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Crude Oil Spikes over $100 a Barrel

Discussion in 'Market Predictions and Reports' started by MTnews, Feb 19, 2008.

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    Daily Market Commentary for February 19, 2008 from Millennium-Traders.Com

    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) loss of 10.99 points on the day to end the session at 12,337.22

    NYSE (New York Stock Exchange) gain of 52.28 points to end the session at 9,023.04

    NASDAQ loss of 15.60 points for a close at 2,306.20

    S&P 500 loss of 1.21 points for a close at 1,348.78

    RUSSELL 2000 gain of 0.82 points to close at 702.34

    FTSE All-World ex-U.S. gain of 2.26 points to close at 241.33

    FTSE RAFI 1000 loss of 2.20 points to close at 5,555.68

    BEL 20 gain of 103.45 points to close at 3,766.23

    CAC 40 gain of 114.04 points to close at 4,885.83

    FTSE100 gain of 179.3 points to close at 5,966.90

    NIKKEI 225 gain of 135.3 points to close at 13,757.90

    On the NYSE today, advancers came in at 1,823 decliners totaled 1,349; unchanged came in at 74; new highs came in at 46 and new lows came in at 41. Momentum stocks traded by active Day Traders on the NYSE today: CME Group, Incorporated (CME) shed 6.97 points with a high on the day of $533.10, a low of $514.60 for a closing price at $533.10; Transocean, Incorporated (RIG) gained 0.58 points with a high on the day of $132.00, a low of $128.79 for a closing price at $129.65; CONSOL Energy Incorporated (CNX) gained 3.57 points with a high on the day of $79.80, a low of $76.31 for a closing price at $78.65; Petroleo Brasileiro (PBR) gained 3.21 points with a high on the day of $120.54, a low of $116.86 for a closing price at $117.66; Uniao de Bancos Brasileiros S.A. (Unibanco) (UBB) gained 4.14 points with a high on the day of $133.41, a low of $129.79 for a closing price at $130.51; Holly Corporation (HOC) gained 5.81 points with a high on the day of $53.91, a low of $49.99 for a closing price at $53.31; BlackRock, Incorporated (BLK) shed 7.42 points with a high on the day of $199.23, a low of $180.17 for a closing price at $188.36; Siemens AG (SI) gained 2.11 points with a high on the day of $133.51, a low of $130.80 for a closing price at $131.40; Monsanto Corporation (MON) gained 2.52 points with a high on the day of $119.99, a low of $117.02 for a closing price at $117.87; Mosaic Corporation (MOS) gained 6.18 points with a high on the day of $111.73, a low of $105.55 for a closing price at $109.55; Cleveland-Cliffs Incorporated (CLF) gained 4.70 points with a high on the day of $126.27, a low of $120.14 for a closing price at $122.26; Best Buy Co. Incorporated (BBY) shed 0.79 points with a high on the day of $45.10, a low of $43.41 for a closing price at $43.82; The Bear Stearns Companies, Incorporated (BSC) shed 2.77 points with a high on the day of $83.50, a low of $78.90 for a closing price at $80.02; Deere & Company (DE) shed 1.51 points with a high on the day of $86.34, a low of $82.36 for a closing price at $83.49; InterContinental Exchange, Incorporated (ICE) shed 4.78 points with a high on the day of $135.43, a low of $127.28 for a closing price at $127.58; Suntech Power Holdings Corporation Limited (STP) shed 2.61 points with a high on the day of $50.30, a low of $44.90 for a closing price at $45.89; ITT Educational Services Incorporated (ESI) shed 4.43 points with a high on the day of $71.23, a low of $66.04 for a closing price at $66.42; Goldman Sachs Group Incorporated (GS) shed 4.61 points with a high on the day of $181.37, a low of $172.68 for a closing price at $173.80.

    On the NASDAQ today, advanced totaled 1,408; decliners totaled 1,562; unchanged came in at 136; new highs came in at 21 and new lows came in at 140. Momentum stocks traded by active Day Traders on the NASDAQ today: First Solar, Incorporated (FSLR) shed 7.45 points with a high on the day of $220.80, a low of $210.02 for a closing price at $211.94; Baidu.com Incorporated (BIDU) shed 12.35 points with a high on the day of $266.67, a low of $244.50 for a closing price at $246.75; Deckers Outdoor Corporation (DECK) gained 4.77 points with a high on the day of $121.00, a low of $118.41 for a closing price at $119.15; Google Incorporated (GOOG) shed 20.69 points with a high on the day of $535.06, a low of $506.50 for a closing price at $508.95; SunPower Corporation (SPWR) shed 3.47 points with a high on the day of $82.38, a low of $75.14 for a closing price at $75.97; Priceline.com Incorporated (PCLN) shed 1.25 points with a high on the day of $125.73, a low of $120.22 for a closing price at $122.61; Onyx Pharmaceuticals Incorporated (ONXX) shed 11.89 points with a high on the day of $37.23, a low of $32.23 for a closing price at $33.09; United Stationers Incorporated (USTR) shed 5.15 points with a high on the day of $57.81, a low of $51.48 for a closing price at $51.99; Amedisys Incorporated (AMED) gained 2.14 points with a high on the day of $47.67, a low of $44.01 for a closing price at $45.50; Garmin Limited (GRMN) gained 3.15 points with a high on the day of $70.44, a low of $57.51 for a closing price at $69.50; Intuitive Surgical, Incorporated (ISRG) shed 12.77 points with a high on the day of $309.44, a low of $287.12 for a closing price at $29.50; Huron Consulting Group Incorporated (HURN) shed 7.53 points with a high on the day of $65.18, a low of $55.91 for a closing price at $56.03.

    Statement by Secretary Henry M. Paulson, Jr. on New Private Sector Effort to Reach Homeowners Facing Foreclosure: Washington, DC - Good morning. Thank you, Secretary Jackson, for joining us. We are going to provide an update on the HOPE NOW alliance's efforts to help struggling homeowners and as Floyd Robinson of Bank of America, speaking on behalf of six leading mortgage servicers, will announce an additional, important effort targeting those facing the greatest, immediate risk of losing their home. When the HOPE NOW alliance was announced in October, we made clear that this would be an evolving private sector-led effort to help minimize the impact of the housing downturn on homeowners, neighborhoods and the U.S. economy. It is just one of many steps which the Bush Administration is encouraging as we work through this difficult period. Tomorrow, President Bush will also sign into law an economic growth package that will, through rebate payments to over 130 million Americans and tax incentives to businesses, provide a temporary, meaningful boost to our economy as we weather the housing correction. Today, six of the largest servicers, who represent 50 percent of the mortgage market, are announcing Project Lifeline, a targeted outreach to homeowners' 90-days or more delinquent that may lead to a "pause" in the foreclosure process. This is an important new initiative, targeted to reach not only subprime borrowers, but all 90-day delinquent homeowners nationwide with a step-by-step approach to find individual solutions to individual problems. We encourage all HOPE NOW servicers to adopt this new program. Project Lifeline is aimed at homeowners who face a real risk of losing their home, but have not yet addressed the problem. Perhaps they are hoping to find a way to get current on their mortgage payments, or perhaps they don't think any solution is possible. For whatever reason they have not yet taken action; our hope is that today's announcement will reach them, and they will reach out immediately for help – especially now that the foreclosure process is upon them. Of course, there will be homeowners who still take no action, and some will simply walk away from their mortgage particularly those borrowers who put little or no money down and whose mortgage exceeds their home value. No program can bring every struggling borrower into the counseling and evaluation process, and we cannot help those who choose not to honor their obligations. But Project Lifeline has the potential to offer new solutions to responsible, able homeowners who want to keep their homes. Overall, the HOPE NOW alliance is striving to help as many able but struggling homeowners as possible whether prime, alt-a or subprime borrowers. Clearly there is much more work to do, but progress has been made since the formation of HOPE NOW just over four months ago. In those four months: HOPE NOW membership has grown from 60 percent of the subprime mortgage servicer market to 94 percent; today, 25 servicers are represented; The nationwide hotline (888-995-HOPE) has been publicized and expanded; daily call volume has increased from 625 to 4,000; Servicers and investors are now providing funds for counseling; previously, only government and foundations provided funding; In the first three months, HOPE NOW servicers sent 775,000 letters to at-risk homeowners; early results show a 16 percent response rate. Homeowners who had previously avoided contact are now calling for help, and over 200,000 additional letters are being sent every month; Today, all HOPE NOW servicers are contacting subprime borrowers 120 days before their interest rate resets; In the second half of 2007, the industry assisted an estimated 869,000 homeowners and, coincident with the formation of HOPE NOW, the loan modification rate in the fourth quarter doubled over the rate in the third quarter; Secretary Jackson will also update us on FHA's progress in moving borrowers into affordable, long-term mortgages. These results are before implementation of the American Securitization Forum's (ASF) fast-track re-financing and loan modification framework. Servicers began implementing that plan in January after resolving a number of important issues, including receiving accounting guidance from the SEC on FAS 140 on January 8. We have a lot of work ahead of us; these efforts can succeed only if they are pursued industry wide. I am particularly focused on two important steps. First, I am eager to see the ASF framework and Project Lifeline adopted by all servicers. If the ASF plan works the way it is intended to subprime borrowers who have made payments on-time at the initial rate and who want to stay in their homes but can't afford the higher rate should be fast-tracked into a modification which in many cases will be an interest rate freeze of at least five years or be fast-tracked into an affordable refinancing. Through Project Lifeline, those borrowers facing immediate foreclosure may be able to find individual solutions. Second, I will be working closely with the HOPE NOW alliance on their plans for reporting progress. It is critical that they release monthly information, within 30 days of the end of the month, so that we can monitor progress and adapt as needed. Industry will be updating us throughout the month. As I have said many times, the HOPE NOW alliance is an evolving effort. As our economy works through this difficult period, we will look for additional opportunities to try to avoid preventable foreclosures. However, none of these efforts are a silver bullet that will undo the excesses of the past years, nor are they designed to bail out real estate speculators or those who committed fraud during the mortgage process. These efforts are to help American families who both want to and can, through a loan modification or re-financing, stay in their homes. I believe that our economy will continue to grow, although at a slower pace in the coming quarters, and that it remains fundamentally diverse and resilient. I congratulate the HOPE NOW alliance for your flexibility and your hard work. You are helping our economy and our families, and you are also demonstrating the very resiliency which I spoke of a moment ago. Thank you.

    Commodities Markets
    The trend was higher across the board today for the Energy Sector: Light crude moved sharply higher today by $4.51 to close at a record high at $100.01 a barrel; Heating Oil moved higher today by $0.12 to close at $2.74 a gallon; Natural Gas moved higher today by $0.33 to close at $9.00 per million BTU and Unleaded Gas moved higher today by $0.11 to close at $2.60 a gallon.

    Metals Markets ended the session higher across the board today: Gold moved sharply higher today by $23.70 to close at $929.80 a Troy ounce; Silver moved higher today by $0.39 to close at $17.51 per Troy ounce; Platinum moved strongly higher today by $89.40 to close at $2,153.10 per Troy ounce and Copper closed higher by $0.19 to close at $3.73 per pound.

    On the Livestock and Meat Markets, the trend was mostly higher across the board today: Lean Hogs ended the day higher by $0.33 to close at $64.53; Pork Bellies ended the day higher by $1.23 to close at $95.53; Live Cattle ended the day lower by $0.05 to close at $93.93 and Feeder Cattle ended the day higher by $0.28 at $104.90.

    Other Commodities: Corn ended the day higher by $5.50 at $532.50 and Soybeans moved sharply higher today by $26.50 to end the session at $1,417.00.

    Bonds were lower across the board today: 2 year bond moved lower by 10/32 to close at 100 2/32; 5 year bond moved lower by 26/32 to close at 99 22/32 today; 10 year bond moved lower by 30/32 to close at 96 23/32 and the 30 year bond moved lower by 1 16/32 to close at 95 5/32 on the day.

    The e-mini Dow ended the session today at 12,344 with a loss of 6 points on the trading session. The total Dow Exchange Volume for the day came in at 138,820 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 3,714,918; Open Interest for Futures moved lower by 55,782 points to close at 10,790,428; the Open Interest for Options moved higher by 94,313 points to close at 10,573,553 and the Cleared Only closed higher by 335 points to close at 26,634 for a total Open Interest on the day of 21,390,615 for a total Change on the day with a gain of 38,866 points.

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