Market Commentary for December 17, 2007
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 172.65 points on the day to end the session at 13,167.20; the NYSE (New York Stock Exchange) posted a triple digit loss of 169.70 points to end the session at 9,528.67; the NASDAQ posted a loss of 61.25 points for a close at 2,574.46; the S&P 500 moved lower by 22.05 points to end at 1,445.90 and the RUSSELL 2000 moved lower by 14.87 points to close at 739.06. 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 5.12 points to close at 257.23 and the FTSE RAFI 1000 posted a loss of 84.34 points to close at 5,890.49.
On the NYSE today, advancers came in at 611; decliners totaled 2,580; unchanged came in at 86; new highs came in at 44 and new lows came in at 374.
Momentum stocks traded by active day traders on the NYSE today: Ingersoll-Rand Company Limited (IR) shed 5.58 points with a high on the day of $46.75, a low of $42.94 for a closing price at $43.60; LDK Solar Corporation Limited (LDK) gained 10.71 points with a high on the day of $75.65, a low of $65.00 for a closing price at $67.55; Suntech Power Holdings Corporation Limited (STP) shed 4.30 points with a high on the day of $83.48, a low of $77.30 for a closing price at $78.43; National-Oilwell Varco Incorporated (NOV) shed 6.68 points with a high on the day of $74.80, a low of $68.13 for a closing price at $70.69; ITT Educational Services Incorporated (ESI) shed 6.91 points with a high on the day of $97.64, a low of $90.85 for a closing price at $90.93; Barclays Bank PLC (INP) shed 13.59 points with a high on the day of $101.05, a low of $89.00 for a closing price at $89.50; WellCare Health Plans Incorporated (WCG) shed 48.20 points with a high on the day of $48.20, a low of $37.50 for a closing price at $42.80 and Freeport-McMoran Copper & Gold Incorporated (FCX) shed 7.20 points with a high on the day of $100.81, a low of $93.99 for a closing price at $94.91.
On the NASDAQ today, advanced totaled 623; decliners totaled 2,396; unchanged came in at 96; new highs came in at 26 and new lows came in at 389.
Momentum stocks on the NASDAQ today: Google Incorporated (GOOG) shed 20.62 points with a high on the day of $695.42, a low of $663.67 for a closing price at $669.33; Rigel Pharmaceuticals Incorporated (RIGL) shed 3.43 points with a high on the day of $26.70, a low of $23.07 for a closing price at $24.00; Mercadolibre Incorporated (MELI) shed 1.55 points with a high on the day of $66.66, a low of $58.40 for a closing price at $60.00; Apple Incorporated (AAPL) shed 6.38 points with a high on the day of $192.65, a low of $182.98 for a closing price at $184.01; First Solar Incorporated (FSLR) shed 19.69 points with a high on the day of $255.76, a low of $230.00 for a closing price at $232.00; Baidu.com Incorporated (BIDU) shed 38.88 points with a high on the day of $392.74, a low of $348.91 for a closing price at $354.03; American Dental Partners Incorporated (ADPI) gained 1.15 points with a high on the day of $6.90, a low of $5.03 for a closing price at $6.22; Research In Motion Limited (RIMM) shed 5.95 points with a high on the day of $106.92, a low of $100.05 for a closing price at $100.03; DryShips Incorporated (DRYS) shed 11.77 points with a high on the day of $82.16, a low of $70.25 for a closing price at $72.50; Prixeline.com Incorporated (PCLN) shed 7.86 points with a high on the day of $113.58, a low of $104.65 for a closing price at $109.31 and SunPower Corporation (SPWR) shed 6.70 points with a high on the day of $129.19, a low of $119.26 for a closing price at $121.49. Comments from former Federal Reserve Chairman Alan Greenspan: Seeing Early Signs of Stagflation and 50% Probability of Recession 'I Think' is Correct.
New York Fed December Prices Received came in at 12.50 versus 11.90 reading in November; New York Fed December Employment came in at 12.83 versus 10.63 reading in November; New York Fed December New Orders came in at 14.26 versus 24.49 reading in November and New York Fed December Manufacturing Index came in at 10.31 versus 27.37 reading in November. Treasury Secretary Henry M. Paulson Jr. commented today: No 'Silver Bullet' for Credit Market Problems; Mortgage Plan's Goal not to Freeze all Interest Rates; Loan-Limit Rise Must Accompany Broad GSE Reform; Supports Temporary Increase of GSE Loan Limit; Still Optimistic about Super SIV; Applauds Citigroup's SIV Decision; More Money to be Directed Toward Mortgage Counseling; Housing Turmoil Will Take 'Time to Work Through'; Housing Downturn Will Penalize Economy in Short Term and Economy 'Fundamentally Sound'; Core Inflation Contained. Net Foreign Capital Inflow to U.S. $97.8 Billion in October; Net Foreign Buys of U.S. Treasury Notes, Bonds $49.8 Billion in October; Net Foreign Buys of U.S. Agency Debt $14.9 Billion in October; Net Foreign Buys of U.S. Corp Bonds $23.1 Billion in October and Net Foreign Buys of U.S. Equities $30.2 Billion in October. U.S. Third Quarter Current Account Deficit came in at $178.5 Billion compared to consensus of $184.0 Billion and U.S. Second Quarter Current Account Gap Revised To $188.9 Billion versus $190.8 Billion.
Commodities Markets
The trend was lower across the board today for the Energy Sector: Light crude moved lower today by $0.64 to close at $90.63 a barrel; Heating Oil moved lower today by $0.01 to close at $2.60 a gallon; Natural Gas moved lower today by $0.02 to close at $7.15 per million BTU and Unleaded Gas closed at $2.34 a gallon.
Metals Market ended the session mixed across the board today: Gold moved higher today by $1.30 to close at $799.30 a Troy ounce; Silver close5 at $13.98 per Troy ounce; Platinum moved sharply higher today by $24.40 to close at $1,503.60 per Troy ounce and Copper moved lower today by $0.07 to close at $2.89 per pound.
On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day lower by $0.93 to close at $59.25; Pork Bellies ended the day lower by $0.60 at $88.18; Live Cattle ended the day higher by $0.15 at $95.63 and Feeder Cattle ended the day higher by $0.15 at $106.33.
Other Commodities: Corn ended the day higher by $0.50 at $438.75 and Soybeans moved higher today by $1.00 to end the session at $1,176.00.
Bonds were higher across the board today: 2 year bond moved higher by 6/32 at 99 26/32; 5 year bond moved higher by 10/32 at 99 5/32 today; 10 year bond moved higher by 16/32 at 100 19/32 and the 30 year bond moved higher by 27/32 at 106 27/32 for the day.
The e-mini Dow ended the session today at 13,269 with a triple digit loss of 171 points on the trading session. The total Dow Exchange Volume for the day came in at 177,348 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 3,804,362; Open Interest for Futures moved lower by 12,639 points to close at 9,677,341; the Open Interest for Options moved higher by 240,278 points to close at 7,232,569 and the Cleared Only closed higher by 1,341 points to close at 18,039 for a total Open Interest on the day of 16,927,949 for a total Change on the day with a gain of 228,980 points.
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Millennium-Traders
On the NYSE today, advancers came in at 611; decliners totaled 2,580; unchanged came in at 86; new highs came in at 44 and new lows came in at 374.
Momentum stocks traded by active day traders on the NYSE today: Ingersoll-Rand Company Limited (IR) shed 5.58 points with a high on the day of $46.75, a low of $42.94 for a closing price at $43.60; LDK Solar Corporation Limited (LDK) gained 10.71 points with a high on the day of $75.65, a low of $65.00 for a closing price at $67.55; Suntech Power Holdings Corporation Limited (STP) shed 4.30 points with a high on the day of $83.48, a low of $77.30 for a closing price at $78.43; National-Oilwell Varco Incorporated (NOV) shed 6.68 points with a high on the day of $74.80, a low of $68.13 for a closing price at $70.69; ITT Educational Services Incorporated (ESI) shed 6.91 points with a high on the day of $97.64, a low of $90.85 for a closing price at $90.93; Barclays Bank PLC (INP) shed 13.59 points with a high on the day of $101.05, a low of $89.00 for a closing price at $89.50; WellCare Health Plans Incorporated (WCG) shed 48.20 points with a high on the day of $48.20, a low of $37.50 for a closing price at $42.80 and Freeport-McMoran Copper & Gold Incorporated (FCX) shed 7.20 points with a high on the day of $100.81, a low of $93.99 for a closing price at $94.91.
On the NASDAQ today, advanced totaled 623; decliners totaled 2,396; unchanged came in at 96; new highs came in at 26 and new lows came in at 389.
Momentum stocks on the NASDAQ today: Google Incorporated (GOOG) shed 20.62 points with a high on the day of $695.42, a low of $663.67 for a closing price at $669.33; Rigel Pharmaceuticals Incorporated (RIGL) shed 3.43 points with a high on the day of $26.70, a low of $23.07 for a closing price at $24.00; Mercadolibre Incorporated (MELI) shed 1.55 points with a high on the day of $66.66, a low of $58.40 for a closing price at $60.00; Apple Incorporated (AAPL) shed 6.38 points with a high on the day of $192.65, a low of $182.98 for a closing price at $184.01; First Solar Incorporated (FSLR) shed 19.69 points with a high on the day of $255.76, a low of $230.00 for a closing price at $232.00; Baidu.com Incorporated (BIDU) shed 38.88 points with a high on the day of $392.74, a low of $348.91 for a closing price at $354.03; American Dental Partners Incorporated (ADPI) gained 1.15 points with a high on the day of $6.90, a low of $5.03 for a closing price at $6.22; Research In Motion Limited (RIMM) shed 5.95 points with a high on the day of $106.92, a low of $100.05 for a closing price at $100.03; DryShips Incorporated (DRYS) shed 11.77 points with a high on the day of $82.16, a low of $70.25 for a closing price at $72.50; Prixeline.com Incorporated (PCLN) shed 7.86 points with a high on the day of $113.58, a low of $104.65 for a closing price at $109.31 and SunPower Corporation (SPWR) shed 6.70 points with a high on the day of $129.19, a low of $119.26 for a closing price at $121.49. Comments from former Federal Reserve Chairman Alan Greenspan: Seeing Early Signs of Stagflation and 50% Probability of Recession 'I Think' is Correct.
New York Fed December Prices Received came in at 12.50 versus 11.90 reading in November; New York Fed December Employment came in at 12.83 versus 10.63 reading in November; New York Fed December New Orders came in at 14.26 versus 24.49 reading in November and New York Fed December Manufacturing Index came in at 10.31 versus 27.37 reading in November. Treasury Secretary Henry M. Paulson Jr. commented today: No 'Silver Bullet' for Credit Market Problems; Mortgage Plan's Goal not to Freeze all Interest Rates; Loan-Limit Rise Must Accompany Broad GSE Reform; Supports Temporary Increase of GSE Loan Limit; Still Optimistic about Super SIV; Applauds Citigroup's SIV Decision; More Money to be Directed Toward Mortgage Counseling; Housing Turmoil Will Take 'Time to Work Through'; Housing Downturn Will Penalize Economy in Short Term and Economy 'Fundamentally Sound'; Core Inflation Contained. Net Foreign Capital Inflow to U.S. $97.8 Billion in October; Net Foreign Buys of U.S. Treasury Notes, Bonds $49.8 Billion in October; Net Foreign Buys of U.S. Agency Debt $14.9 Billion in October; Net Foreign Buys of U.S. Corp Bonds $23.1 Billion in October and Net Foreign Buys of U.S. Equities $30.2 Billion in October. U.S. Third Quarter Current Account Deficit came in at $178.5 Billion compared to consensus of $184.0 Billion and U.S. Second Quarter Current Account Gap Revised To $188.9 Billion versus $190.8 Billion.
Commodities Markets
The trend was lower across the board today for the Energy Sector: Light crude moved lower today by $0.64 to close at $90.63 a barrel; Heating Oil moved lower today by $0.01 to close at $2.60 a gallon; Natural Gas moved lower today by $0.02 to close at $7.15 per million BTU and Unleaded Gas closed at $2.34 a gallon.
Metals Market ended the session mixed across the board today: Gold moved higher today by $1.30 to close at $799.30 a Troy ounce; Silver close5 at $13.98 per Troy ounce; Platinum moved sharply higher today by $24.40 to close at $1,503.60 per Troy ounce and Copper moved lower today by $0.07 to close at $2.89 per pound.
On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day lower by $0.93 to close at $59.25; Pork Bellies ended the day lower by $0.60 at $88.18; Live Cattle ended the day higher by $0.15 at $95.63 and Feeder Cattle ended the day higher by $0.15 at $106.33.
Other Commodities: Corn ended the day higher by $0.50 at $438.75 and Soybeans moved higher today by $1.00 to end the session at $1,176.00.
Bonds were higher across the board today: 2 year bond moved higher by 6/32 at 99 26/32; 5 year bond moved higher by 10/32 at 99 5/32 today; 10 year bond moved higher by 16/32 at 100 19/32 and the 30 year bond moved higher by 27/32 at 106 27/32 for the day.
The e-mini Dow ended the session today at 13,269 with a triple digit loss of 171 points on the trading session. The total Dow Exchange Volume for the day came in at 177,348 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 3,804,362; Open Interest for Futures moved lower by 12,639 points to close at 9,677,341; the Open Interest for Options moved higher by 240,278 points to close at 7,232,569 and the Cleared Only closed higher by 1,341 points to close at 18,039 for a total Open Interest on the day of 16,927,949 for a total Change on the day with a gain of 228,980 points.
Thanks for reading
Millennium-Traders
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