Daily Market Commentary for April 16, 2008 from Millennium-Traders.Com
Crude Oil continues to surge higher striking an intraday high of $114.95 a
barrel. Crude Oil Futures surpassed $115 for first time ever on supply
concerns after Energy Information Administration reported a drop in crude
oil inventories (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) triple digit gain of 256.80 points on
the day to end the session at 12,619.27
NYSE (New York Stock Exchange) triple digit gain of 225.57 points to end
the session at 9,203.76
NASDAQ gain of 64.07 points for a close at 2,286.04
S&P 500 gain of 30.28 points for a close at 1,364.71
FTSE All-World ex-U.S. gain of 5.37 points to close at 247.17
FTSE RAFI 1000 triple digit gain of 125.23 points to close at 5,496.84
BEL 20 gain of 74.05 points on the day to end the session at 3,863.27
CAC 40 gain of 74.42 points on the day to end the session at 4,855.10
FTSE100 triple digit gain of 139.3 points on the day to end the session at
6,046.20
NIKKEI 225 triple digit gain of 155.5 points on the day to end the session
at 13,146.10
News on the New York Stock Exchange (NYSE) today: advanced stocks 2,615;
declined stocks 565; unchanged stocks 73; stocks hitting new highs 120;
stocks hitting new lows 29. Daily Trading Range and end of day trading
results for volatile NYSE stocks traded by active Day Traders today:
Flowserve Corporation (NYSE: FLS) gained 4.55 points on the trading day,
high on the trading day $112.28, low on the trading day $107.56, for a
closing price at $111.85; Agrium Incorporated (NYSE: AGU) gained 8.16
points on the trading day, high on the trading day $87.13, low on the
trading day $81.75, for a closing price at $87.12; Monsanto Company (NYSE:
MON) gained 8.86 points on the trading day, high on the trading day
$132.36, low on the trading day $125.10, for a closing price at $131.5;
Wells Fargo & Company (NYSE: WFC) gained 1.20 points on the trading day,
high on the trading day $30.34, low on the trading day $28.49, for a
closing price at $29.01; Mobile TeleSystems OJSC (NYSE: MBT) shed 7.51
points on the trading day, high on the trading day $77.61, low on the
trading day $70.09, for a closing price at $70.52; Wolverine World Wide
Incorporated (NYSE: WWW) shed 2.41 points on the trading day, high on the
trading day $31.21, low on the trading day $27.60, for a closing price at
$27.70; Bunge Limited (NYSE: BG) gained 11.76 points on the trading day,
high on the trading day $122.72, low on the trading day $110.63, for a
closing price at $120.34; Petroleo Brasileiro (NYSE: PBR) shed 0.26 points
on the trading day, high on the trading day $124.83, low on the trading
day
$120.46, for a closing price at $122.84; Transocean, Incorporated (NYSE:
RIG) gained 3.47 points on the trading day, high on the trading day
$153.08, low on the trading day $147.38, for a closing price at $152.77;
CF Industries Holdings, Incorporated (NYSE: CF) gained 8.55 points on the
trading day, high on the trading day $151.64, low on the trading day
$144.30, for a closing price at $151.42; Potash Corporation of
Saskatchewan, Incorporated (NYSE: POT) gained 13.85 points on the trading
day, high on the trading day $199.05, low on the trading day $191.10, for
a closing price at $198.26.
News on the NASDAQ today: advanced stocks 2,142; declined stocks 795;
unchanged stocks 145; stocks hitting new highs 41; stocks hitting new lows
100. Trading range and end of day trading results for volatile NASDAQ
stocks traded by active Day Traders today: Pozen, Incorporated (NasdaqGS:
POZN) gained 3.07 points on the trading day, high on the trading day
$14.85, low on the trading day $12.90, closing price $13.60; Intuitive
Surgical, Incorporated (NasdaqGS: ISRG) gained 6.19 points on the trading
day, high on the trading day $346.55, low on the trading day $339.13,
closing price $345.99; Research In Motion Limited (NasdaqGS: RIMM) gained
5.95 points on the trading day, high on the trading day $120.86, low on
the trading day $117.45, closing price $121.60; Baidu.com, Incorporated
(NasdaqGS: BIDU) gained 30.62 points on the trading day, high on the
trading day $319.75, low on the trading day $290.65, closing price
$319.00; Google Incorporated (NasdaqGS: GOOG) gained 10.63 points on the
trading day, high on the trading day $458.28, low on the trading day
$441.00, closing price $457.47.
News on the American Stock Exchange (AMEX) today: advanced stocks 860;
declined stocks 351; unchanged stocks 88; stocks hitting new highs 38;
stocks hitting new lows 23.
President Federal Reserve Bank of San Francisco, Janet L. Yellen commented
today: Bear Stearns failure would have worsened market turmoil; longer-run
inflation expectations well-behaved; Fed cannot be `complacent' about
inflation; inflation likely to moderate over next few years; other
countries may suffer from U.S. slowdown; expects trade to remain strong,
but there are risks; strong global economy, Dollar decline have helped
exports; Foreign Trade is `a bright spot';
credit less available for households, businesses; notes Fed's work risks
eroding inflation credibility; housing likely a `major' drag on economy
into 2009; business spending could slow in 2008 as economy softens; stock
declines, commodity prices weighing on consumer; consumption, business
invest have slowed `markedly'; Fed must be prepared to `act in a timely
manner'; economic prospects remain uncertain; current interest rate at
accommodative level; monetary policy, fiscal stimulus to boost growth;
economy has stalled, could contract in 1st half 2008; inflation is
'certainly a problem'; food, energy taking 'real toll' on U.S. households;
tax stimulus to 'kick in' and improve U.S. economy in 2H; European
countries see own economies `pretty strong'; financial conditions bit more
stable than at last Fed meeting; 'not ruling out' recession in second half
of year.
President Federal Reserve Bank of Philadelphia, Charles I. Plosser
comment: Crisis is lesson on importance of education; speech doesn't
discuss monetary policy, economy outlook; Fed's actions met mandate for
financial stability; crisis is lesson on importance of education; cautions
against reworking regulation too soon; economy going to feel `very
sluggish' near-term; near-term growth prospects remain `weak'; U.S.
economy `has slowed dramatically'; Crude Oil price `extraordinarily high';
Fed's Job to preserve marketplace function; `complicated environment'
challenging for Fed; inflation concern hasn't gone away.
Input costs up; smaller rises in selling prices; labor markets described
as weakening; lending standards tightened, loan demand down; consumer
spending seen softening in most of U.S.
Department Of Energy: U.S. Crude Oil Stockpiles fell 2.3 Million Barrels
at 313.7 Million Barrels; U.S. Crude Oil Stockpiles fell 2.3 Million
Barrels in the week compared to expectations of an increase of 1.7 Million
Barrels; U.S. Gasoline Stockpiles fell 5.5 Million Barrels in the week
compared to expectations of a decrease by 1.7 Million Barrels; U.S.
Distillate Stockpiles increased by 100,000 Barrels in the week compared to
expectations of an increase of 1.5 Million Barrels; U.S. Refineries ran at
capacity of 81.4% compared to expectations of an increase by 0.7 points at
83.7%.
Building Permits fell by 5.8% to 927,000 Rate in March; February Housing
Starts revised down 0.7% from a drop by 0.6%.
U.S. March Consumer Prices increased by 0.3% compared to consensus by an
increase by 0.3%; U.S. March CPI Ex-Food & Energy increased by 0.2%
compared to consensus by an increase by 0.2%; U.S. March CPI Unrounded
increased by 0.343%; U.S. March CPI Unrounded Core increased by 0.152%;
U.S. March CPI Energy Prices increased by 1.9%; U.S. March CPI Food Prices
increased by 0.2%; U.S. Real Average Weekly Earnings increased by 0.2%
during March.
Commodities Markets
Energy Sector:
Light Crude (NYM) gained $0.44 on the day to close at $114.23 a barrel
($US per bbl.); Heating Oil (NYM) gained $0.07 on the day to close at
$3.23 a gallon ($US per gal.); Natural Gas (NYM) gained $0.04 on the day
to close at $10.33 per million BTU ($US per mmbtu.); Unleaded Gas (NYM)
gained $0.04 on the day to close at $2.92 a gallon ($US per gal.).
Metals Markets:
Gold (CMX) gained $16.30 to close at $948.30 ($US per Troy oz.); Silver
(CMX) gained $0.48 to close at $18.33 ($US per Troy oz.); Platinum (NYM)
gained $50.90 to close at $2,037.30 ($US per Troy oz.) and Copper (CMX)
gained $0.10 to close at $3.96 ($US per lb.).
Livestock and Meat Markets (cents per lb.):
Lean Hogs (CME) shed 0.05 to close at 74.05; Pork Bellies (CME) shed 1.95
to close at 78.00; Live Cattle (CME) gained 0.13 to close at 91.70; Feeder
Cattle (CME) shed 0.18 to close at 107.10.
Other Commodities (cents per bu.):
Corn (CBT) shed 2.50 to close the session at 617.00 and Soybeans (CBT)
shed 36.00 to close the session at 1,361.00.
Bonds were higher across the board today:
2 year bond shed 7/32 at 99 18/32 with a Yield of 1.97, Yield Change
+0.11; 5 year bond shed 16/32 to close at 98 18/32 with a Yield of 2.81,
Yield Change +0.12; 10 year bond shed 19/32 to close at 98 18/32 with a
Yield of 3.67, Yield Change +0.07; the 30 year bond shed 1 2/32 to close
at 97 2/32 on the day with a Yield of 4.50, Yield Change +0.06.
The e-mini Dow $5 ended the commodity session today at 12,622 with a gain
of 268 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 3,455,548; Open Interest for Futures gained 79,754
points to close at 9,439,747; the Open Interest for Options gained 39,150
points to close at 9,165,146 and the Cleared Only gained 5 points to close
at 30,011 for a total Open Interest on the day of 18,634,904 for a total
Change on the day with a gain of 118,902 points.
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