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Market Commentary for December 10, 2007


The Bulls were raring to go today with the major indices holding nicely in the green zone throughout the trading session. Trading activity was quiet today, as was to be expected, ahead of the FOMC meeting and decision on interest rates tomorrow. Trading Volume was light amidst the nice positive market trend. The trading session will probably be quiet pre-Fed announcement tomorrow. Expectations are for the Fed to cut short term interest rates by 25 basis points, some have it in their minds that the possibility is there for the Fed to cut by 50 basis points. What if the Fed doesn’t drop, chances are high that the markets will. Sub-prime mortgage market concerns still remain a key concern for investors.

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 101.45 points on the day to end the session at 13,727.03; the NYSE (New York Stock Exchange) posted a gain of 80.84 points to end the session at 10,104.42; the NASDAQ posted a gain of 12.79 points for a close at 2,718.95; the S&P 500 moved gain by 11.30 points to end at 1,515.96 and the RUSSELL 2000 moved higher by 5.68 points to close at 791.20. 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 1.50 points to close at 272.30 and the FTSE RAFI 1000 posted a gain of 45.04 points to close at 6,201.06.

U.S. Secretary of Energy Samuel W. Bodman comments released today: Hopes U.S. Energy Bill not Dead for this Year; Geopolitics, Iran, Venezuela Keep Oil Price High; Speculators add to Volatility, not to Oil Price; Low Global Oil Inventory Pushing up Oil Prices; Hopes OPEC Will Increase Oil Supplies and U.S. Companies Must Commit to Additional Refinery Expansion.

Commodities Markets
The trend was lower across the board today for the Energy Sector: Light crude moved lower today by $0.42 to close at $87.86 a barrel; Heating Oil moved lower today by $0.03 to close at $2.48 a gallon; Natural Gas moved lower today by $0.12 to close at $7.03 per million BTU and Unleaded Gas moved lower today by $0.02 to close at $2.25 a gallon.

Metals Market ended the session mostly higher across the board today: Gold moved strongly higher today by $13.30 to close at $813.50 a Troy ounce; Silver moved higher by $0.35 today to close at $14.85 per Troy ounce; Platinum moved higher today by $4.10 to close at $1,466.30 per Troy ounce and Copper moved lower by $0.03 to close at $3.09 per pound.

On the Livestock and Meat Markets, the trend was higher across the board today: Lean Hogs ended the day higher by $1.65 to close at $63.35; Pork Bellies ended the day higher by $1.05 at $92.48; Live Cattle ended the day higher by $0.38 at $97.13 and Feeder Cattle ended the day higher by $0.18 at $106.13.

Other Commodities: Corn ended the day higher by $0.50 at $417.75 and Soybeans moved nicely higher today by $6.00 to end the session at $1,125.75.

Bonds were lower across the board for the fourth day in a row today: 2 year bond moved lower by 4/32 at 99 29/32; 5 year bond moved lower by 7/32 at 99 7/32 today; 10 year bond moved lower by 11/32 at 100 26/32 and the 30 year bond moved lower by 21/32 at 106 9/32 for the day.

The e-mini Dow ended the session today at 13,743 with a gain of 93 points on the trading session. The total Dow Exchange Volume for the day came in at 159,183 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 4,787,322; Open Interest for Futures moved higher by 12,900 points to close at 9,759,825; the Open Interest for Options moved higher by 162,094 points to close at 6,536,877 and the Cleared Only closed higher by 178 points to close at 16,224 for a total Open Interest on the day of 16,312,926 for a total Change on the day with a gain of 175,172 points.

On the NYSE today, advancers came in at 2,033; decliners totaled 1,159; unchanged came in at 88; new highs came in at 109 and new lows came in at 29.

Momentum stocks traded by active day traders on the NYSE today: MasterCard Incorporated (MA) gained 5.86 points with a high on the day of $218.7543 a low of $210.99 for a closing price at $215.46; Goldman Sachs Group Incorporated (GS) gained 6.32 points with a high on the day of $224.31, a low of $218.01 for a closing price at $224.21; ITT Educational Services Incorporated (ESI) gained 9.03 points with a high on the day of $115.66, a low of $106.24 for a closing price at $112.03; MBIA Incorporated (MBI) gained 3.90 points with a high on the day of $38.19, a low of $29.71 for a closing price at $33.90; LDK Solar Corporation Limited (LDK) gained 13.05 points with a high on the day of $60.00, a low of $51.31 for a closing price at $58.80; Temple-Inland Incorporated (TIN) shed 10.39 points with a high on the day of $37.49, a low of $35.47 for a closing price at $36.71; Rio Tinto plc (RTP) gained 9.71 points with a high of $483.54, a low of $471.20 for a closing price at $477.71 and The Mosaic Company (MOS) gained 4.77 points with a high on the day of $84.52, a low of $80.41 for a closing price at $84.40.

On the NASDAQ today, advanced totaled 1,683; decliners totaled 1,340; unchanged came in at 127; new highs came in at 76 and new lows came in at 81.

Momentum stocks on the NASDAQ today: Pharmion Corporation (PHRM) shed 3.35 points with a high on the day of $62.90, a low of $56.08 for a closing price at $60.32; United Therapeutics Corporation (UTHR) gained 6.42 points with a high of $110.69, a low of $101.73 for a closing price of $108.61; Arthrocare Corporation (ARTC) shed 2.61 points with a high on the day of $55.86, a low of $50.00 for a closing price at $52.29; Baidu.com Incorporated (BIDU) gained 7.30 points with a high on the day of $403.55, a low of $385.35 for a closing price at $397.30; First Solar Incorporated (FSLR) gained 14.23 points with a high of $251.17 a low of $233.30 for a closing price of $249.70; Aries Maritime Transport Limited (RAMS) gained 0.95 points with a high on the day of $8.63, a low of $6.55 for a closing price at $7.62; Intuitive Surgical Incorporated (ISRG) shed 5.42 points with a high on the day of $359.59, a low of $346.36 for a closing price at $347.58; Apple Incorporated (AAPL) gained 0.08 points with a high of $195.66, a low of $192.69 for a closing price of $194.38; SunPower Corporation (SPWR) gained 0.03 points with a high on the day of $140.00, a low of $131.50 for a closing price at $133.64; Celgene Corporation (CELG) shed 8.27 points with a high on the day of $55.36, a low of $47.21 for a closing price at $49.09; Research In Motion Limited (RIMM) shed 6.32 points with a high on the day of $104.80, a low of $101.50 for a closing price at $102.40 and Restoration Hardware Incorporated (RSTO) shed 0.13 points with a high on the day of $7.05, a low of $6.75 for a closing price at $6.93.

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Millennium-Traders