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Market Commentary for October 26, 2006 from - The markets performed a decent rebound today after dipping into negative territory during the morning session
Market Commentary for October 26, 2006 from


PRZOOM - /newswire/ - Somerset, PA, United States, 2006/10/26 - The markets performed a decent rebound today after dipping into negative territory during the morning session.

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Trading volume was again moderate to heavy with once again, fairly tight trading ranges creating a frustrating session for many day traders and investors. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) climbed higher at the end of the day after falling sharply during the mid morning session, to close the session with a gain of almost 29 points; the NYSE (New York Stock Exchange) succeeded on a nice gain of over 49 ½ point on the day; the NASDAQ performed a fairly steady climb during the afternoon session to tack on over 22 ½ points for the session; the S&P 500 moved higher by almost 7 points and the RUSSELL 2000 picked up almost 9 points for 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 again today by just over one point and the FTSE RAFI 1000 moved higher by almost 29 points on the day.

Economic data released for the day:

Durable Goods Orders: Reflecting new orders with domestic manufactures for immediate and future delivery of factory hard goods. August Durable Goods Orders were revised from unchanged to a drop of 0.1%; September Durable Goods Orders excluding defense rose by 6.3%; September Durable Goods Orders excluding transportation rose by 0.1% and September Durable Goods Orders rose by 7.8% compared to consensus of a rise by 2.0%.

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. Jobless Claims for wee of October 21st rose by 8k to 308K compared to consensus of a rise by 9K and Continuing claims for week of October 14th rose by 3K to 2,449,000.

Help Wanted Index: From 51 major newspapers across the country, the Help Wanted Index is a monthly index of the number of lines of help-wanted advertising. The index indicates the strength or weakness in the labor market. Conference Board Help Wanted Index came in at 30 which was same reading as August reading.

New Home Sales: Number of newly constructed homes with a committed sale, for the month. The economic momentum and consumer purchases of furniture and appliances helps determine the housing market trends for, new home sales. August new home sales were revised to 1.021 million from previous reading of 1.050 million. September new home sales rose 5.3% to 1.075 million compared to consensus of 1.050 million.

EIA Natural Gas Report: Weekly information provided by the EIA (Energy Information Administration) on natural gas stock piles in underground storage in the United States and three regions of the country. Prices for natural gas products are determined by the level of inventories. For week of October 21st weekly change came in at 19 Bcf.

August oil use rose by 3.5% compared to July which was the most used for this year so far as reported by the Energy Information Administration. August oil usage revised to 21.3MB/D which was down 1.6% from record year ago.

On the commodities markets, the trend was mixed across the board today: Light crude fell by $1.04 to close at $60.36 a barrel; Brent Crude ended the day on Wednesday higher by $2.19 at $62.05 a barrel; Heating Oil moved lower on the session by $0.04 to close at $1.74 a gallon; Natural Gas ended the day lower by $0.19 at $8.38 per million BTU and Unleaded Gas fell by $0.04 to close at $1.54 a gallon.

Metals ended the session mostly higher today: Gold staged a nice climb for a gain of $9.00 to close at $599.80 an ounce; Silver moved higher by $0.35 to close at $12.24 an ounce; Platinum rallied with a nice gain of $14.30 to close at $1,083.30 an ounce and Copper ended the day with no change at $3.40 per pound.

On the Livestock and Meat markets, the trend was nicely higher on the session: Lean Hogs moved higher by 3.00 today to close at 64.48; Pork Bellies closed higher by 2.65 to end the day at 92.18; Live Cattle gained 2.08 to end the day at 90.60 and Feeder Cattle ended higher by 0.28 to close at 103.03.

Bonds moved higher across the board today: 2 year Bond moved higher by 3/32 to close at 100 4/32; 5 year bond closed higher by 8/32 at 99 5/32; 10 year bond moved higher by 12/32 to end the day at 101 6/32 and the 30 year bond closed higher by 23/32 at 94 23/32.

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 3,275,320. Open Interest for Futures rose by 20,739 to close at 8,904.910 and the Open Interest for Options moved higher by 178,155 to close at 8,000,095 for a total Open Interest of 16,905,005 for a total gain on the day by 198,894. The mini Dow ended the session with a gain of 4 to close at 12193. The total Dow Exchange Volume for the day came in at 122,557 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.

Comments from ex-Federal Reserve Chairman Alan Greenspan: 4th quarter growth looks reasonably good and most housing negatives likely are behind us.

NYSE (New York Stock Exchange) movers for the day: Carpenter Technology Corporation (CRS) plummeted by 13.59 points for a loss on the day of 11.41%; AstraZeneca PLC (AZN) fell 4.99 points for a loss of 7.52%; UTEK Corporation (UTK) shed 6.86 points to give up 36.09% on the session;
Covance Incorporated (CVD) fell sharply by 5.63 points for a loss of 8.65% on the day;
Granite Construction (GVA) fell by 6.62 points to shed 10.83% on the day and
Harman International Industries Incorporated (HAR) rallied nicely by 19.52% for a gain on the day of 17.23 points.

On the NASDAQ today, advancers came in at 2,074; decliners totaled 980; unchanged came in at 153; new highs came in at 212 and new lows came in at 36. Gainers and losers for the day on the NASDAQ: Red Hat Incorporated (RHAT) fell sharply by 23.95% for a loss of 4.67 on the day;
Symantec Corporation (SYMC) lost 6.52% to shed 1.36 points on the day; Renovis Incorporated (RNVS) plummeted by 10.78 points for a major loss of 75.86% on the day; Home Inns & Hotels Management Incorporated (HMIN) rallied by 63.04% for a gain on the day of 8.70; Affymetrix Incorporated (AFFX) climbed 4.37 for a gain of 19.29% on the day and K-Swiss Incorporated (KSWS) moved higher by 5.11 to tack on 15.95% on the day.

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. Subscribers should view our special offers available form associated subscription pages.

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