0.04 to close at $3.07 per pound.

On the Livestock and Meat Markets, the trend was higher across the board today: Lean Hogs ended the day higher by $2.80 to close at $63.00; Pork Bellies ended the day higher by $3.00 at $92.40; Live Cattle ended the day higher by $0.88 at $98.28 and Feeder Cattle ended the day higher by $0.75 at $109.58.

Other Commodities: Corn moved higher today by $3.75 to close at $398.25 and Soybeans moved nicely higher today by $16.50 to end the session at $1,087.00.

The e-mini Dow ended the session today at 13,068 with a gain of 75 points on the trading session. The total Dow Exchange Volume for the day came in at 230,113 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 5,027,585; Open Interest for Futures moved higher by 58,940 points to close at 10,297,202; the Open Interest for Options moved higher by 10,471 points to close at 9,566,803 and the Cleared Only moved lower by 11 points to close at 14,775 for a total Open Interest on the day of 19,878,780 for a total Change on the day with a gain of 69,400 points.

On the NYSE today, advancers came in at 1,605; decliners totaled 1,699; unchanged came in at 85; new highs came in at 42 and new lows came in at 724. Active trading stocks on the Big Board today: Fannie Mae (FNM) gave some nice trading action for the active day trader on listed stocks, high on the session of $32.50, a low on the day of $26.38 for a final trading price at $28.25 after a loss on the day of 9.33 points; iShares FTSE/Xinhua China 25 Index (FXI) climbed higher on the session for active trading with a high on the day at $179.47, a low of $171.56 with a ending day price at $177.40 and PetroChina Company Limited (PTR) posted a nice gain on the day of 10.08 points with a high on the day of $192.47, a low of $184.97 to end the session at $190.60.

On the NASDAQ today, advanced totaled 1,242; decliners totaled 1,786; unchanged came in at 124; new highs came in at 19 and new lows came in at 415. Active trading stocks for the day consisted of: EchoStar Communications Corporation (DISH) was quite active on the trading day as a loss was posted of 4.25 points with a high on the trading session of $45.00, a low on the session of $42.00 the final trading price was $43.24 and Concur Technologies Incorporated (CNQR) was a nice trading stock for the active day trader with a high on the day of $36.90, a low of $32.25 for a gain on the session of 3.73 points with a final trading price at $34.00.

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Millennium-Traders