Market Commentary for October 24, 2007


The Bears took control of trading action at the bell and didn’t give a second thought to giving it up. During the morning session, the DOW was in the red zone by over 200 points and the NASDAQ was in the red by over 70 points. Into the final hour of trading, the markets poised a substantial rebound from the earlier lows on the session. Trading volume was heavy with sellers holding the gavel during the majority of the trading session before buyers took the upper hand, into the final hour of trading.

At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a minor loss of 0.98 points on the day to end the session at 13,675.25; the NYSE (New York Stock Exchange) posted a loss of 31.69 points to end the session at 10,009.30; the NASDAQ posted a loss of 24.50 points for a close at 2,774.76; the S&P 500 moved lower by 3.71 points to end at 1,515.88 and the RUSSELL 2000 moved lower by 7.68 points to close at 810.85. 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 1.08 points to close at 269.13 and the FTSE RAFI 1000 posted a loss of 13.34 points to close at 6,209.63.

U.S. September Existing Home Sales fell by 8.0% to rate of 5.04 Million; U.S. September Existing Home Sales Consensus was rate of 5.25 Million; U.S. Inventory of Unsold U.S. Homes at 10.5 months supply; U.S. September Median Existing Home Price fell by 4.2% on the year to $211,700 and U.S. September Existing Home sales at lowest level on record.

Commodities Markets
The trend was higher across the board today for the Energy Sector: Light crude moved higher today by $1.83 to close at $87.10 a barrel; Heating Oil closed higher by $0.04 today at $2.36 a gallon; Natural Gas moved higher today by $0.19 to close at $7.66 per million BTU and Unleaded Gas moved higher today by $0.04 to close at $2.15 a gallon.

Metals Market ended the session mostly lower across the board today: Gold moved higher today by $2.50 to close at $765.60 an ounce; Silver moved lower by $0.06 to close at $13.59 per ounce; Platinum moved lower today by $10.00 to close at $1,443.00 an ounce and Copper closed lower by $0.06 today at $3.45 per pound.

On the Livestock and Meat Markets, the trend was lower across the board again today: Lean Hogs ended the day lower by $0.93 to close at $55.35; Pork Bellies ended the day lower by $1.40 at $80.43; Live Cattle ended the day lower by $1.35 at $95.88 and Feeder Cattle ended the day lower by $0.70 at $110.05.

Other Commodities: Corn moved lower today by $4.50 to close at $356.50 and Soybeans moved lower today by $5.50 to end the session at $993.75.

Bonds were higher across the board today: 2 year bond moved higher by 5/32 today to close at 100 15/32; 5 year bond moved higher by 10/32 to close at 101 5/732 today; 10 year bond moved higher by 17/32 today to close at 103 7/32 and the 30 year bond closed higher by 29/32 at 105 23/32 for the day.

The e-mini Dow ended the session today at 13,731 with a loss of 1 point on the trading session. The total Dow Exchange Volume for the day came in at 185,864 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 3,624,809; Open Interest for Futures moved higher by 30,171 points to close at 9,618,600; the Open Interest for Options moved higher by 25,090 points to close at 9,076,538 and the Cleared Only closed higher by 385 points at 9,985 for a total Open Interest on the day of 18,705,123 for a total Change on the day with a gain of 55,646 points.

On the NYSE today, advancers came in at 1,223 decliners totaled 2,067 unchanged came in at 104; new highs came in at 89 and new lows came in at 146. Gainers and losers for the day as well as active day trading stocks on the NYSE: CME Group Incorporated (CME) provided an active trading session for day traders with a high on the day of $665.39, a low of $636.00 with a gain of 15.40 points for a final trading price of $650.00; Rio Tinto plc (RTP) moved lower on the day with a loss of 8.00 points with a high on the day of $345.31, a low of $332.25 for a final trading price at the close of $340.66; C.R. Bard Incorporated (BCR) shed 7.23 points on the session with a final trading price of $79.15; PetroChina Company Limited (PTR) was a nice trading stock for day traders with a high of $252.00, a low of $243.68 with a loss on the day of 5.61 points for a final trading price at $251.40; FTSE/Xinhua China (FXI) was an active play for the day with a high of $106.99, a low of $200.47 with a loss on the day of 3.55 points for a final trading price of $206.49; CEC Entertainment Incorporated (CEC) moved nicely higher on the day with a gain of 3.65 points to tack on 14.29% for a final trading price at $29.20; Plantronics Incorporated (PLT) fell sharply lower by 5.78 points for a loss of 17.72% with a closing price of $26.83 and LDK Solar Company Limited (LDK) shed 4.48 points for a loss on the day of 10.97% with a final trading price of $36.36.

On the NASDAQ today, advanced totaled 927; decliners totaled 2,053; unchanged came in at 129; new highs came in at 56 and new lows came in at 173. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: Broadcom Corporation (BRCM) plummeted lower on the trading session with a loss of 7.41 points for a loss of 17.62% with a high on the day of $35.75, a low of $32.87 for a closing price at $34.65; Amazon.com Incorporated (AMZN) literally sank by 11.99% for a loss on the day of 12.09 points with a high on the session of $90.88, a low of $83.27 for a closing price at the bell of $88.73; Electronics for Imaging Incorporated (EFII) fell sharply lower with a loss of 5.46 points to shed 19.61% with a final trading price at $22.39; Transmeta Corporation (TMTA) soared higher on the session to post a super sharp gain of 233.25% to climb higher by 9.75 points with a high on the day of $15.70, a low of $13.07 for a final trading price at the bell of 413.93; Phase Forward Incorporated (PFWD) bolted higher with a gain of 16.63% to climb higher by 3.26 points with a high on the day of $24.68 a low of $20.48 for a final trading price of $22.86; Riverbed Technology Incorporated (RVBD) fell sharply lower on the day with a loss of 28.44% to shed 13.64 points with a closing price at $34.61 and Baidu.com Incorporated (BIDU) gave up 13.90 points on the day with a high of $346.49, a low of $328.43 to end the trading day at $336.00.

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Millennium-Traders