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Worst January in Eight Years!


Daily Market Commentary for January 31, 2008

At the closing bell on the Stock Exchange, here is how the major indices ended the session on the U.S. Markets:

DOW (Dow Jones Industrial Average) triple digit gain of 172.82 points on the day to end the session at 12,439.41

NYSE (New York Stock Exchange) triple digit gain of 131.71 points to end the session at 9,126.16

NASDAQ gain of 40.86 points for a close at 2,389.86

S&P 500 gain of 19.05 points for a close at 1,374.86

RUSSELL 2000 gain of 18.42 points to close at 713.91

FTSE Global Equity Index Series (GEIS) gain of 1.30 points to close at 242.88

FTSE RAFI 1000 gain of 37.98 points to close at 5,698.31

BEL 20 loss of 44.83 points to close at 3,722.23

CAC 40 loss of 3.78 points to close at $4,869.79

FTSE100 gain of 42.5 points to close at 5,879.80

NIKKEI 225 triple digit gain of 247.5 points to close at 13,592.50

On the NYSE today, advancers came in at 2,400; decliners totaled 792; unchanged came in at 93; new highs came in at 32 and new lows came in at 45. Momentum stocks traded by active Day Traders on the NYSE today: Mastercard Incorporated (MA) gained 18.00 points with a high on the day of $218.45, a low of $199.60 for a closing price at $207.00; CME Group Incorporated (CME) gained 19.15 points with a high on the day of $624.88, a low of $580.00 for a closing price at $617.40; Schlumberger Limited (SLB) shed 0.35 points with a high on the day of $75.95, a low of $73.20 for a closing price at $75.40; Owens-Illinois, Incorporated (OI) gained 7.25 points with a high on the day of $51.96, a low of $47.67 for a closing price at $50.60; Brinks Corporation (BCO) gained 6.06 points with a high on the day of $60.87, a low of $56.09 for a closing price at $60.56; Legacy Vulcan Corporation (VMC) gained 4.71 points with a high on the day of $79.75, a low of $71.00 for a closing price at $78.84; Union Pacific Corporation (UNP) gained 3.80 points with a high on the day of $126.49, a low of $115.00 for a closing price at $124.76; MBIA Incorporated (MBI) gained 1.04 points with a high on the day of $15.87, a low of $11.80 for a closing price at $15.00; Rio Tinto plc (RTP) gained 23.06 points with a high on the day of $406.95, a low of $383.50 for a closing price at $406.95; Everest Re Group Limited (RE) gained 4.48 points with a high on the day of $104.28, a low of $95.01 for a closing price at $101.69; Covance Incorporated (CVD) shed 5.09 points with a high on the day of $86.45, a low of $80.00 for a closing price at $83.01; Martin Marietta Materials Incorporated (MLM) gained 11.71 points with a high on the day of $125.30, a low of $107.95 for a closing price at $123.28; Dun & Bradstreet Corporation (DNB) gained 4.23 points with a high on the day of $92.55, a low of $88.80 for a closing price at $91.98; Hess Corporation (HES) gained 0.39 points with a high on the day of $91.92, a low of $88.44 for a closing price at $90.83; Tesoro Corporation (TSO) shed 1.50 points with a high on the day of $40.04, a low of $36.75 for a closing price at $40.04; Transocean, Incorporated (RIG) shed 1.02 points with a high on the day of $123.45, a low of $119.51 for a closing price at $122.25; Potash Corp. of Saskatchewan, Incorporated (POT) gained 4.55 points with a high on the day of $140.80, a low of $129.50 for a closing price at $140.80; InterContinental Exchange, Incorporated (ICE) gained 0.83 points with a high on the day of $141.25, a low of $129.18 for a closing price at $139.19.

On the NASDAQ today, advanced totaled 2,041; decliners totaled 986; unchanged came in at 97; new highs came in at 31 and new lows came in at 141. Momentum stocks traded by active Day Traders on the NASDAQ today: First Solar Incorporated (FSLR) shed 2.58 points with a high on the day of $183.50, a low of $172.77 for a closing price at $181.77; Garmin Limited (GRMN) gained 1.81 points with a high on the day of $72.91, a low of $68.55 for a closing price at $72.15; Google Incorporated (GOOG) shed 16.03 points with a high on the day of $573.00, a low of $534.29 for a closing price at $564.30; Research In Motion Limited (RIMM) gained 0.09 points with a high on the day of $94.93, a low of $89.75 for a closing price at $93.88; SunPower Corporation (SPWR) shed 1.21 points with a high on the day of $70.73, a low of $66.83 for a closing price at $69.09; Baidu.com Incorporated (BIDU) gained 20.56 points with a high on the day of $285.15, a low of $248.30 for a closing price at $279.95; Allegiant Travel Company (ALGT) gained 4.67 points with a high on the day of $32.19, a low of $26.64 for a closing price at $31.28; Harris Stratex Networks, Incorporated (HSTX) shed 3.44 points with a high on the day of $11.98, a low of $10.11 for a closing price at $10.89; Concur Technologies, Incorporated (CNQR) gained 6.79 points with a high on the day of $35.98, a low of $32.61 for a closing price at $35.06; Amazon.com Incorporated (AMZN) gained 3.49 points with a high on the day of $78.87, a low of $68.84 for a closing price at $77.70; Accuray Incorporated (ARAY) shed 5.46 points with a high on the day of $10.20, a low of $9.26 for a closing price at $9.52; AMAG Pharmaceuticals, Incorporated (AMAG) gained 1.54 points with a high on the day of $55.96, a low of $48.99 for a closing price at $51.56; Apple Incorporated (AAPL) gained 3.18 points with a high on the day of $136.65, a low of $129.40 for a closing price at $135.36.

U.S. Personal Spending rose 0.2% in December compared to consensus of an increase by 0.1%; U.S. Personal Income rose 0.5% in December compared to consensus of an increase by 0.4%; December PCE Core Price Index rose 0.2% Rate on the Month rose 2.2% on the year; December PCE Price Index rose 0.2% Rate on the Month rose 3.5% on the year; November Spending Revised to an increase by 1.0% from an increase by 1.1%; November Personal Income Unrevised at an increase by 0.4%.

U.S. Continuing Claims for Week of January 19 rose 47K to 2,716,000; US Jobless Claims rose 69K to 375K in week of January 26 compared to survey of an increase by 17K; US Jobless Claims at Highest Level since October 2005; US 4Q Employment Cost Index rose 0.8% compared to Consensus of an increase by 0.8%; US 4Q Employment Cost Index rose 3.3% from a Year ago; Martin Luther King Holiday may have been a factor in Jobless Claims spike.

U.S. Chicago Purchasing Management Adjusted January Index came in at 51.5 versus December reading at 56.4; U.S. Chicago Purchasing Management January Prices Paid Index came in at 81.7 versus December reading at 67.4; U.S. Chicago Purchasing Management January Supplier Deliveries came in at 61.7 compared to December reading at 48.7; U.S. Chicago Purchasing Management January Employment Index came in at 47.0 versus December reading at 49.3; U.S. Chicago Purchasing Management January New Orders Index came in at 44.7 versus December reading at 56.7.

Statement by Secretary Paulson on EITC Awareness Day Washington, DC - Good morning and welcome. Thanks to all for joining us today as we highlight a valuable, but often overlooked, tax credit that is specifically designed to help working Americans. The Earned Income Tax Credit, the EITC, was created over thirty years ago as an incentive for working Americans, for the men and women who hold one, sometimes two or three, jobs to make ends meet and to create better lives for themselves and their families. They understand as well as any that hard work brings reward. By allowing lower-income people to keep more of their own money, EITC helps Americans create doors of opportunity and step through them to higher standards of living. In 2006, over 22 million taxpayers received almost $44 billion through the EITC, yet the IRS estimates that between 20 and 25 percent of taxpayers who are eligible don't claim the credit. Qualifying taxpayers can claim up to $4,700 dollars, depending on their income and the size of their family, on their 2007 returns. That's money to pay bills and rent, to buy gasoline, books, and clothes; money that can provide a real benefit this spring. As our economy has begun to slow down, we know that the impact often falls hardest on those struggling to make ends meet. We are working with Congress to quickly enact balanced, bipartisan legislation that will provide immediate rebate payments for working families and incentives for businesses to invest and hire. This boost to our economy will benefit low income taxpayers, this year, and is in addition to the EITC. The House has passed legislation that is simple, broad-based and temporary. If enacted soon, it will inject money into our economy quickly. The Senate has begun its legislative process as well, and I am concerned that as they add provisions to their bill, there is a real risk that the process will bog down and slow our efforts to get money into the economy. With timely action, the House economic growth bill would help create more than half a million jobs by the end of 2008. That means even more opportunities for hard-working Americans. Ensuring that more eligible families receive their EITC is important this year, as it is every year. I encourage people all across America to check to see if you are eligible for the Earned Income Tax Credit. Treasurer Anna Cabral and Acting IRS Commissioner Linda Stiff will provide details on where to get more information. I also encourage tax professionals, particularly those providing community-based services, to look carefully at eligibility, so that all those who can benefit from the Earned Income Tax Credit, do. When something this simple is so effective, we need to make sure those who can gain this advantage, do. Thanks to the IRS and all those around the country who are educating people about the Earned Income Tax Credit. You can, and are, helping millions of Americans to help themselves into better lives.

Commodities Markets: The trend was mostly lower across the board today for the Energy Sector: Light crude moved lower today by $0.58 to close at $91.75 a barrel; Heating Oil moved lower today by $0.01 to close at $2.53 a gallon; Natural Gas moved higher today by $0.03 to close at $8.07 per million BTU and Unleaded Gas moved lower today by $0.02 to close at $2.36 a gallon.

Metals Markets ended the session higher across the board today: Gold moved higher today by $1.70 to close at $928.00 a Troy ounce; Silver moved higher today by $0.24 to close at $17.00 per Troy ounce; Platinum moved sharply higher today by $50.00 to close at $1,737.40 per Troy ounce and Copper moved higher by $0.07 today to close at $3.30 per pound.

On the Livestock and Meat Markets, the trend was mostly higher across the board today: Lean Hogs ended the day higher by $0.35 to close at $66.45; Pork Bellies ended the day higher by $0.85 to close at $94.55; Live Cattle ended the day lower by $0.25 at $94.28 and Feeder Cattle ended the day higher by $0.15 at $105.25.

Other Commodities: Corn ended the day higher today by $2.75 at $501.25 and Soybeans moved lower today by $1.25 to end the session at $1,274.50.

Bonds were higher across the board today: 2 year bond moved higher by 5/32 to close at 100; 5 year bond moved higher by 13/32 to close at 100 14/32 today; 10 year bond moved higher by 19/32 to close at 105 8/32 and the 30 year bond moved higher by 1 1/32 to close at 110 30/32 on the day.

The e-mini Dow ended the session today at 12,672 with a gain of 278 points on the trading session. The total Dow Exchange Volume for the day came in at 217,290 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 4,452,839; Open Interest for Futures moved higher by 20,802 points to close at 10,450,715; the Open Interest for Options moved higher by 358,425 points to close at 9,289,747 and the Cleared Only closed higher by 15 points to close at 21,837 for a total Open Interest on the day of 19,762,299 for a total Change on the day with a gain of 379,242 points.