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Market Commentary for January 10, 2008


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 117.54 points on the day to end the session at 12,852.85; the NYSE (New York Stock Exchange) posted a gain of 66.07 points to end the session at 9,430.76; the NASDAQ posted a gain of 13.97 points for a close at 2,488.52; the S&P 500 posted a gain of 11.20 points for a close at 1,420.33 and the RUSSELL 2000 moved higher by 8.09 points to close at 720.21. 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 0.63 points to close at 254.98 and the FTSE RAFI 1000 posted a gain of 56.91 points to close at 5,759.91.

On the NYSE today, advancers came in at 1,991; decliners totaled 1,184; unchanged came in at 75; new highs came in at 50 and new lows came in at 169. Momentum stocks traded by active Day Traders on the NYSE today: Petroleo Brasileiro (PBR) shed 0.13 points with a high on the day of $114.85, a low of $108.00 for a closing price at $114.08; CME Group Incorporated (CME) gained 11.36 points with a high on the day of $617.96, a low of $588.37 for a closing price at $611.70; Diamond Offshore Drilling Incorporated (DO) shed 4.52 points with a high on the day of $128.91, a low of $124.69 for a closing price at $126.86; InterContinental Exchange, Incorporated (ICE) gained 10.65 points with a high on the day of $176.00, a low of $160.84 for a closing price at $173.48; Suntech Power Holdings Corporation Limited (STP) shed 3.97 points with a high on the day of $70.52, a low of $65.65 for a closing price at $67.45; POSCO (PKX) shed 0.13 points with a high on the day of $145.07, a low of $134.59 for a closing price at $144.77; Men's Wearhouse Incorporated (MW) shed 7.60 points with a high on the day of $20.95, a low of $16.76 for a closing price at $17.84; Precision Castparts Corporation (PCP) gained 6.02 points with a high on the day of $128.14, a low of $116.24 for a closing price at $126.64; Capital One Financial Corporation (COF) shed 0.43 points with a high on the day of $44.25, a low of $38.85 for a closing price at $42.92; Mastercard Incorporated (MA) shed 0.59 points with a high on the day of $198.80, a low of $185.12 for a closing price at $195.99; Harris Corp (HRS) shed 5.99 points with a high on the day of $54.23, a low of $48.71 for a closing price at $49.82; United States Steel Corp (X) gained 8.40 points with a high on the day of $112.15, a low of $100.10 for a closing price at $109.64; Alcon Inc. (ACL) gained 1.98 points with a high on the day of $149.63, a low of $145.00 for a closing price at $147.75; Precision Castparts Corp (PCP) gained 6.02 points with a high on the day of $128.14, a low of $116.24 for a closing price at $126.64; Countrywide Financial Corporation (CFC) gained 2.63 points with a high on the day of $8.91, a low of $4.82 for a closing price at $7.75; Franklin Resources Inc (BEN) gained 3.99 points with a high on the day of $107.60, a low of $99.50 for a closing price at $105.96; Barnes & Noble, Inc (BKS) shed 6.58 points with a high on the day of $32.93, a low of $27.79 for a closing price at $27.91 and Mosaic Corporation (MOS) gained 4.52 points with a high on the day of $94.35, a low of $85.72 for a closing price at $93.53.

On the NASDAQ today, advanced totaled 1,761; decliners totaled 1,258; unchanged came in at 103; new highs came in at 35 and new lows came in at 305. Momentum stocks traded by active Day Traders on the NASDAQ today: Apple Incorporated (AAPL) shed 1.38 points with a high on the day of $181.00, a low of $175.41 for a closing price at $178.02; Synaptics Incorporated (SYNA) shed 5.72 points with a high on the day of $36.39, a low of $31.07 for a closing price at $32.71; Illumina Incorporated (ILMN) gained 9.57 points with a high on the day of $75.20, a low of $69.99 for a closing price at $70.02; Electronics for Imaging, Incorporated (EFII) shed 5.95 points with a high on the day of $15.20, a low of $12.35 for a closing price at $13.22; Google Incorporated (GOOG) shed 6.47 points with a high on the day of $657.20, a low of $640.11 for a closing price at $646.73; Baidu.com Incorporated (BIDU) shed 4.56 points with a high on the day of $346.00, a low of $329.26 for a closing price at $339.54; First Solar Incorporated (FSLR) shed 8.28 points with a high on the day of $233.16, a low of $216.55 for a closing price at $225.97; Garmin Limited (GRMN) gained 2.01 points with a high on the day of $79.34, a low of $74.72 for a closing price at $78.00 and SunPower Corporation (SPWR) shed 0.41 points with a high on the day of $112.50, a low of $104.32 for a closing price at $110.71.

U.S. Jobless Claims fell 15K to 322K during week of January 5 compared to survey of an increase by 4K; U.S. Continuing Claims for week of December 29 fell 52K to 2,702,000 and U.S. Jobless Claims at lowest level since November 3.

Federal Reserve Board of Governors Chairman, Ben S. Bernanke commented today: Opens Door to Aggressive Rate Cuts; More Rate Cuts 'May Well Be Necessary'; Fed to Take 'Substantive' Action if Needed for Economy; Prepared to Act 'In Decisive and Timely Manner'; Downside Growth Risks 'More Pronounced'; Oil, Housing, Stock Market to Weigh on Consumer in 2008; Calls December Jobs Data 'Disappointing'; GDP Growth in Fourth Quarter Continued at 'Moderate' Pace; TAF Auctions Overcame Discount Window Drawbacks; Oil Prices 'Probably' Boosting Core Inflation; Inflation Expectations 'Reasonably' Anchored; Should Up 'Scale' of At-Risk Mortgage Restructuring; Hard Call a Recession Until after the Fact; Fed Forecasts Slow Growth, not Recession and U.S. Politics Won't Affect Fed Decision-making.

President of Federal Reserve Bank of Kansas City, Thomas M. Hoenig commented today: Economy has been under considerable stress; inflationary pressures are on the rise; not as pessimistic as some over outlook; 'case to be made' for improving growth in 2008; TAF Auctions have helped market liquidity; total inflation has risen 'notably'; Fed Policy faces a 'difficult dilemma'; 5% Unemployment still a 'modest' level; economy has yet to feel much of recent Fed easing; considerable risks surround economic outlook; Fed must keep total inflation checked over long run and Stocks 'not the center of our attention'.

International Monetary Fund summarized comments today: Fed Rate Cuts Have Been `Supportive And Timely'; Pakistan Econ Outlook Hurt By Bhutto Assassination and Global Economic Outlook Worse, Downside Risks Remain. The outlook for global economic growth has worsened in recent months and risks remain to the downside, but the International Monetary Fund does not expect the U.S. economy to slide into a recession, a spokesman said Thursday. IMF Director of External Affairs Masood Ahmed said the slowdown in the U.S. has hurt the world growth outlook for 2008 since the Fund's October meetings, when it shaved its forecast to 4.8% from 5.2%. "Even now, risks to global growth remain on the downside," Ahmed said in a regular briefing. The IMG will release its forecasts updates for 2008 and 2009 on January 25. Risks of a recession in the U.S. have also increased, though "at this point we do not forecast a recession for the U.S. as our central scenario," he said. The U.S. downturn has also led to a deceleration of growth in Europe and Japan, he said. Recent rate cuts by the U.S. Federal Reserve have been "supportive and timely," Ahmed said. Ahmed said inflation in the U.S. and Europe could make things difficult for monetary policy if it starts feeding into core price pressures at a time when growth is slowing. So far headline inflation has been the most influenced by rising commodity and oil prices, he said. When addressed about the assassination of former Pakistan Prime Minister Benazir Bhutto last month, Ahmed said the country's growth rate will likely come in below the IMF's previous forecast of 7%, though that is in part due to higher oil prices. He said the Pakistan's markets and reserves have been harmed by the unrest, but the country still has a very strong reserve position "a strong track record now, of macroeconomic performance and growth, on which to build."

Commodities Markets
The trend was mostly lower across the board today for the Energy Sector: Light crude moved lower today by $1.96 to close at $93.71 a barrel; Heating Oil moved lower today by $0.06 to close at $2.56 a gallon; Natural Gas moved higher today by $0.08 to close at $8.17 per million BTU and Unleaded Gas moved lower today by $0.08 to close at $2.36 a gallon.

Metals Market ended the session mostly higher across the board today: Gold moved nicely higher today by $11.90 to close at $893.60 a Troy ounce; Silver moved higher today by $0.44 to close at $16.28 per Troy ounce; Platinum moved higher today by $5.40 to close at $1,563.70 per Troy ounce and Copper moved lower today to close at $3.28 per pound.

On the Livestock and Meat Markets, the trend was mostly lower across the board today: Lean Hogs ended the day lower by $1.00 to close at $55.53; Pork Bellies ended the day lower by $0.83 at $84.40; Live Cattle ended the day lower by $0.08 at $93.20 and Feeder Cattle ended the day higher by $1.38 at $104.78.

Other Commodities: Corn ended the day lower by $2.25 at $474.50 and Soybeans moved lower today by $2.25 to end the session at $1,261.50.

Bonds were mostly lower across the board today: 2 year bond moved higher by 3/32 to close at 101 2/32; 5 year bond moved lower by 1/32 to close at 102 6/32 today; 10 year bond moved lower by 14/32 to close at 103 and the 30 year bond moved lower by 1 18/32 to close at 109 5/32 on the day.

The e-mini Dow ended the session today at 12,850 with a gain of 105 points on the trading session. The total Dow Exchange Volume for the day came in at 251,022 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 4,264,409; Open Interest for Futures moved higher by 5,027 points to close at 9,710,624; the Open Interest for Options moved higher by 200,901 points to close at 7,225,579 and the Cleared Only closed higher by 154 points to close at 20,500 for a total Open Interest on the day of 16,956,703 for a total Change on the day with a gain of 206,082 points.

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Millennium-Traders