Daily Market Commentary for May 21, 2008 from Millennium-Traders.Com
As expected, market trading atmosphere was sluggish today until, the FOMC Minutes were released. A combo of the surge in Crude Oil over $133 a barrel compounded with Fed minutes pushed the major market indices deep into negative territory. (read more)
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 loss of 227.24 points on the day to end the session at 12,601.44
NYSE (New York Stock Exchange) triple digit loss of 138.98 points to end the session at 9,397.03
NASDAQ loss of 43.99 points for a close at 2,448.27
S&P 500 loss of 22.66 points for a close at 1,390.74
FTSE All-World ex-U.S. loss of 2.13 points to close at 254.91
FTSE RAFI 1000 loss of 93.48 points for a close at 5,564.13
BEL 20 loss of 31.06 points to close at 3,765.79
CAC 40 loss of 27.33 points to close at 5,027.55
FTSE100 gain of 6.5 points to close at 6,198.10
NIKKEI 225 triple digit loss of 233.8 points to close at 13,926.30
News on the New York Stock Exchange (NYSE) today: advanced stocks 963; declined stocks 2,207; unchanged stocks 77; stocks hitting new highs 125; stocks hitting new lows 43. Daily Trading Range and end of day trading results for volatile stocks on the NYSE traded by active Day Traders today: Transocean Incorporated (NYSE: RIG) shed 6.40 points on the trading day, high on the trading day $161.62, low on the trading day $154.73, for a closing price at $155.00; Bunge Limited (NYSE: BG) shed 3.90 points on the trading day, high on the trading day $123.36, low on the trading day $117.82, for a closing price at $118.44; National-Oilwell Varco Incorporated (NYSE: NOV) gain 2.62 points on the trading day, high on the trading day $86.89, low on the trading day $81.90, for a closing price at $83.49; Phillips-Van Heusen Corporation (NYSE: PVH) shed 2.59 points on the trading day, high on the trading day $44.79, low on the trading day $41.78, for a closing price at $43.11; CME Group, Incorporated (NYSE: CME) shed 20.50 points on the trading day, high on the trading day $486.95, low on the trading day $463.57, for a closing price at $464.00; CF Industries Holdings Incorporated (NYSE: CF) shed 6.08 points on the trading day, high on the trading day $136.06, low on the trading day $128.65, for a closing price at $129.37; Moody's Corporation (NYSE: MCO) shed 6.86 points on the trading day, high on the trading day $43.00, low on the trading day $36.25, for a closing price at $37.03; Oil Service HOLDRs (NYSE: OIH) shed 4.36 points on the trading day, high on the trading day $221.15, low on the trading day $213.99, for a closing price at $214.04; Mexco Energy Corporation (NYSE: MXC) gained 6.47 points on the trading day, high on the trading day $55.70, low on the trading day $43.25, for a closing price at $49.00; Potash Corporation of Saskatchewan, Incorporated (NYSE: POT) shed 8.68 points on the trading day, high on the trading day $204.60, low on the trading day $193.60, for a closing price at $195.00; Monsanto Corporation (NYSE: MON) shed 5.03 points on the trading day, high on the trading day $125.95, low on the trading day $119.63, for a closing price at $119.97; Fluor Corporation (NYSE: FLR) shed 2.20 points on the trading day, high on the trading day $194.73, low on the trading day $188.13, for a closing price at $189.06.
News on the NASDAQ today: advanced stocks 906 declined stocks 1,997; unchanged stocks 139; stocks hitting new highs 51; stocks hitting new lows 105. Trading range and end of day trading results for volatile NASDAQ stocks traded by active Day Traders today: Red Robin Gourmet Burgers Incorporated (NasdaqGS: RRGB) shed 3.64 points on the trading day, high on the trading day $38.24, low on the trading day $35.00, for a closing price at $35.05; Adolor Corporation (NasdaqGS: ADLR) shed 0.09 points on the trading day, high on the trading day $6.09, low on the trading day $5.15, for a closing price at $5.28; Regeneron Pharmaceuticals Incorporated (NasdaqGS: REGN) shed 2.89 points on the trading day, high on the trading day $19.22, low on the trading day $18.01, for a closing price at $18.58; Apple Incorporated (NasdaqGS: AAPL) shed 7.71 points on the trading day, high on the trading day $188.00, low on the trading day $176.25, for a closing price at $178.19; DryShips, Incorporated (NasdaqGS: DRYS) gained 3.11 points on the trading day, high on the trading day $106.72, low on the trading day $99.50, for a closing price at $102.36; First Solar, Incorporated (NasdaqGS: FSLR) shed 19.61 points on the trading day, high on the trading day $293.80, low on the trading day $279.45 for a closing price at $279.45.
News on the American Stock Exchange (AMEX) today: advanced stocks 476; declined stocks 744; unchanged stocks 101; stocks hitting new highs 55; stocks hitting new lows 24.
Department Of Energy: U.S. Distillate Stockpiles increased by 728,000 Barrels in the week compared to expectations of an increase by 1.2 Million Barrels; U.S. Refineries ran at capacity of 87.9% compared to expectations of an increase by 0.5 points at 87.1%; U.S. Gasoline Stockpiles fell by 755,000 Barrels in the week compared to expectations of an increase by 400,000 Barrels; U.S. Crude Oil Stockpiles fell by 5.3 Million Barrels in the week compared to expectations of an increase by 500,000 Barrels; U.S. Refineries ran at 87.9% Vs 86.6% a week ago; U.S. Distillate Stockpiles increased by 0.728 Million Barrels at 107.79 Million Barrels; U.S. Gasoline Stockpiles fell 0.755 Million Barrels at 209.413 Million Barrels; U.S. Crude Oil Stockpiles fell 5.317 Million Barrels at 320.442 Million Barrels.
Federal Reserve Board Member Kevin M. Warsh commented today: sees inflation moderating over time; some indicators of long-run inflation have risen; sees no long-run inflation, growth conflict for Fed; finds inflation trends 'particularly vexing'; private efforts critical to market improvement; urges banks to raise 'substantial' capital; this is 'time of testing' for Central Banks; sees need for 'new financial architecture'; Fed should resist calls to reduce rates.
FOMC Minutes: Sees 2008 PCE increased by 3.1-3.4%; Core PCE increased by 2.2%-2.4%; raises 2009,2010 jobless rate forecasts; ups 2008 jobless rate forecast to 5.5-5.7% from 5.2-5.3%; holds 2009, 2010 GDP growth largely steady in 2%-3% range; cuts 2008 GDP forecast to increased by 0.3-1.2% from an increase by 1.3-2%; inflation expectations 'key upside risk'; food, energy prices to keep boosting overall inflation; core inflation improvement probably temporary; unemployment to rise in 2008, 'stay elevated' in 2009; most officials still see downside growth risks; housing 'bleak,' consumer spending 'slowed to a crawl'; financial conditions better, but still fragile; odds lower that econ may be 'severely disrupted'; decision to lower rates in April 'a close call'; FOMC Minutes signal no more rate cuts even if economy contracts.
Commodities Markets
Energy Sector: Light Crude (NYM) gained $4.19 on the day to close at $133.17 a barrel ($US per bbl.); Heating Oil (NYM) gained $0.13 on the day to close at $3.93 a gallon ($US per gal.); Natural Gas (NYM) gained $0.27 on the day to close at $11.78 per million BTU ($US per mmbtu.); Unleaded Gas (NYM) gained $0.09 on the day to close at $3.40 a gallon ($US per gal.).
Metals Markets: Gold (CMX) gained $8.40 to close at $928.60 ($US per Troy oz.); Silver (CMX) gained $0.33 to close at $18.05 ($US per Troy oz.); Platinum (NYM) gained $73.30 on the day to close at $2,221.10 ($US per Troy oz.) and Copper (CMX) shed $0.03 to close at $3.74 ($US per lb.).
Livestock and Meat Markets (cents per lb.): Lean Hogs (CME) shed 0.33 to close at 76.13; Pork Bellies (CME) shed 1.75 to close at 75.40; Live Cattle (CME) gained 1.03 to close at 99.55; Feeder Cattle (CME) gained 0.70 to close at 114.38.
Other Commodities (cents per bu.): Corn (CBT) gained 17.50 to close the session at 607.25 and Soybeans (CBT) gained 17.50 to close session at 1,349.00.
Bond action for the day: 2 year bond shed 5/32 to close at 99 15/32 with a Yield of 2.39, Yield Change +0.08; 5 year bond shed 9/32 to close at 100 7/32 with a Yield of 3.07, Yield Change +0.06; 10 year bond shed 9/32 to close at 100 17/32 with a Yield of 3.80, Yield Change +0.03; the 30 year bond shed 6/32 to close at 97 8/32 on the day with a Yield of 4.54, Yield Change +0.01.
The e-mini Dow $5 ended the commodity session today at 12,605 with a loss of 245 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.
Monitor scheduled economic data every market morning by viewing the Daily Market Report from Millennium-Traders, free access to visitors on our website.
Subscribe to our free Weekly MarketNews for a review of the past weeks trading action plus, view upcoming economic data for the week ahead.
Review archives of the News & Commentary plus, our FREE Monthly Trading Lesson posted on our website.
Thanks for reading
Millennium-Traders.Com
As expected, market trading atmosphere was sluggish today until, the FOMC Minutes were released. A combo of the surge in Crude Oil over $133 a barrel compounded with Fed minutes pushed the major market indices deep into negative territory. (read more)
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 loss of 227.24 points on the day to end the session at 12,601.44
NYSE (New York Stock Exchange) triple digit loss of 138.98 points to end the session at 9,397.03
NASDAQ loss of 43.99 points for a close at 2,448.27
S&P 500 loss of 22.66 points for a close at 1,390.74
FTSE All-World ex-U.S. loss of 2.13 points to close at 254.91
FTSE RAFI 1000 loss of 93.48 points for a close at 5,564.13
BEL 20 loss of 31.06 points to close at 3,765.79
CAC 40 loss of 27.33 points to close at 5,027.55
FTSE100 gain of 6.5 points to close at 6,198.10
NIKKEI 225 triple digit loss of 233.8 points to close at 13,926.30
News on the New York Stock Exchange (NYSE) today: advanced stocks 963; declined stocks 2,207; unchanged stocks 77; stocks hitting new highs 125; stocks hitting new lows 43. Daily Trading Range and end of day trading results for volatile stocks on the NYSE traded by active Day Traders today: Transocean Incorporated (NYSE: RIG) shed 6.40 points on the trading day, high on the trading day $161.62, low on the trading day $154.73, for a closing price at $155.00; Bunge Limited (NYSE: BG) shed 3.90 points on the trading day, high on the trading day $123.36, low on the trading day $117.82, for a closing price at $118.44; National-Oilwell Varco Incorporated (NYSE: NOV) gain 2.62 points on the trading day, high on the trading day $86.89, low on the trading day $81.90, for a closing price at $83.49; Phillips-Van Heusen Corporation (NYSE: PVH) shed 2.59 points on the trading day, high on the trading day $44.79, low on the trading day $41.78, for a closing price at $43.11; CME Group, Incorporated (NYSE: CME) shed 20.50 points on the trading day, high on the trading day $486.95, low on the trading day $463.57, for a closing price at $464.00; CF Industries Holdings Incorporated (NYSE: CF) shed 6.08 points on the trading day, high on the trading day $136.06, low on the trading day $128.65, for a closing price at $129.37; Moody's Corporation (NYSE: MCO) shed 6.86 points on the trading day, high on the trading day $43.00, low on the trading day $36.25, for a closing price at $37.03; Oil Service HOLDRs (NYSE: OIH) shed 4.36 points on the trading day, high on the trading day $221.15, low on the trading day $213.99, for a closing price at $214.04; Mexco Energy Corporation (NYSE: MXC) gained 6.47 points on the trading day, high on the trading day $55.70, low on the trading day $43.25, for a closing price at $49.00; Potash Corporation of Saskatchewan, Incorporated (NYSE: POT) shed 8.68 points on the trading day, high on the trading day $204.60, low on the trading day $193.60, for a closing price at $195.00; Monsanto Corporation (NYSE: MON) shed 5.03 points on the trading day, high on the trading day $125.95, low on the trading day $119.63, for a closing price at $119.97; Fluor Corporation (NYSE: FLR) shed 2.20 points on the trading day, high on the trading day $194.73, low on the trading day $188.13, for a closing price at $189.06.
News on the NASDAQ today: advanced stocks 906 declined stocks 1,997; unchanged stocks 139; stocks hitting new highs 51; stocks hitting new lows 105. Trading range and end of day trading results for volatile NASDAQ stocks traded by active Day Traders today: Red Robin Gourmet Burgers Incorporated (NasdaqGS: RRGB) shed 3.64 points on the trading day, high on the trading day $38.24, low on the trading day $35.00, for a closing price at $35.05; Adolor Corporation (NasdaqGS: ADLR) shed 0.09 points on the trading day, high on the trading day $6.09, low on the trading day $5.15, for a closing price at $5.28; Regeneron Pharmaceuticals Incorporated (NasdaqGS: REGN) shed 2.89 points on the trading day, high on the trading day $19.22, low on the trading day $18.01, for a closing price at $18.58; Apple Incorporated (NasdaqGS: AAPL) shed 7.71 points on the trading day, high on the trading day $188.00, low on the trading day $176.25, for a closing price at $178.19; DryShips, Incorporated (NasdaqGS: DRYS) gained 3.11 points on the trading day, high on the trading day $106.72, low on the trading day $99.50, for a closing price at $102.36; First Solar, Incorporated (NasdaqGS: FSLR) shed 19.61 points on the trading day, high on the trading day $293.80, low on the trading day $279.45 for a closing price at $279.45.
News on the American Stock Exchange (AMEX) today: advanced stocks 476; declined stocks 744; unchanged stocks 101; stocks hitting new highs 55; stocks hitting new lows 24.
Department Of Energy: U.S. Distillate Stockpiles increased by 728,000 Barrels in the week compared to expectations of an increase by 1.2 Million Barrels; U.S. Refineries ran at capacity of 87.9% compared to expectations of an increase by 0.5 points at 87.1%; U.S. Gasoline Stockpiles fell by 755,000 Barrels in the week compared to expectations of an increase by 400,000 Barrels; U.S. Crude Oil Stockpiles fell by 5.3 Million Barrels in the week compared to expectations of an increase by 500,000 Barrels; U.S. Refineries ran at 87.9% Vs 86.6% a week ago; U.S. Distillate Stockpiles increased by 0.728 Million Barrels at 107.79 Million Barrels; U.S. Gasoline Stockpiles fell 0.755 Million Barrels at 209.413 Million Barrels; U.S. Crude Oil Stockpiles fell 5.317 Million Barrels at 320.442 Million Barrels.
Federal Reserve Board Member Kevin M. Warsh commented today: sees inflation moderating over time; some indicators of long-run inflation have risen; sees no long-run inflation, growth conflict for Fed; finds inflation trends 'particularly vexing'; private efforts critical to market improvement; urges banks to raise 'substantial' capital; this is 'time of testing' for Central Banks; sees need for 'new financial architecture'; Fed should resist calls to reduce rates.
FOMC Minutes: Sees 2008 PCE increased by 3.1-3.4%; Core PCE increased by 2.2%-2.4%; raises 2009,2010 jobless rate forecasts; ups 2008 jobless rate forecast to 5.5-5.7% from 5.2-5.3%; holds 2009, 2010 GDP growth largely steady in 2%-3% range; cuts 2008 GDP forecast to increased by 0.3-1.2% from an increase by 1.3-2%; inflation expectations 'key upside risk'; food, energy prices to keep boosting overall inflation; core inflation improvement probably temporary; unemployment to rise in 2008, 'stay elevated' in 2009; most officials still see downside growth risks; housing 'bleak,' consumer spending 'slowed to a crawl'; financial conditions better, but still fragile; odds lower that econ may be 'severely disrupted'; decision to lower rates in April 'a close call'; FOMC Minutes signal no more rate cuts even if economy contracts.
Commodities Markets
Energy Sector: Light Crude (NYM) gained $4.19 on the day to close at $133.17 a barrel ($US per bbl.); Heating Oil (NYM) gained $0.13 on the day to close at $3.93 a gallon ($US per gal.); Natural Gas (NYM) gained $0.27 on the day to close at $11.78 per million BTU ($US per mmbtu.); Unleaded Gas (NYM) gained $0.09 on the day to close at $3.40 a gallon ($US per gal.).
Metals Markets: Gold (CMX) gained $8.40 to close at $928.60 ($US per Troy oz.); Silver (CMX) gained $0.33 to close at $18.05 ($US per Troy oz.); Platinum (NYM) gained $73.30 on the day to close at $2,221.10 ($US per Troy oz.) and Copper (CMX) shed $0.03 to close at $3.74 ($US per lb.).
Livestock and Meat Markets (cents per lb.): Lean Hogs (CME) shed 0.33 to close at 76.13; Pork Bellies (CME) shed 1.75 to close at 75.40; Live Cattle (CME) gained 1.03 to close at 99.55; Feeder Cattle (CME) gained 0.70 to close at 114.38.
Other Commodities (cents per bu.): Corn (CBT) gained 17.50 to close the session at 607.25 and Soybeans (CBT) gained 17.50 to close session at 1,349.00.
Bond action for the day: 2 year bond shed 5/32 to close at 99 15/32 with a Yield of 2.39, Yield Change +0.08; 5 year bond shed 9/32 to close at 100 7/32 with a Yield of 3.07, Yield Change +0.06; 10 year bond shed 9/32 to close at 100 17/32 with a Yield of 3.80, Yield Change +0.03; the 30 year bond shed 6/32 to close at 97 8/32 on the day with a Yield of 4.54, Yield Change +0.01.
The e-mini Dow $5 ended the commodity session today at 12,605 with a loss of 245 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.
Monitor scheduled economic data every market morning by viewing the Daily Market Report from Millennium-Traders, free access to visitors on our website.
Subscribe to our free Weekly MarketNews for a review of the past weeks trading action plus, view upcoming economic data for the week ahead.
Review archives of the News & Commentary plus, our FREE Monthly Trading Lesson posted on our website.
Thanks for reading
Millennium-Traders.Com
