Market Commentary for October 09, 2007


A pleasant rebound in market activity began after the FOMC Minutes were released this afternoon, at 2:00pm Eastern Time. Prior to the release, over all market activity was once again, quite sluggish and at times, whipotile in motion. Trading volume was moderate with fair trading ranges, during the trading session. At the closing bell, with the assistance of the FOMC Minutes, the Bulls held the reins with the major indices closing nicely higher.

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 120.80 points on the day to end the session at 14,164.53 the NYSE (New York Stock Exchange) posted a gain of 93.88 points to end the session at 10,280.31; the NASDAQ posted a gain of 16.54 points for a close at 2,803.91; the S&P 500 moved higher with a gain of 12.57 points to end at 1,565.15 and the RUSSELL 2000 moved higher by 5.58 points to close at 845.72. 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 2.31 points to close at 274.97 and the FTSE RAFI 1000 posted a gain of 46.90 points to close at 6,425.63.

FOMC Meeting minutes released today: Inflation Risk If Dollar Keeps Falling 'Significantly'; Officials Skeptical About Original August Payroll Drop; Further Employment Slowdown 'Likely'; Housing Remained 'Exceptionally Weak'; 'A Little More Confident' On Sustained Inflation Drop; Staff Sees Above-Trend GDP Growth In 2009; Fed Staff Cut 2008 GDP, Core PCE Forecasts; Economic Outlook Uncertain, Risks To Downside; Future Fed Actions Depend On Economic Outlook; Rate Cut Won't Affect 'Realistic' Pricing Of Risk; 'All' Fed Members Agreed To 50BP Sep Rate Cut and Confident Of Sustained Core Inflation Drop.

Commodities Markets
The trend was higher across the board today for the Energy Sector: Light crude moved higher today by $1.24 to close at $80.26 a barrel; Heating Oil moved higher today by $0.03 to close at $2.19 a gallon; Natural Gas moved higher today by $0.02 to close at $6.86 per million BTU and Unleaded Gas moved higher today by $0.02 to close at $2.02 a gallon.

Metals Market ended the session higher across the board today: Gold moved higher today by $4.40 to close at $743.10 an ounce; Silver moved higher by $0.22 to close at $13.58 per ounce; Platinum moved higher today by $6.40 to close at $1,379.60 an ounce and Copper closed higher by $0.01 at $3.62 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board again today: Lean Hogs ended the day higher by $0.25 to close at $59.73; Pork Bellies ended the day lower by $0.28 at $86.73; Live Cattle ended the day higher by $0.25 at $96.50 and Feeder Cattle ended the day lower by $0.65 at $113.25.

Other Commodities: Corn had moved higher today by $2.75 to close at $342.50 and Soybeans moved sharply higher today with a substantial gain of $24.75 to end the session at $950.25.

Bonds were mostly lower across the board today: 2 year bond moved lower by 2/32 today to close at 99 24/32; 5 year bond moved lower by 5/32 to close at 99 14/32 today; 10 year bond moved lower by 3/32 today to close at 100 24/32 and the 30 year bond moved higher by 3/32 to close at 102 4/32 for the day.

The e-mini Dow ended the session today at 14,237 with a triple digit gain of 125 points on the trading session. The total Dow Exchange Volume for the day came in at 70,997 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 655,959; Open Interest for Futures moved lower by 9,139 points to close at 9,242,837; the Open Interest for Options moved lower by 3,795 points to close at 8,190,561 and the Cleared Only closed higher by 150 points to close at 8,479 for a total Open Interest on the day of 17,441,877 with a total Change on the day with a loss of 12,784 points.

On the NYSE today, advancers came in at 2,200; decliners totaled 1,012; unchanged came in at 102; new highs came in at 299 and new lows came in at 39, same as yesterday. Gainers and losers for the day as well as active day trading stocks on the NYSE: CME Group Incorporated (CME) had a fairly active session today for day traders with a high on the day of $630.80, a low of $620.75, with a gain on the day of $5.80 points for a final closing price at the days high of $630.80; LDK Solar Corporation Limited (LDK) provided nice trading activity for traders today with a high on the session of $47.80, a low of $39.67 with a gain at the close of $7.29 points for a closing price at the bell at $44.89; Rio Tinto plc (RTP) posted a gain today of 8.33 points to rebound some of the loss seen yesterday with a high on the day of $350.99, a low of $338.40 with a closing price at $348.39; Freeport-McMoran Copper & Gold Incorporated (FCX) moved higher on the day for a gain of 4.93 amidst an active session with a high on the day of $113.96, a low of $108.18 for a final trading price of $113.06 and Oxford Industries Incorporated (OXM) took a heavy hit today with a loss of 7.85 points to shed a value at 21.66% with a high on the day of $33.00, a low of $27.66 for a closing price on the day at $28.40.

On the NASDAQ today, advanced totaled 1,723; decliners totaled 1,253; unchanged came in at 127; new highs came in at 316 and new lows came in at 81. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: Sears Holdings Corporation (SHLD) moved lower on the day by 5.29 points with a high on the trading session of $152.50, a low of $142.75 with a closing price of $145.71; Microchip Technology Incorporated (MCHP) moved sharply lower on the session with a loss of 4.64 points, to shed 12.67% in value with a high on the day of $34.20, a low of $31.42 to end the day at $31.98; Google Incorporated (GOOG) was very active today with a gain of 4.49 points at the close, a high on the day of $623.78, a low of $608.39 to close the session at $614.11 and China Finance Online Corporation (JRJC) romped higher with a gain of 15.83% to climb higher by 5.48 points for a close at the bell at $40.53.

Thanks for reading
Millennium-Traders