Daily Market Commentary for March 27, 2008 from Millennium-Traders.Com
Today was a Super Whipper, Chippie Market trading session. Wild trading
whips were felt by even the most experienced day traders today. Needless
to say, at the closing bell you could almost hear a roar of sighs of
relief that the trading day was finally over. Major indices held in
negative territory through the trading session as Crude Oil once again
surged higher at over $108 a barrel and the Dollar moved in the opposite
direction to lose more value. Moving into the close of this week,
anticipation is very high for market action to remain if not compound, the
weakness seen today.
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 loss of 120.40 points on
the day to end the session at 12,302.46
NYSE (New York Stock Exchange) loss of 64.38 points to end the session at
8,817.17
NASDAQ loss of 43.53 points for a close at 2,302.46
S&P 500 loss of 15.37 points for a close at 1,325.76
FTSE All-World ex-U.S. loss of 0.50 points to close at 238.88
FTSE RAFI 1000 loss of 59.47 points to close at 5,374.38
BEL 20 gain of 22.87 points for a close at 3,709.03
CAC 40 gain of 42.85 points for a close at 4,719.53
FTSE100 gain of 57.1 points for a close at 5,717.50
NIKKEI 225 triple digit loss of 102 points to end the session at
12,604.60
On the NYSE today, advancers came in at 1,150, decliners totaled 2,021;
unchanged came in at 75; new highs came in at 22 and new lows came in at
26. Momentum NYSE stocks traded by active Day Traders today: CF Industries
Holdings, Incor****ated (CF) shed 4.33 points with a high on the day of
$113.39 a low of $108.95 for a closing price at $109.32; Lehman Brothers
Holdings Incor****ated (LEH) shed 3.78 points with a high on the day of
$43.15 a low of $37.10 for a closing price at $38.71; Petroleo Brasileiro
(PBR) shed 2.95 points with a high on the day of $106.15 a low of $101.00
for a closing price at $101.85; Rio Tinto plc (RTP) shed 0.80 points with
a high on the day of $415.45 a low of $402.41 for a closing price at
$404.90; XL Capital Limited (XL) shed 0.53 points with a high on the day
of $32.00 a low of $28.94 for a closing price at $29.96; ReneSola Limited
(SOL) gained 2.28 points with a high on the day of $12.29 a low of $10.12
for a closing price at $12.21; Constellation Energy Group, Incor****ated
(CEG) gained 2.85 points with a high on the day of $91.62 a low of $88.18
for a closing price at $90.23; DSW Incor****ated (DSW) shed 4.21 points
with a high on the day of $16.00 a low of $12.95 for a closing price at
$13.34; BlackRock, Incor****ated (BLK) shed 18.58 points with a high on the
day of $214.90 a low of $202.00 for a closing price at $202.52; Lindsay
Cor****ation (LNN) shed 3.80 points with a high on the day of $106.37 a low
of $99.75 for a closing price at $100.50; MEMC Electronic Materials
Incor****ated (WFR) shed 8.22 points with a high on the day of $81.03 a low
of $72.23 for a closing price at $72.81; United States Steel Cor****ation
(X) shed 4.94 points with a high on the day of $126.31 a low of $121.09
for a closing price at $121.52; Goldman Sachs Group Incor****ated (GS) shed
7.34 points with a high on the day of $177.24 a low of $168.38 for a
closing price at $168.14; Suntech Power Holdings Cor****ation Limited (STP)
gained 1.25 points with a high on the day of $39.93 a low of $37.56 for a
closing price at $38.07; NAVTEQ Cor****ation (NVT) gained 1.31 points with
a high on the day of $71.93 a low of $69.50 for a closing price at $70.91;
Mastercard Incor****ated (MA) shed 2.15 points with a high on the day of
$226.50, a low of $222.05 for a closing price at $220.70; CME Group,
Incor****ated (CME) gained 0.48 points with a high on the day of $503.90, a
low of $488.01 for a closing price at $489.41; Transocean, Incor****ated
(RIG) shed 1.12 points with a high on the day of $138.63, a low of $134.09
for a closing price at $134.09; Monsanto Cor****ation (MON) shed 1.33
points
with a high on the day of $115.90, a low of $112.31 for a closing price at
$113.42; MEMC Electronic Materials Incor****ated (WFR) shed 8.22 points
with a high on the day of $81.03, a low of $72.23 for a closing price at
$72.81; Clear Channel Communications Incor****ated (CCU) gained 2.68 points
with a high on the day of $30.45, a low of $28.75 for a closing price at
$29.60; Merrill Lynch & Company, Incor****ated (MER) shed 2.52 points with
a high on the day of $44.81, a low of $41.50 for a closing price at
$41.90; Western Digital Cor****ation (WDC) shed 2.41 points with a high on
the day of $29.39, a low of $26.93 for a closing price at $27.06.
On the NASDAQ today, advanced totaled 1,112; decliners totaled 1,835;
unchanged came in at 122; new highs came in at 18 and new lows came in at
65. Momentum NASDAQ stocks traded by active Day Traders today: Research In
Motion Limited (RIMM) shed 6.00 points with a high on the day of $117.54 a
low of $111.83 for a closing price at $112.15; Huron Consulting Group
Incor****ated (HURN) shed 17.86 points with a high on the day of $43.26 a
low of $37.59 for a closing price at $40.63; Noven Pharmaceuticals
Incor****ated (NOVN) shed 1.56 points with a high on the day of $11.24 a
low of $9.10 for a closing price at $9.84; First Solar, Incor****ated
(FSLR) gained 7.30 points with a high on the day of $233.42 a low of
$225.40 for a closing price at $227.49; Rambus Incor****ated (RMBS) shed
1.76 points with a high on the day of $26.41 a low of $23.47 for a closing
price at $24.10; Google Incor****ated (GOOG) shed 14.11 points with a high
on the day of $448.61, a low of $440.49 for a closing price at $444.08;
Intuitive Surgical, Incor****ated (ISRG) shed 2.11 points with a high on
the day of $327.92 a low of $321.02 for a closing price at $321.86.
U.S. Jobless Claims fell 9K to 366K in week of March 22 compared to survey
expectations of 8K; U.S. Continuing Claims for week of March 15 fell 5K to
2,845,000.
U.S. 4Q GDP at an increase by 0.6%, U.S. 4Q GDP Unrevised from Preliminary
Re****t; U.S. 4Q GDP Consensus increased by 0.6%; U.S. 4Q Real Final Sales
Revised to increase at rate of 2.4% from increase by 2.1%; U.S. 4Q PCE
Price Index Revised to increase at rate of 3.9% from increase by 4.1%;
U.S. 4Q Purchases Price Index Revised to increase at rate of 3.7% from
increase by 3.9%; U.S. 4Q Chain-Weighted Price Index Revised to increase
by 2.4% from increase 2.7%; U.S. 4Q Cor****ate Profits increased by 1.1%
versus drop by 2.2% in 3Q.
President Federal Reserve Bank of Minneapolis Gary H. Stern: Fed Actions
Boost Notion of 'Too Big To Fail'; Credit Crunch 'Cannot be Ruled Out';
Says Market Conditions Remain Mixed; Expects Slow Growth, Higher
Unemployment; No Evidence that Rate Cuts won't Help; U.S. Economy is very
Resilient; Inflation Pass through from Weaker Dollar small; House Sales
Stabilization would be Key Development; Don't Think all Surprises Over;
Doubt U.S. will Replay Japan Experience; Have to look through Seasonal
Data Fluctuations; CPI hasn't been as 'Well Behaved' as Expected; Been a
Bit Concerned by Incoming CPI Numbers; Room to Cut Rates not at Top of
List of Concerns; Reasonable Chance of Economy Pickup in 2H.
President Federal Reserve Bank of Atlanta Dennis P. Lockhart: Growth
Recovery may be Delayed to 2009; Financial Stability must be Central
Concern; Inflation is a Growing Concern; Bear Stearns Steps were taken to
Help Liquidity; Fed Actions Prudent in Fast-Moving Situation; Approach to
Bear Deal Was Effective; Bear, JPM Deal has Good Chance of Closing; Access
to Discount Window should Invite Regulation.
President Federal Reserve Bank Sandra Pianalto: Housing Woes Match Past
Boom-Bust Cycles; Doesn't Discuss Future Monetary Policy; 'Our Economy
will Improve Over Time'; 'These Stressful Periods will Abate'; Fed Has
'Responsibility' to Fund Banks in Stress; ''We Have Not Spent $30B' on
Bear Stearns; SWFs Provide Im****tant Capital; SWFs Should be Treated as
'Any Other' Investors; Markets don't want to Buy any ABS; Gives Herself
an 'A' for Effort in Crisis.
Commodities Markets
The trend was mostly higher across the board today for the Energy Sector:
Light crude moved higher today by $1.68 to close at $107.58 a barrel;
Heating Oil moved higher today by $0.09 to close at $3.04 a gallon;
Natural Gas closed with no change at $9.69 per million BTU and Unleaded
Gas moved lower today by $0.03 to close at $2.72 a gallon.
Metals Markets ended the session mostly higher across the board today:
Gold closed at $954.20 a Troy ounce; Silver moved higher today by $0.17 to
close at $18.55 per Troy ounce; Platinum moved sharply higher today by
$35.70 to close at $2,058.60 per Troy ounce and Copper moved higher today
by $0.15 to close a $3.87 per pound.
On the Livestock and Meat Markets, the trend was lower across the board
today: Lean Hogs ended the day lower by $0.58 to close at $70.45; ****k
Bellies ended the day lower by $1.90 to close at $71.51; Live Cattle ended
the day lower by $1.45 to close at $88.60 and Feeder Cattle ended the day
lower by $1.93 to close at $102.63.
Other Commodities: Corn ended the day higher by $3.25 at $555.50 and
Soybeans ended the day sharply lower by $24.75 to end the session at
$1,327.25.
Bonds were mostly lower across the board today: 2 year bond closed higher
by 2/32 at 100 2/32; 5 year bond moved lower by 9/32 to close at 100 28/32
today; 10 year bond moved lower by 19/32 to close at 99 22/32 and the 30
year bond moved lower by 1 15/32 to close at 99 20/32 on the day.
The e-mini Dow ended the session today at 12,305 with a loss of 78 points
on the trading session. The total Dow Exchange Volume for the day came in
at 146,285 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
2,968,341; Open Interest for Futures moved lower by 23,550 points to close
at 9,402,745; the Open Interest for Options moved higher by 70,679 points
to close at 7,983,903 and the Cleared Only moved higher by 402 points to
close at 28,604 for a total Open Interest on the day of 17,415,252 for a
total Change on the day with a gain of 47,531 points.
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