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Market Commentary for November 1, 2006 from Millennium-Traders.com - Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news
Market Commentary for November 1, 2006 from Millennium-Traders.com

 

PRZOOM - /newswire/ - Somerset, PA, United States, 2006/11/01 - Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news.

   
 
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The markets were clearly controlled by the Bears today with only minor movement into the green zone during the morning session. Data released today appeared to be the culprit behind the downdraft. Trading volume was moderate to heavy with wider trading ranges due to the down draft trend. At the closing bell, here is how the major indices ended: the DOW (Dow Jones Industrial Average) shed 49.71 points to close at 12031.02; the NYSE (New York Stock Exchange) shed 56.84 points to close at 8718.14; the NASDAQ lost 32.36 points to end the day at 2334.35; the S&P 500 (Standard & Poor’s 500 Index) gave up 10.09 points to close at 1367.85 and the RUSSELL 2000 gave up 14.49 points to close at 752.35. The FTSE All-World Index ex-US (top Large/Mid Cap aggregate from over 2,700 stocks from the FTSE Global Equity Index Series (GEIS) which covers 90% of the worlds investable market capitalization) moved lower by 0.55 to close at 227.42 and the FTSE RAFI 1000 moved lower by 36.68 points to close at 5687.13.

Economic data released for the day:

MBA Purchase Applications: Compilation from the Mortgage Bankers’ Association of various mortgage loan indexes. This data is the leading indicator for single-family home sales as well as, housing construction. For week of October 27th, Purchase Index came in at 375.6.

ADP Employment: This report is a national employment report computed from a subset of ADP records that cover roughly 225,000 business establishments and approximately 14 million employees. Macroeconomic Advisors was contracted by ADP to compute a monthly report to assist in predicting monthly non-farm payrolls from the Bureau of Labor Statistics employment situation covering private payrolls. ADP-Macroeconomics Advisers see October Payrolls to rise by 128,000.

Construction Spending: New construction activity on residential, non-residential and public projects measured in dollar value which is available in nominal and inflation adjusted dollars. Construction Spending for September month over month came in at a drop by 0.3%.

ISM Non-Mfg Survey: Compiled from approximately 400 non-manufacturing firms from 60 sectors across the United States. Included in the survey are retail trade, construction, agriculture, mining, transportation, wholesale trade and communications. ISM data released today: Weaker dollar supporting U.S. Exports; Price Index pullback is particularly good news; October manufacturing growth was lowest since June 2003; October Inventories came in at 49.4 compared to September reading of 46.4; October Production Index came in at 51.9 compared to September reading of 56.1; October New Orders Index came in at 52.1 compared to September reading of 54.2; October Employment Index 50.8 compared to September reading of 49.4; October Prices Index 47.0 compared to September reading of 61.0; October Manufacturing Business Index came in at 51.2 compared to September reading 52.9, August reading of 54.5 and October Manufacturing Business Index was expected to come in at 53.5.

Pending Home Sales Index: Reported by the National Association of Realtors, leading indicator of housing activity. U.S. Pending Home Sales came in at 13.6% which was below September 2005 index; U.S. Pending Home Sales Index was down 1.1% in September; August Construction Spending was revised to unchanged from a rise of 0.3% and U.S. Construction Spending fell by 0.3% in September compared to consensus of a drop by 0.1%.

EIA Petroleum Status Report: EIA (Energy Information Administration) provides weekly petroleum inventories in the United States whether they are produced here or abroad. Prices for petroleum products are determined by the level of inventories. Gasoline stockpiles for the week fell by 2.8 million barrels compared to consensus of a drop by 1.1 million barrels; Distillate stockpiles fell by 2.7 million barrels for the week compared to consensus of a drop by 1.3 million barrels; Crude oil stockpiles rose by 2 million barrels for the week compared to consensus of a rise by 2.5 million barrels and U.S. Refineries ran at 88.9% versus consensus of 86.2%.

On the commodities markets, the trend was mixed across the board again today: Light crude fell by $0.02 to close at $58.71 a barrel; Brent Crude ended the day on Tuesday higher by $0.35 to close at $59.03 a barrel; Heating Oil closed lower by $0.02 at $1.65 a gallon; Natural Gas ended the day higher by $0.19 at $8.13 per million BTU and Unleaded Gas rose by $0.04 to close at $1.46 a gallon.

Metals ended the session mostly higher today: Gold rallied higher by $12.50 to close at $619.30 an ounce; Silver moved higher by $0.21 to close at $12.48 an ounce; Platinum rallied higher by $14.20 to close at $1,100.70 an ounce and Copper ended the day with a loss of $0.10 to close at $3.24 per pound.

On the Livestock and Meat markets, the trend was lower on the session: Lean Hogs moved lower by 0.55 to close at 64.40; Pork Bellies closed lower by 1.93 to end the day at 91.80; Live Cattle shed 0.28 to end the day at 87.55 and Feeder Cattle ended lower by 0.08 to close at 101.43.

Bonds moved higher across the board again today: 2 year Bond closed higher by 4/32 at 100 14/32; 5 year bond closed higher by 7/32 at 100 15/32; 10 year bond moved higher by 11/32 to end the day at 102 14/32 and the 30 year bond closed higher by 19/32 at 97 4/32.

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 3,851,599 Open Interest for Futures rose by 13,534 to close at 8,832,613 and the Open Interest for Options moved higher by 126,184 to close at 7,104,084 for a total Open Interest of 15,936,697 for a total gain on the day by 139,718. The mini Dow ended the session with a loss of 57 to close at 12062. The total Dow Exchange Volume for the day came in at 142,201 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.

New York Stock Exchange movers for the day: Penn West Energy Trust (PWE) fell sharply by 5.62 points for a loss of 14.98%; MasterCard Incorporated (MA) rallied higher by 10.97 points for a gain of 14.80%; Consolidated Graphics Incorporated (CGX) fell sharply by 6.08 points for a loss on the day of 9.78%; Enerplus Resources Fund (ERF) fell by 8.05 points for a loss of 14.83% on the day; TELUS Corporation (TU) lost 8.71points for a loss on the day of 15.18% and Harvest Energy Trust (HTE) fell 4.07 points for a loss on the day of 13.86%.

On the NASDAQ today, advancers came in at 826; decliners totaled 2,251; unchanged came in at 137; new highs came in at 84 and new lows came in at 43.

Gainers and losers for the day on the NASDAQ: Garmin Limited (GRMN) shed 15.86% on the day for a loss of 8.47 points; e-Future Information Technology Incorporated (EFUT) moved higher by 3.80 points for a gain on the day of 54.29%; Hudson Highland Group Incorporated (HHGP) moved higher by 3.31 points for a gain on the day of 28.31%; Ceradyne Incorporated (CRDN) rallied higher by 5.79 points for a gain on the day of 14.04% and Ampex Corporation (AMPX) fell sharply by 24.96% for a loss of 3.50 points on the session.

In world news, comments made regarding Saddam Hussein’s sentence which is expected to be handed down next week for his first trial; If Saddam is sentenced to death, it would “open the gates to hell” to U.S. forces stationed in Iraq. The comment was made by Bushra al-Khalil, a Lebanese lawyer who was thrown out of Saddam’s trial in May.

 
 
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Market Commentary for November 1, 2006 from Millennium-Traders.com

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