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Somerset, PA, United States, 2006/10/18 - Daily Market Commentary for October 18, 2006. Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news.
The markets were mixed through most of the day amidst snug trading ranges which made for increased frustration among day traders and investors as well. Trading volume was moderate and at the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) successfully surpassed the 12000 market during the session even though it was unable to hold into the close however, we saw a gain of almost 43 points on the day; the NYSE (New York Stock Exchange) succeeded on tacking on just over 17 points on the day; the NASDAQ made a failed attempt at positive territory during the early morning session and ended the day giving up over 7 ¾ points; the S&P 500 moved higher by almost 2 points and the RUSSELL 2000 posted a loss of 1 ½ points on the day.
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 just under one point and the FTSE RAFI 1000 moved higher by just over 10 points on the day.
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. Purchase Index came in at 384.7.
Consumer Price Index: The measure of the average price level of a fixed basket of goods and services purchased by consumers; monthly changes represent the rate of inflation. Real average weekly earnings rose by 1.0% in September; September CPI energy prices fell by 7.2%; September food prices rose by 0.3%; Core CPI rose 2.9% on the year which was highest level since February 1996; September CPI excluding food & energy rose 0.2% which was inline with consensus and September consumer prices fell by 0.5% compared to consensus of a drop by 0.3%.
Housing Starts: A monthly measure of initial construction of new homes, single family residential units and multi family units as released by the Commerce Department. A rising trend indicates an increase in demand for home furnishings, appliances and furniture. For September housing starts came in at 1.772 versus consensus of 1.640 and housing permits came in at 1.619 million.
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. U.S. refineries ran at 85.3% compared to consensus of 89.0%; U.S. distillate stockpiles fell by 4.5 million barrels in the week compared to consensus of a drop by 900,000; U.S. gasoline stockpiles fell by 5.2 million barrels in the week and U.S. crude oil stockpiles rose by 5.1 million barrels in the week compared to consensus of a rise by 1 million barrels.
On the commodities markets, the trend was mixed across the board again today: Light crude fell $1.21 to close at $57.65 a barrel; Brent Crude ended the day on Tuesday down $0.72 at $60.94 a barrel; Heating Oil moved lower on the session by $0.04 to close at $1.73 a gallon; Natural Gas ended the day flat at $8.17 per million BTU and Unleaded Gas rose $0.01 to close at $1.47 a gallon.
Metals ended the session mixed across the board: Gold fell by $0.90 to close at $592.60 an ounce; Silver moved higher by $0.04 to close at $11.82 an ounce; Platinum rallied $10.10 to close at $1,093.10 an ounce and Copper ended the day flat to close at $3.50 per pound.
On the Livestock and Meat markets, the trend was mixed on the session: Lean Hogs moved lower by 0.48 to close at 59.25; Pork Bellies closed lower by 0.43 to end the day at 87.78; Live Cattle moved higher by 0.53 to end the day at 87.85 and Feeder Cattle rose by 0.75 to close at 104.45.
Bonds posted a modest gain across the board again today: 2 year Bond closed flat at 99 19/32; 5 year bond closed higher by 1/32 at 99; 10 year bond moved higher by 2/32 to end the day at 100 28/32 and the 30 year bond closed higher by 7/32 at 94.
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 3,624,677. Open Interest for Futures rose by 37,449 to close at 8,734,736 and the Open Interest for Options moved higher by 78,525 to close at 7,496,948 for a total Open Interest of 16,231,684 for a total gain on the day by 115,974. The mini Dow ended the session with a gain of 26 to close at 12043. The total Dow Exchange Volume for the day came in at 109,330 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.
NYSE (New York Stock Exchange) movers for the day: Chicago Mercantile Exchange Holdings (CME) fell today by 1.79% for a loss of 9.25 points; Amphenol Corporation (APH) gained 3.21 points for a rise on the day of 4.95%, Phelps Dodge Corporation (PD) gave up 1.16 points for a loss of 1.19% on the day;
First Mercury Financial Corporation (FMR) climbed 2.50 points for a gain on the day of 14.71%;
Piper Jaffray Companies (PJC) rallied by 7.45 points to tack on a gain of 11.98% for the day;
Nuveen Investments Incorporated (JNC) fell sharply by 3.30 points for a loss of 6.30% and
Illinois Tool Workers Incorporated (ITW) fell by 2.28 points to lose 4.61% on the day.
On the NASDAQ today, advancers came in at 1,494; decliners totaled 1,552; unchanged came in at 151; new highs came in at 166 and new lows came in at 19. Gainers and losers for the day on the NASDAQ: Yahoo! Incorporated (YHOO) fell by 1.27 points for a loss of 5.23%;
SIGA Technologies Incorporate (SIGA) rallied by 130.46% for a gain of 2.57 points for the session;
Illumina, Incorporated (ILMN) rallied 7.14 points for a gain of 19.49%;
Taylor Capital Group Incorporated (TAYC) climbed 4.29 points to add on 14.20% and
Healthways Incorporated (HWAY) climbed 5.32 points for a rise of 13.53% on the day.
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