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Dollar Sinks, Crude Soars, Markets Fall

Discussion in 'Market Predictions and Reports' started by MTnews, Feb 28, 2008.

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    Daily Market Commentary for February 28, 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) triple digit loss of 112.67 points on the day to end the session at 12,581.61

    NYSE (New York Stock Exchange) loss of 71.01 points to end the session at 9,221.88

    NASDAQ loss of 22.21 points for a close at 2,331.57

    S&P 500 loss of 12.34 points for a close at 1,367.68

    RUSSELL 2000 loss of 10.72 points to close at 705.72

    FTSE All-World ex-U.S. loss of 1.36 points to close at 247.29

    FTSE RAFI 1000 loss of 59.68 points to close at 5,613.03

    BEL 20 loss of 24.85 points to close at 3,762.68

    CAC 40 loss of 103.59 points to close at 4,865.23

    FTSE100 loss of 110.8 points to close at 5,965.70

    NIKKEI 225 loss of 105.8 points to close at 13,925.50

    On the NYSE today, advancers came in at 957, decliners totaled 2,200; unchanged came in at 75; new highs came in at 60 and new lows came in at 79. Momentum NYSE stocks traded by active Day Traders today: Salesforce.com (CRM) gained 9.04 points with a high on the day of $63.47, a low of $57.54 for a closing price at $61.66; Public Storage (PSA) gained 1.31 points with a high on the day of $83.06, a low of $81.06 for a closing price at $81.79; Ensco International Incorporated (ESV) gained 1.03 points with a high on the day of $61.78, a low of $59.91 for a closing price at $61.24; Flowserve Corporation (FLS) gained 8.91 points with a high on the day of $112.32, a low of $102.50 for a closing price at $111.41; Valero Energy Corporation (VLO) shed 2.54 points with a high on the day of $60.93, a low of $57.33 for a closing price at $58.27; Fluor Corpora (FLR) gained 10.41 points with a high on the day of $145.47, a low of $135.00 for a closing price at $142.48; Devon Energy Corporation (DVN) gained 5.38 points with a high on the day of $107.15, a low of $100.80 for a closing price at $106.04; CME Group, Incorporated (CME) shed 9.42 points with a high on the day of $524.52, a low of $515.28 for a closing price at $517.30; Apache Corporation (APA) gained 5.85 points with a high on the day of $119.48, a low of $113.61 for a closing price at $119.40; Transocean, Incorporated (RIG) gained 2.19 points with a high on the day of $144.87, a low of $141.50 for a closing price at $143.88; Petroleo Brasileiro (PBR) shed 0.15 points with a high on the day of $125.29, a low of $122.90 for a closing price at $124.86; Inverness Medical Innovations Incorporated (IMA) shed 2.54 points with a high on the day of $31.75, a low of $29.25 for a closing price at $29.53; Mastercard Incorporated (MA) gained 3.51 points with a high on the day of $197.15, a low of $187.25 for a closing price at $194.70.

    On the NASDAQ today, advanced totaled 986; decliners totaled 1,981; unchanged came in at 105; new highs came in at 31 and new lows came in at 96. Momentum NASDAQ stocks traded by active Day Traders today: PharmaNet Development Group, Incorporated (PDGI) shed 12.73 points with a high on the day of $31.11, a low of $25.88 for a closing price at $28.62; Hurco Companies Incorporated (HURC) gained 11.99 points with a high on the day of $49.33, a low of $42.11 for a closing price at $48.15; ATP Oil & Gas Corporation (ATPG) shed 2.58 points with a high on the day of $38.79, a low of $35.67 for a closing price at $36.53; Ctrip.com International Limited (CTRP) gained 7.70 points with a high on the day of $63.00, a low of $56.52 for a closing price at $62.35; Sears Holdings Corporation (SHLD) shed 0.20 points with a high on the day of $104.68, a low of $98.07 for a closing price at $101.40; Research In Motion Limited (RIMM) shed 2.45 points with a high on the day of $112.26, a low of $108.38 for a closing price at $109.05; Apple Incorporated (AAPL) gained 6.95 points with a high on the day of $132.20, a low of $125.77 for a closing price at $129.91; First Solar, Incorporated (FSLR) shed 12.43 points with a high on the day of $216.90, a low of $204.69 for a closing price at $205.26; Baidu.com, Incorporated (BIDU) shed 5.85 points with a high on the day of $265.50, a low of $252.33 for a closing price at $253.00; Google Incorporated (GOOG) gained 2.53 points with a high on the day of $479.09, a low of $467.36 for a closing price at $475.39.

    U.S. 4Q GDP Unchanged at an increase by 0.6%; U.S. 4Q GDP Consensus rose 0.8%; 4Q PCE Price Index Revised to increase by 4.1% rate from increase by 3.9%; 4Q Real Final Sales Revised to increase by 2.1% rate from increase by 1.9%; 4Q Chain-Weighted Price Index Revised to increase by 2.7% Rate from increase by 2.6%; Purchases Price Index Revised to increase by 3.9% rate from increase by 3.8%.

    U.S. Week of February 16 Jobless Claims Revised to 354K from 349K; U.S. Week of February 16 Continuing Claims rose 21K to 2,807,000; U.S. Week of February 23 Jobless Claims rose 19K to 373K compared to survey of an increase by 4K.

    Comments by Secretary Paulson on Economy and Housing - Treasury Secretary Henry M. Paulson, Jr. will speak at the Economic Club of Chicago at 8:00 p.m. local time tonight. His remarks will cover a variety of topics, including the state of the economy, the housing markets and the credit markets, and policies we are pursuing in each area. Below are points he will make with regard to housing. These quotes can be attributed to him. "While I expect the economy to continue to grow this year, the housing correction continues to pose the biggest downside risk. And we at Treasury are focused on the housing and mortgage markets." "Let's put this in perspective: 93% of mortgages are paid on time. Less than 2% are in foreclosure." "So while some in Washington are proposing big interventions, most of the proposals I've seen would do more harm than good. I'm not interested in bailing out investors, lenders and speculators. I'm focused on solutions targeted at struggling homeowners who want to keep their homes." "This is a shared responsibility. If borrowers aren't willing to ask for help or respond to efforts to reach them, there is only so much that others can or should do on their behalf." "Being "underwater" when you can afford your mortgage does not affect your ability to pay your mortgage. Homeowners who can afford their mortgage should honor their obligations. And nearly all do. Homeowners who can't afford their payments are the borrowers we are working to reach with affordable solutions. Homeowners who gambled in the housing market and viewed their purchase as a short term investment may choose to walk away. Those who do this are nothing more than speculators, and they are not the focus of our efforts." "Falling home prices exacerbate foreclosures for those who can't afford their mortgage payment, either because of a change in ability to pay or because of an ARM reset, an income problem or a product problem. It is these borrowers who are faced with the prospects of foreclosure even when they want to remain in their homes. And that is where our efforts are aimed." "We have a two pronged policy that focuses on these two sources of rising foreclosures: first, a stimulus package to support the economy and create jobs so that there will be fewer who will suffer income loss; second, a focused effort to help struggling homeowners who want to keep their homes." "We encouraged mortgage industry participants to establish the HOPE NOW alliance to help all struggling borrowers. The alliance has placed a particular focus on subprime ARM borrowers. The member companies are already making progress, the number of subprime modifications in the fourth quarter more than doubled over the third quarter." "In January, the SEC signed off on a new protocol for streamlining some subprime borrowers into modifications and refinances. Servicers began to implement it then, some faster than others. I look forward to seeing the results for January soon. They will serve as a baseline for measuring the effectiveness of this effort going forward. I'll be examining the results closely, it's important to see that everyone who signed up for this protocol is following through on their commitment to implement it. I won't look kindly on free riders."

    Commodities Markets
    The trend was higher across the board today for the Energy Sector: Light crude moved sharply higher today by $2.95 to close at $102.59 a barrel; Heating Oil moved higher today by $0.08 to close at $2.82 a gallon; Natural Gas moved higher today by $0.38 to close at $9.44 per million BTU and Unleaded Gas moved higher today by $0.02 to close at $2.50 a gallon.

    Metals Markets ended the session higher across the board today: Gold moved higher today by $6.50 to close at $967.50 a Troy ounce; Silver moved higher today by $0.42 to close at $19.76 per Troy ounce; Platinum moved higher today by $2.50 to close at $2,154.80 per Troy ounce and Copper closed higher by $0.03 to close at $3.88 per pound.

    On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day higher by $0.28 to close at $61.25; Pork Bellies ended the day lower by $0.40 to close at $92.10; Live Cattle ended the day higher by $0.20 to close at $94.75 and Feeder Cattle ended the day lower by $0.30 at $107.90.

    Other Commodities: Corn ended the day higher by $18.25 at $556.25 and Soybeans ended the day sharply higher by $37.25 to end the session at $1,512.50.

    Bonds were higher across the board today: 2 year bond closed at higher by 13/32 at 100 10/32; 5 year bond moved higher by 30/32 to close at 100 27/32 today; 10 year bond moved higher by 1 13/32 to close at 98 16/32 and the 30 year bond moved higher by 2 to close at 97 17/32 on the day.

    The e-mini Dow ended the session today at 12,592 with a loss of 101 points on the trading session. The total Dow Exchange Volume for the day came in at 174,614 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 8,560,002; Open Interest for Futures moved higher by 25,151 points to close at 10,759,656; the Open Interest for Options moved higher by 171,367 points to close at 6,932,533 and the Cleared Only moved higher by 10 points to close at 27,976 for a total Open Interest on the day of 17,720,165 for a total Change on the day with a gain of 196,528 points.

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