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Market Commentary for November 21, 2007


The eve before the Thanksgiving Day holiday, trading action was generally quiet with light to moderate trading volume. Day Traders and investors are on their way out the door, unless they already left to begin the extended holiday weekend. The markets are closed for the holiday and there is a shortened trading session on Friday with markets closing at 1:00 pm Eastern time. Across the board, the markets moved lower with triple digit losses once again, to plague the DOW and the NYSE.

We take this time to wish all our valuable readers a very safe and enjoyable Thanksgiving Day holiday.

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 211.10 points on the day to end the session at 12,799.04; the NYSE (New York Stock Exchange) posted a triple digit loss of 123.01 points to end the session at 9,452.22; the NASDAQ posted a loss of 34.66 points for a close at 2,562.15; the S&P 500 moved lower by 22.93 points to end at 1,416.77 and the RUSSELL 2000 moved lower by 9.03 points to close at 740.30. 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 5.48 points to close at 255.29 and the FTSE RAFI 1000 posted a loss of 87.09 points to close at 5,790.89.

U.S. Jobless Claims fell by 11K to 330K for week of November 17 compared to expectations of a drop by 9K; U.S. Continuing Claims for week of November 10 rose 7K to 2,566,000 and U.S. Jobless Claims for week of November 10 were revised to 341K from 339K.

University of Michigan End- November Current Index came in at 91.5 compared to October reading at 97.6; University of Michigan End- November Expectations came in at 66.2 compared to October reading at 70.1; University of Michigan Preliminary November Sentiment was 75.0; University of Michigan 12-Month Inflation Forecast rose 3.4% compared to October reading at an increase by 3.1% and University of Michigan 5-Year Inflation Forecast rose 2.9% compared to October reading at an increase by 2.8%.

Department of Energy Crude Oil Inventories released today: U.S. Distillate Stockpiles fell by 2.4 Million Barrels in the week compared to expectations of a drop by 300,000 Barrels; U.S. Gasoline Stockpiles rose by 200K Barrels in the week compared to expectations of an increase by 700,000; U.S. Crude Oil Stockpiles fell by 1.1 Million Barrels at 313.6 Million Barrels and U.S. Crude Oil Stockpiles fell by 1.1 Million Barrels in the week compared to expectations of an increase by 700,000 Barrels.

Commodities Markets
The trend was mostly lower across the board today for the Energy Sector: Light crude moved lower today by $0.74 to close at $97.29 a barrel; Heating Oil closed with no change at $2.70 a gallon; Natural Gas moved higher today by $0.05 to close at $7.87 per million BTU and Unleaded Gas moved lower today by $0.01 to close at $2.44 a gallon.

Metals Market ended the session mostly lower across the board today: Gold moved higher today by $7.20 to close at $798.60 a Troy ounce; Silver moved lower by $0.08 today to close at $14.42 per Troy ounce; Platinum moved lower today by $2.50 to close at $1,467.20 per Troy ounce and Copper moved lower by $0.14 to close at $2.93 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day lower by $0.25 to close at $62.75; Pork Bellies ended the day higher by $0.65 at $93.05; Live Cattle ended the day lower by $0.05 at $98.20 and Feeder Cattle ended the day higher by $0.33 at $109.90.

Other Commodities: Corn moved higher today by $0.50 to close at $398.75 and Soybeans moved lower today by $3.0 to end the session at $1,084.00.

Bonds were higher across the board today: 2 year bond moved higher by 10/32 to close at 101 3/32; 5 year bond moved higher by 24/32 to close at 102 7/32 today; 10 year bond moved higher by 24/32 at 101 30/32 and the 30 year bond closed higher by 25/32 at 108 26/32 for the day.

The e-mini Dow ended the session today at 12,884 with a loss of 176 points on the trading session. The total Dow Exchange Volume for the day came in at 301,956 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 5,648,259; Open Interest for Futures moved lower by 263,583 points to close at 10,033,619; the Open Interest for Options moved lower by 1,277,089 points to close at 5,334,553 and the Cleared Only moved lower by 60 points to close at 14,715 for a total Open Interest on the day of 15,382,887 for a total Change on the day with a loss of 1,540,732 points.

On the NYSE today, advancers came in at 882; decliners totaled 2,413; unchanged came in at 69; new highs came in at 34 and new lows came in at 713. Active trading stocks on the Big Board today: CME Group Incorporated (CME) took a hard tumble on the trading session to post a loss of 16.10 points with a high on the session of $647.99, a low of $627.87 to end the day at $632.80; Trina Solar Limited (TSL) plummeted lower on the session for a loss on the day of 11.51 points to shed 23.55% with a high on the session of $41.50, a low of $33.52 with a final trading price at $37.37; Rio Tinto plc (RTP) tumbled lower on the session for a loss on the day of 19.08 points with a high on the session at $413.74, a low of $397.75 for a final trading price at $405.73 and PetroChina Company Limited (PTR) was quite active on the session today with a loss of 9.60 points with a high on the trading day of $185.65, a low of $178.44 for a final trading price at the bell of $181.00.

On the NASDAQ today, advanced totaled 864; decliners totaled 2,120; unchanged came in at 127; new highs came in at 7 and new lows came in at 343. Active trading stocks for the day consisted of: Patterson Companies Incorporated (PDCO) moved sharply lower on the session to post a loss on the day of 8.46 points to shed a heavy 22.51% with a final trading price at $29.17; China Finance Online Company Limited (JRJC) moved lower on the session with a loss of 6.74 points to shed 22.77% with a high on the session of $26.52, a low of $22.22 for a final trading price at $22.86 and Sirona Dental Systems Incorporated (SIRO) fell by 4.34 points on the session to shed 14.24% for a closing price at the bell of $26.13.


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Millennium-Traders