Daily Market Commentary for April 14, 2008 from Millennium-Traders.Com
Potentially good news today that North Dakota potentially has found enough
Crude Oil which, if drilled, has the potential of eliminating our need for
foreign oil. Sounds to me like this could turn out to be very good news
for Americans… (read more
http://www.millennium-traders.com/news/newscommentary.aspx)
At the closing bell on the Stock Exchange, here is how the major world
indices and major U.S. indices ended the session on the U.S. Markets:
DOW (Dow Jones Industrial Average) loss of 23.36 points on the day to end
the session at 12,302.06
NYSE (New York Stock Exchange) loss of 13.27 points to end the session at
8,922.84
NASDAQ loss of 14.42 points for a close at 2,275.82
S&P 500 loss of 4.51 points for a close at 1,328.32
FTSE All-World ex-U.S. loss of 2.14 points to close at 240.74
FTSE RAFI 1000 loss of 36.45 points to close at 5,341.14
BEL 20 loss of 15.42 points on the day to end the session at 3,786.60
CAC 40 loss of 31.44 points on the day to end the session at 4,766.49
FTSE100 loss of 63.9 points on the day to end the session at 5,831.60
NIKKEI 225 triple digit loss of 406.2 points on the day to end the session
at 12,917.50
News on the New York Stock Exchange (NYSE) today: advanced stocks 1,277;
declined stocks 1,864; unchanged stocks 98; stocks hitting new highs 44;
stocks hitting new lows 86. Daily Trading Range and end of day trading
results for volatile NYSE stocks traded by active Day Traders today:
Repsol YPF SA (REP) gained 6.42 points on the trading day, high on the
trading day $44.85, low on the trading day $37.08, for a closing price at
$43.44; Hess Cor****ation (HES) gained 8.43 points on the trading day, high
on the trading day $103.55, low on the trading day $92.15, for a closing
price at $101.19; Petroleo Brasileiro (PBR) gained 9.33 points on the
trading day, high on the trading day $125.29, low on the trading day
$110.92, for a closing price at $122.18; Wachovia Cor****ation (WB) shed
2.26 points on the trading day, high on the trading day $25.88, low on the
trading day $24.65, for a closing price at $25.55; Potash Cor****ation of
Saskatchewan, Incor****ated (NYSE: POT) gained 3.43 points on the trading
day, high on the trading day $184.42, low on the trading day $180.33, for
a closing price at $181.90; CME Group, Incor****ated (CME) shed 11.90
points on the trading day, high on the trading day $495.08, low on the
trading day $476.97, for a closing price at $477.00; Monsanto Co (MON)
gained 2.38 points on the trading day, high on the trading day $125.01,
low on the trading day $120.89, for a closing price at $123.50; Mastercard
Incor****ated (MA) shed 1.50 points on the trading day, high on the trading
day $230.00, low on the trading day $222.05, for a closing price at
$227.10; Allegheny Technologies Incor****ated (ATI) shed 3.15 points on the
trading day, high on the trading day $78.08, low on the trading day
$75.04,
for a closing price at $75.30; SunTrust Banks Incor****ated (STI) shed 3.58
points on the trading day, high on the trading day $53.67, low on the
trading day $50.14, for a closing price at $50.36; Transocean,
Incor****ated (RIG) gained 6.81 points on the trading day, high on the
trading day $152.50, low on the trading day $146.05, for a closing price
at $151.89; Mechel Open Joint Stock Company (NYSE: MTL) shed 2.49 points
on the trading day, high on the trading day $147.76, low on the trading
day $140.71, for a closing price at $144.02.
News on the NASDAQ today: advanced stocks 1.102; declined stocks 1,827;
unchanged stocks 135; stocks hitting new highs 14; stocks hitting new lows
166. Trading range and end of day trading results for volatile NASDAQ
stocks traded by active Day Traders today: NutriSystem Incor****ated
(NasdaqGS: NTRI) gained 1.31 points on the trading day, high on the
trading day $19.85, low on the trading day $19.02, closing price $19.52;
Apple Incor****ated (NasdaqGS: AAPL) gained 0.64 points on the trading day,
high on the trading day $149.25, low on the trading day $144.54, closing
price $147.78; First Solar, Incor****ated (NasdaqGS: FSLR) gained 5.80
points on the trading day, high on the trading day $277.50, low on the
trading day $268.11, closing price $274.10; Intuitive Surgical,
Incor****ated (NasdaqGS: ISRG) shed 8.74 points on the trading day, high on
the trading day $332.99, low on the trading day $315.78, closing price
$324.84.
News on the American Stock Exchange (AMEX) today: advanced stocks 467;
declined stocks 717; unchanged stocks 99; stocks hitting new highs 15;
stocks hitting new lows 31.
U.S. March Retail & Food Sales rose 0.2% compared to consensus of a drop
by 0.1%; U.S. March Retail & Food Sales Excluding-Autos rose 0.1%;
February Retail & Food Sales revised to a drop by 0.4% from a drop by
0.6%.
Statement of G-7 Finance Ministers and Central Bank Governors: Wa****ngton,
DC – We met today amid ongoing challenges to the world economy and
international financial system. The global economy continues to face a
difficult period. We remain positive about the long-term resilience of our
economies, but near-term global economic prospects have weakened. While
economic conditions differ in our countries, downside risks to the outlook
persist in view of the ongoing weakness in U.S. residential housing
markets, stressed global financial market conditions, the international
impact of high oil and commodity prices, and consequent inflation
pressures. The performance of emerging markets has been a bright spot, but
these countries as well are not immune from global forces. The turmoil in
global financial markets remains challenging and more protracted than we
had anticipated. In the context of a weaker economic outlook, financial
markets confront the interrelated issues of: re-pricing of risk and
significant de-leveraging; managing counterparty risks; accommodating
balance sheet adjustments; raising capital; improving the liquidity and
functioning of key markets. We welcome efforts by many financial
institutions to improve disclosure of exposures to structured products and
related risks, and raise significant new capital. We reaffirmed our strong
commitment to continue working closely together to restore sustained
growth, maintain price stability, and ensure the smooth and orderly
functioning of our financial systems. We welcome the coordination by major
central banks to address liquidity pressures in funding markets and
recognize the im****tance of their coordinated actions to address
disruptions in global financial markets. In particular, the recent steps
taken by some central banks to expand access to central bank lending
facilities and expand the range of collateral that they will accept is
providing liquidity to financial institutions and helping to sup****t
improved market functioning. In addition, we welcome other measures that
have been taken including monetary and fiscal policy that aim to give
sup****t to underlying economic activity and ensure price stability. Each
of us remains committed to taking action, individually and collectively as
appropriate, consistent with our respective domestic cir***stances. We
reaffirm our shared interest in a strong and stable international
financial system. Since our last meeting, there have been at times sharp
fluctuations in major currencies, and we are concerned about their
possible implications for economic and financial stability. We continue to
monitor exchange markets closely, and cooperate as appropriate. We welcome
China's decision to increase the flexibility of its currency, but in view
of its rising current account surplus and domestic inflation, we encourage
accelerated appreciation of its effective exchange rate. Last fall we
tasked the Financial Stability Forum (FSF) for a re****t identifying the
underlying causes and weaknesses in the international financial system
that contributed to the financial market turmoil. We thank Mario Draghi,
the chairman of the Financial Stability Forum, and FSF members, for the
re****t that sets out detailed recommendations to enhance market and
institutional resilience. We, the G-7, strongly endorse the re****t and
commit to implementing its recommendations. Rapid implementation of the
FSF re****t will not only enhance the resilience of the global financial
system for the longer term but should help to sup****t confidence and
improve the functioning of the markets. The FSF re****t presents a specific
and substantive set of recommendations across five major areas. We have
identified the following recommendations among the immediate priorities
for implementation within the next 100 days: Firms should fully and
promptly disclose their risk exposures, write–downs, and fair value
estimates for complex and illiquid instruments. We strongly encourage
financial institutions to make robust risk disclosures in their upcoming
mid-year re****ting consistent with leading disclosure practices as set out
in the FSF's re****t. The International Accounting Standards Board (IASB)
and other relevant standard setters should initiate urgent action to
improve the accounting and disclosure standards for off-balance sheet
entities and enhance its guidance on fair value accounting, particularly
on valuing financial instruments in periods of stress. Firms should
strengthen their risk management practices, sup****ted by supervisors'
oversight, including rigorous stress testing. Firms also should strengthen
their capital positions as needed. By July 2008, the Basel Committee
should
issue revised liquidity risk management guidelines and IOSCO should revise
its code of conduct fundamentals for credit rating agencies. We endorse
the following FSF proposals for implementation by end-2008: Strengthening
prudential oversight of capital, liquidity, and risk management: The Basel
II capital framework needs timely implementation. The Basel Committee
should raise capital requirements for complex structured credit
instruments and off-balance sheet vehicles, require additional stress
testing, and enhance their monitoring. Enhancing transparency and
valuation: The Basel Committee should issue further guidance to enhance
the supervisory *****sment of banks' valuation processes to strengthen
disclosures for off-balance sheet entities, securitization exposures, and
liquidity commitments. Changing the role and uses of credit ratings:
Investors need to improve their due diligence in the use of ratings.
Credit rating agencies should take effective action (consistent with
IOSCO's revised code of conduct) to address the potential for conflicts of
interest in their activities, clearly differentiate the ratings for
structured products, improve their disclosure of rating methodologies, and
*****s the quality of information provided by originators, arrangers, and
issuers of structured products. Strengthening the authorities'
responsiveness to risk: Supervisors and central banks should further
strengthen cooperation and exchange of information, including the
*****sment of financial stability risks. It is im****tant that an
"international college of supervisors" be established for each of the
largest global financial institutions. Market authorities also should act
cooperatively and swiftly to investigate and penalize fraud, market abuse,
and manipulation. Implementing robust arrangements for dealing with
stress
in the financial system: Central banks should be able to supply liquidity
effectively during financial system stress, and authorities should review
and where necessary strengthen their arrangements for dealing with weak
and failing banks, domestically and cross-border. We ask the FSF and its
working group to monitor actively the implementation of the re****t's
recommendations. It is im****tant that member bodies of the FSF, including
the Basel Committee, IOSCO, the IASB, and the Joint Forum, accelerate
their timetables of work to conclude their efforts by end-2008 and that
the recommendations of the FSF be fully and effectively implemented. We
look forward to an update at the Osaka meeting in June and a comprehensive
follow-up re****t by the FSF at our meeting in the fall. We welcome the
strengthened cooperation between the FSF and IMF, which should enhance the
early warning capabilities of key risks to financial stability. We also
welcome efforts by private-sector participants to develop proposals to
contribute to a better functioning of the financial system. The current
financial market turmoil also has raised broad policy issues about the
appropriate regulatory frameworks of our financial sectors. We have
reaffirmed the im****tance of reviewing regulatory frameworks to consider
whether changes are necessary to ensure that our financial systems are as
efficient and stable as possible in the future. We reaffirm the im****tant
role for the IMF in securing global financial stability. In this light we
endorse the significant progress on IMF reform: We welcome the agreement
on quota and voice reform in the IMF as an im****tant step to recognize the
greater global weight of dynamic economies, many of which are emerging
markets, and increasing the voice of low income countries. We reiterate
the im****tance we place on the IMF's new framework for surveillance,
including for exchange rates, and urge its firm and even-handed
implementation. We welcome progress toward putting the IMF's finances on a
more sustainable footing, including a $100 million annual reduction in
administrative expenses. Ongoing budget discipline will be required. We
sup****t new sources of income, including an endowment financed by a
limited sale of IMF gold. Taken together, these im****tant reforms will
boost the IMF's legitimacy, effectiveness, and credibility. Upholding open
trade and investment regimes is critical to realizing global prosperity
and
fighting protectionism. We highlight the urgent need for a successful
conclusion to the Doha Development Round. We also commend the OECD work on
open investment and the IMF's commitment to deliver a set of best
practices
for Sovereign Wealth Funds by the IMF Annual Meetings in October. The
policy principles put forward by Abu Dhabi, Singa****e, and the United
States should be helpful inputs into these processes.
Commodities Markets
Energy Sector:
Light Crude (NYM) gained $1.62 on the day to close at $111.76 a barrel
($US per bbl.); Heating Oil (NYM) gained $0.01 on the day to close at
$3.16 a gallon ($US per gal.); Natural Gas (NYM) gained $0.15 on the day
to close at $10.05 per million BTU ($US per mmbtu.); Unleaded Gas (NYM)
gained $0.01 on the day to close at $2.82 a gallon ($US per gal.).
Metals Markets:
Gold (CMX) gained $1.70 to close at $928.70 ($US per Troy oz.); Silver
(CMX) gained $0.10 to close at $17.79 ($US per Troy oz.); Platinum (NYM)
shed $46.60 to close at $1,981.50 ($US per Troy oz.) and Copper (CMX) shed
$0.05 to close at $3.90 ($US per lb.).
Livestock and Meat Markets (cents per lb.):
Lean Hogs (CME) gained 0.73 to close at 71.93; ****k Bellies (CME) gained
3.00 to close at 77.38; Live Cattle (CME) gained 0.33 to close at 90.10;
Feeder Cattle (CME) gained 0.03 to close at 103.08.
Other Commodities (cents per bu.):
Corn (CBT) gained 7.25 to close the session at 604.75 and Soybeans (CBT)
gained 40.00 to close the session at 1,389.25.
Bonds were higher across the board today:
2 year bond shed 1/32 at 99 31/32 with a Yield of 1.75, Yield Change
+0.01; 5 year bond shed 3/32 to close at 99 18/32 with a Yield of 2.59,
Yield Change +0.03; 10 year bond shed 11/32 to close at 99 28/32 with a
Yield of 3.51, Yield Change +0.04; the 30 year bond shed 23/32 to close at
100 12/32 on the day with a Yield of 4.35, Yield Change +0.05.
The e-mini Dow $5 ended the commodity session today at 12,306 with a loss
of 33 points on the trading session. Futures Traders should review
workshops available at the CBOT (Chicago Board of Trade). Educational
in-person seminars schedules available on the 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, Cash Exchange, Wholesale and Cleared
Only ended the day at 2,883,051; Open Interest for Futures gained 15,799
points to close at 9,372,209; the Open Interest for Options gained 63,068
points to close at 9,070,502 and the Cleared Only gained 28 points to
close at 29,581 for a total Open Interest on the day of 18,472,292 for a
total Change on the day with a gain of 78,839 points.
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