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Somerset, PA, United States, 2006/11/22 - Daily Market Commentary for November 22, 2006. Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news.
As we watched the market this eve of the Thanksgiving Day holiday, we all should take the time to remember what we all are so thankful for and our loved ones, our families and our friends. We must also remember our troops who will not be home to share the holiday festivities with their families and to them we thank you for your dedication in providing us the security we need, to keep our homeland as safe as possible. Millennium-Traders would like to wish all of our valued members and readers a very safe and enjoyable, Thanksgiving Day Holiday.
Trading activity was far from robust today as many day traders and investors headed out to enjoy the holiday with their families and friends. Fortunately, the major indices were successful in closing the session in the green zone: the DOW (Dow Jones Industrial Average) moved higher by 5.36 points to close the session at 12326.95; the NASDAQ gained 11.14 points to end the day at 2465.98; the NYSE (New York Stock Exchange) climbed higher by 30.86 points to end the session at 8948.94; the S&P 500 (Standard & Poor’s 500 Index) gained 3.28 points for a close at 1406.95 and the RUSSELL 2000 moved higher by 0.74 to end the day at 792.91. 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 higher by 1.85 to close at 232.90 and the FTSE RAFI 1000 moved higher by 11.69 points to close at 5828.69.
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 November 17th actual reading came in at 401.4.
Jobless Claims: A weekly compilation of new unemployment claims to show the number of individuals who filed for unemployment insurance for the first time. The condition of the labor market is determined by an increase of the number of claims which suggests a deteriorating labor market. Continuing Claims for week of November 11th shows a rise by 14K to 2,454,000 and Jobless Claims rose by 12K to 321K for week of November 18th compared to survey of a rise by 2K.
Consumer Sentiment: 500 households are surveyed by The University of Michigan’s Consumer Survey Center, on their financial conditions and attitudes about the economy. The strength of consumer spending is directly related to consumer sentiment. End-November Sentiment came in at 92.1 versus October 93.6; preliminary November Sentiment was 92.3; End-November expectations came in at 83.2 with comparable October reading of 84.8 and End-November current index came in at 106.00 with comparison to October reading of 107.3.
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 rose by 1.4 million barrels in the week compared to consensus of a drop by 1 million; Crude Oil stockpiles rose by 5.1 million barrels in the week compared to consensus of a rise by 400,000; Distillate stockpiles fell by 1.2 million barrels in the week compared to consensus of a drop by 1.1 million Refineries ran at 87.1% compared to consensus of 87.9% and Gasoline stockpiles rose 1.4 million barrels in the week which were estimated to come in at a drop by 1 million.
On the commodities markets, the trend was mostly lower across the board today: Light crude moved lower by $0.93 today to close at $59.24 a barrel; Brent Crude remained at $59.46 a barrel; Heating Oil closed lower by $0.06 at $1.72 a gallon; Natural Gas ended the day lower by $0.31 to end the day at $8.05 per million BTU and Unleaded Gas closed at $1.59 a gallon with a loss of $0.05.
Metals ended the session mixed across the board today: Gold moved higher by $0.30 to close at $629.00 an ounce; Silver closed lower by $0.05 at $13.04 an ounce; Platinum plummeted by $65.10 to close at $1,154.00 an ounce and Copper ended the day lower by $0.01 to close at $3.14 per pound.
On the Livestock and Meat markets, the trend was mixed across the board again today: Lean Hogs moved higher by 0.03 to close at 66.58; Pork Bellies closed higher by 0.33 to end the day at 93.15; Live Cattle moved lower by 0.48 to end the day at 90.45 and Feeder Cattle ended the day higher by 0.43 to close at 99.20.
Other Commodities: Corn moved higher by 1.00 today to close at 378.25 and Soybeans moved higher by 1.00 to close at 674.00.
Bonds were decently higher across the board again today: 2 year Bond closed with a gain of 1/32 at 100 7/32; 5 year bond moved higher by 2/32 to close at 100 8/32; 10 year bond moved higher by 2/32 to end the day at 100 14/32 and the 30 year bond closed higher by 7/32 at 97 21/32.
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 3,506,565. Open Interest for Futures fell by 108,461 to close at 8,814,023 and the Open Interest for Options moved lower by 1,890,858 to close at 5,011,540 for a total Open Interest of 13,825,563 for a total loss on the day by 1,999,319. The mini Dow ended the session with a gain of 7 to close at 12351. The total Dow Exchange Volume for the day came in at 107,726 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: Phelps Dodge (PD) gained 3.37 points on the day to close at $120.97; PetroChina Company Limited (PTR) climbed 4.73 points to close at $120.49; NYMEX Holdings Incorporated (NMX) rallied higher today for a gain of 7 points to close the session at $133.50; J.Crew Group Incorporated (JCG) gained 5.17 points to end the session at $40.52 and MGM Mirage (MGM) gained 5.21 points to close at $54.21 on the day.
On the NASDAQ today, advancers came in at 1,497; decliners totaled 1,506; unchanged came in at 180; new highs came in at 145 and new lows came in at 22. Gainers and losers for the day on the NASDAQ: Mothers Work Incorporated (MWRK) fell sharply by 6.51 points to close at $50.75; E-Future Information Technology Incorporated (EFUT) gained 2.43 points to close at $45.91; Sears Holdings Corporation (SHLD) moved higher by 5.32 points to end the day at $177.67 and Pointer Telocation Limited (PNTR) moved higher by 2.10 points to end at $8 on the session.
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