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Market Commentary for October 25, 2006 from Millennium-Traders.com - Trading volume was moderate to heavy today with trading ranges holding firm, into and even after the FOMC announced their decision on short term interest rates
Market Commentary for October 25, 2006 from Millennium-Traders.com

 

PRZOOM - /newswire/ - Somerset, PA, United States, 2006/10/25 - Trading volume was moderate to heavy today with trading ranges holding firm, into and even after the FOMC announced their decision on short term interest rates.

   
 
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The direction was mixed with the major indices through out the session and here is how the wrapped up, at the closing bell: the DOW (Dow Jones Industrial Average) hung in negative territory through out a majority of the day with a pop at the time of the Fed’s announcement followed by an extension into the close with a gain of almost 7 points on the day; the NYSE (New York Stock Exchange) had a nice run for a gain on the day of almost 46 points; the NASDAQ held in positive territory through most of the session with a slight dip during the feds announcement and ended the session with a gain of 11 ¾ points; the S&P 500 tacked on almost 5 points on the day and the RUSSELL 2000 moved higher by almost 4 ¾ points on the session.
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 today by just over one point and the FTSE RAFI 1000 moved higher by almost 18 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 for week of October 20th came in at a level of 382.4.

Existing Home Sales: Previously constructed homes, co-ops and condominiums closed during the month are tallied as Existing Home sales as reported by the National Association of Realtors. Existing Home Sales account for a large share of the market compared to new home sales plus, indicates the trend in housing markets. U.S. September median existing home prices fell by 2.2% on the year to $220K; U.S. inventory of unsold U.S. homes came in at a 7.3 month supply; U.S. September existing home sales came in at a rate of 6.2 million and U.S. September existing home sales fell by 1.9% to a rate of 6.18 million.

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. Distillate stockpiles fell by 1.4 million barrels for the week compared to consensus drop by 1.6 million barrels; U.S. Refineries ran at 86.2% capacity compared to consensus of 86.9%; U.S. Gasoline stockpiles for the week fell by 2.8 million barrels compared to consensus of a drop by 900K and U.S. Crude Oil stockpiles for the week fell by 3.3 million barrels compared to consensus of a rise of 2.7 million barrels.

No change from the FOMC today on short term interest rates, the rate will remain at 5.25%. The following are comments released by the Fed regarding its interest rate decision: Lacker dissented funds decision, wanted 25bp hike; Vote from the Members was 10-1 for unchanged federal funds rate; inflation expectations remain contained; the Fed still sees "reduced impetus from energy prices"; inflation pressures likely to moderate over time; cumulative rate hike effect to limit inflation; high "resource utilization" poses inflation risk; core inflation readings "have been elevated"; economy "seems likely to expand at a moderate pace"; economy slowed this yr due to cooling housing market; "some inflation risks remain" despite slower economy and any future rate hikes would depend on data and economical outlook.

On the commodities markets, the trend was higher across the board today: Light crude rallied higher by $2.05 to close at $61.40 a barrel; Brent Crude ended the day on Tuesday higher by $0.65 at $59.86 a barrel; Heating Oil moved higher on the session by $0.05 to close at $1.78 a gallon; Natural Gas ended the day higher by $0.36 at $8.55 per million BTU and Unleaded Gas climbed higher by $0.05 to close at $1.58 a gallon.

Metals ended the session mixed again today: Gold climbed higher by $3.20 to close at $590.80 an ounce; Silver moved higher by $0.04 to close at $11.89 an ounce; Platinum began its rebound today by gaining $5.90 to close at $1,069.00 an ounce and Copper ended the day lower by $0.01 to close at $3.40 per pound.

On the Livestock and Meat markets, the trend was mostly higher on the session: Lean Hogs moved higher by 1.63 today to close at 61.48; Pork Bellies closed higher by 0.05 to end the day at 89.53; Live Cattle moved higher by 0.23 to end the day at 88.58 and Feeder Cattle ended lower by 0.98 to close at 102.75.

Bonds moved higher today: 2 year Bond moved higher by 2/32 to close at 100 1/32; 5 year bond closed higher by 7/32 at 98 29/32; 10 year bond moved higher by 14/32 to end the day at 100 27/32 and the 30 year bond closed higher by 28/32 at 94.

The end of day results for the (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 2,230,875. Open Interest for Futures rose by 42,366 to close at 8,884,171 and the Open Interest for Options moved higher by 102,633 to close at 7,821,940 for a total Open Interest of 16,706,111 for a total gain on the day by 144,999. The mini Dow ended the session with a gain of 15 to close at 12191. The total Dow Exchange Volume for the day came in at 97,864 which are comprised of Electronic, Open Auction and Cash Exchange. Traders should review workshops available at the (Chicago Board of Trade) Educational in-person seminars schedules available on (Chicago Board of Trade) website.

A few statements from the Press Conference today by President George Bush: the U.S. won't put undue pressure on Iraqi government; America's patience with Iraq is "not unlimited"; the White House will carefully consider Iraq proposals; "Absolutely we're Winning" war on terror; he will order a boost of forces in Iraq if commanders demand it and expresses satisfaction with Rumsfeld's performance. "I know many Americans are not satisfied with the situation in Iraq," Bush said in a White House news conference. "I'm not satisfied either."

NYSE (New York Stock Exchange) movers for the day: Gatehouse Media Incorporated (GHS) climbed over 3 points for a gain of over 17% on the day; Yankee Candle Incorporated (YCC) moved higher by over 5 points to gain over 17% on the session; Appelera Corporation (ABI) climbed higher by almost 5 points to tack on over 13 ½% for the day; Manitowoc Company Incorporated (MTW) rallied higher by over 6 points to gain over 12% on the day; Norfolk Southern Corporation (NSC) moved higher by almost 5 points for a rise on the day of over 10%; Crane Company (CR) fell by almost 4 points for a loss on the day of over 9 ¼% and Medco Health Solutions Incorporated (MHS) fell by almost 3 points for a loss of just over 5% on the day.

On the NASDAQ today, advancers came in at 1,747; decliners totaled 1,303; unchanged came in at 154; new highs came in at 124 and new lows came in at 31. Gainers and losers for the day on the NASDAQ: Amazon.com Incorporated (AMZN) moved higher by almost 4 points for a gain of over 11 ¼% on the day; Candela Corporation (CLZR) ran higher by almost 3 points for a daily gain of almost 26 ½%; Buffalo Wild Wings Incorporated (BWLD) rallied higher by almost 8 points for a gain on the day of almost 19 ¼% and Supertex Incorporated (SUPX) rallied higher by almost 6 ½ points for a gain on the day of over 16 ½%.

Visitors to Millennium-Traders.Com can view Performance for our Stocks Day Trading Room, Futures & Commodities Day Trading Room, Forex Day Trading Room, Swing Trades and Morning Watch List from our Performance Index.

 
 
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Market Commentary for October 25, 2006 from Millennium-Traders.com

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