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Market Commentary for January 17, 2008


At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a hefty triple digit loss of 306.95 points on the day to end the session at 12,159.21; the NYSE (New York Stock Exchange) posted a triple digit loss of 254.48 points to end the session at 8,818.95; the NASDAQ posted a loss of 47.69 points for a close at 2,346.80; the S&P 500 posted a loss of 39.94 points for a close at 1,333.26 and the RUSSELL 2000 moved lower by 19.34 points to close at 680.57. 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 3.67 points to close at 240.57 and the FTSE RAFI 1000 posted a triple digit loss of 156.81 points to close at 5,419.44.

On the NYSE today, advancers came in at 492; decliners totaled 2,695; unchanged came in at 67; new highs came in at 20 and new lows came in at 392.
Momentum stocks traded by active Day Traders on the NYSE today: Transocean, Incorporated (RIG) shed 4.23 points with a high on the day of $133.40, a low of $125.02 for a closing price at $125.78; Rio Tinto plc (RTP) shed 14.48 points with a high on the day of $363.90, a low of $341.11 for a closing price at $343.52; Petroleo Brasileiro (PBR) shed 5.53 points with a high on the day of $100.71, a low of $91.47 for a closing price at $92.56; CME Group, Incorporated (CME) shed 32.03 points with a high on the day of $583.00, a low of $541.70 for a closing price at $544.73; InterContinental Exchange, Incorporated (ICE) shed 17.52 points with a high on the day of $149.99, a low of $130.74 for a closing price at $130.95; MBIA Incorporated (MBI) shed 4.18 points with a high on the day of $11.00, a low of $7.63 for a closing price at $9.22; Ambac Financial Group, Incorporated (ABK) shed 6.73 points with a high on the day of $8.55, a low of $4.50 for a closing price at $6.24; Alliance Data Systems Corporation (ADS) shed 10.34 points with a high on the day of $63.33, a low of $47.49 for a closing price at $52.82; Potash Corp. of Saskatchewan, Incorporated (POT) shed 14.45 points with a high on the day of $133.00, a low of $114.65 for a closing price at $120.24; Monsanto Corporation (MON) shed 13.09 points with a high on the day of $107.79, a low of $96.11 for a closing price at $99.61; Mosaic Corporation (MOS) shed 10.71 points with a high on the day of $90.46, a low of $78.00 for a closing price at $81.00; XL Capital Limited (XL) shed 5.94 points with a high on the day of $50.80, a low of $41.84 for a closing price at $45.17; Oil Services HOLDRs (OIH) shed 6.85 points with a high on the day of $173.38, a low of $162.23 for a closing price at $162.70; LDK Solar Corporation Limited (LDK) gained 1.33 points with a high on the day of $38.45, a low of $35.00 for a closing price at $35.78; Stoneridge Incorporated (SRI) gained 10.39 points with a high on the day of $10.39, a low of $8.30 for a closing price at $9.36; PMI Group Incorporated (PMI) shed 1.29 points with a high on the day of $7.01, a low of $5.71 for a closing price at $6.48; Assured Guaranty Limited (AGO) shed 3.57 points with a high on the day of $21.83, a low of $17.79 for a closing price at $18.42; Under Armour, Incorporated (UA) shed 1.90 points with a high on the day of $43.08, a low of $34.80 for a closing price at $40.95; Perini Corporation (PCR) shed 10.05 points with a high on the day of $36.46, a low of $25.08 for a closing price at $27.65; Freeport-McMoRan Copper & Gold Incorporated (FCX) shed 7.14 points with a high on the day of $89.97, a low of $81.00 for a closing price at $81.49; State Street Corporation (STT) shed 6.44 points with a high on the day of $83.02, a low of $74.63 for a closing price at $75.00; NYMEX Holdings Incorporated (NMX) shed 14.08 points with a high on the day of $106.48, a low of $89.10 for a closing price at $89.90; Fluor Corporation (FLR) shed 10.74 points with a high on the day of $128.08, a low of $114.40 for a closing price at $115.21.

On the NASDAQ today, advanced totaled 697; decliners totaled 2,339; unchanged came in at 109; new highs came in at 23 and new lows came in at 353.
Momentum stocks traded by active Day Traders on the NASDAQ today: First Solar Incorporated (FSLR) shed 14.36 points with a high on the day of $185.53, a low of $166.59 for a closing price at $167.20; SunPower Corporation (SPWR) shed 10.67 points with a high on the day of $89.24, a low of $80.13 for a closing price at $80.96; Apple Incorporated (AAPL) gained 1.25 points with a high on the day of $165.36, a low of $158.42 for a closing price at $160.89; Garmin Limited (GRMN) gained 2.25 points with a high on the day of $65.31, a low of $62.50 for a closing price at $64.15; Baidu.com Incorporated (BIDU) shed 28.31 points with a high on the day of $301.00, a low of $263.68 for a closing price at $264.99; Research In Motion Limited (RIMM) shed 2.27 points with a high on the day of $92.31, a low of $86.53 for a closing price at $87.03; FCStone Group, Incorporated (FCSX) shed 2.85 points with a high on the day of $50.92, a low of $47.00 for a closing price at $47.47; JA Solar Holdings Corporation Limited (JASO) shed 4.86 points with a high on the day of $66.98, a low of $55.60 for a closing price at $56.06.

President of the Federal Reserve Bank of Cleveland, Sandra Pianalto comments today: Housing Market Seems in 'Freefall'; Lower Equity Prices Restraining Economy; Housing Effect Could Affect Outlook For 'Some Time'; Consumer Spending Slowing, Maybe on Less Home Wealth; Fed Must be `Highly Flexible' at January Meeting; on Subprime, Fed Missed 'Perfect Storm'; Monetary Policy can't Target Specific Area; 'Not Troubled' by Foreign Capital Going into U.S. Banks; Dollar Decline Orderly Since 2002.

Philadelphia Fed January Price Paid came in at 49.8 versus December reading at 36.5; Philadelphia Fed January Business Index Expected lower by 1.5; Philadelphia Fed January Business Index came in lower by 20.9 December reading lower by 1.6.

Philadelphia Fed January Price Paid came in at 49.8 versus December reading at 36.5; Philadelphia Fed January Price Received came in at 32.0 versus December reading at 15.2; Philadelphia Fed January New Orders lower by 15.2 versus December reading at 12; Philadelphia Fed January Employment fell 1.5 versus December reading at 3.8.

Federal Reserve Chairman Ben S. Bernanke comments from today: Fiscal Stimulus May Be 'Helpful In Principle'; Repeats Vow of 'Substantive' Rate Cuts if Needed; Repeats Need For 'Decisive, Timely' Policy; Repeats Downside Economic Risks More Pronounced; Housing May Be Drag For 'Good Part' of 2008; Core Inflation has 'Stepped Up Recently'; Core Rise Reflects Energy Pass through, Dollar Drop; Inflation Should Moderate this Year and Next; Any Erosion of Price Credibility Complicates Fed Task; Fiscal, Monetary Mix Better than Fed Action Alone; Fiscal Stimulus Should be Enacted Quickly.

U.S. December Housing Starts fell 14.2% to 1.006 Million compared to consensus of a drop by 5.0%; Building Permits fell 8.1% to 1.068M Rate in December; November Housing Starts Revised to drop by 7.9% from a drop by 3.7%.

U.S. Jobless Claims fell 21K to 301K for week of January 12 compared to survey of an increase by 18K and U.S. Week of January 5 Continuing Claims rose 66K to 2,751,000.

Commodities Markets
The trend was lower across the board today for the Energy Sector: Light crude moved lower today by $0.71 to close at $90.13 a barrel; Heating Oil moved lower today by $0.02 to close at $2.49 a gallon; Natural Gas moved lower today by $0.04 to close at $8.03 per million BTU and Unleaded Gas moved lower today by $0.01 to close at $2.27 a gallon.

Metals Markets ended the session mixed across the board today: Gold moved lower today by $1.50 to close at $880.50 a Troy ounce; Silver moved higher today by $0.12 to close at $16.01 per Troy ounce; Platinum moved lower today by $1.30 to close at $1,565.80 per Troy ounce and Copper moved higher by $0.01 today to close at $3.18 per pound.

On the Livestock and Meat Markets, the trend was higher across the board today: Lean Hogs ended the day higher by $1.45 to close at $62.55; Pork Bellies ended the day higher by $0.73 at $84.20; Live Cattle ended the day higher by $0.43 at $93.83 and Feeder Cattle ended the day higher by $0.33 at $101.30.

Other Commodities: Corn ended the day lower today by $0.50 at $502.75 and Soybeans moved lower today by $6.00 to end the session at $1,271.00.

Bonds were higher across the board today: 2 year bond moved higher by 7/32 to close at 101 119/32; 5 year bond moved higher by 22/32 to close at 103 16/32 today; 10 year bond moved higher by 1 2/32 to close at 105 8/32 and the 30 year bond moved higher by 1 28/32 to close at 112 22/32 on the day.

The e-mini Dow ended the session today at 12,168 with a loss of 322 points on the trading session. The total Dow Exchange Volume for the day came in at 269,327 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 5,535,650; Open Interest for Futures moved lower by 120,493 points to close at 10,052,457; the Open Interest for Options moved higher by 250,437 points to close at 8,406,910 and the Cleared Only closed lower by 99 points to close at 21,618 for a total Open Interest on the day of 18,480,985 for a total Change on the day with a gain of 129,845 points.

Thanks for reading
Millennium-Traders