Through out a majority of the trading session, the major indices held in the red zone, amidst heavy trading volume. Investors were biting nails again today as the market took a dive into lower territory, with the DOW sporting a loss of over 130 points during the day. Into the final hour of trading, the major indices poised a substantial rebound off the day’s lows. This have been a trying week for investors however, day traders reaped in on the negative trend as they rode the short selling train into the green, on the trading portfolios. Crude oil closed above $90 a barrel equivalent to an increase of almost 4% from Tuesday.
At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a loss of 3.33 points on the day to end the session at 13,671.92; the NYSE (New York Stock Exchange) posted a gain of 20.25 points to end the session at 10,029.55; the NASDAQ posted a loss of 23.90 points for a close at 2,750.86; the S&P 500 moved lower by 1.48 points to end at 1,514.40 and the RUSSELL 2000 moved lower by 4.74 points to close at 806.11. 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 world’s investable market capitalization) posted a gain of 1.38 points to close at 270.76 and the FTSE RAFI 1000 posted a loss of 1.78 points to close at 6,207.85.
U.S. Jobless Claims fell 8K to 331K for week of October 20 compared to expectations of a drop by 17K; U.S. Continuing Claims for week of October 13 Week rose 7K to 2,530,000; U.S. September Durable Goods Orders fell 1.7% compared to expectations of an increase by 1.5%; September Durable Goods Orders, Excluding Defense rose 0.7%; September Durable Goods Orders, Excluding Transportation rose 0.3% and August Durable Goods Orders revised to a drop by 5.3% from a drop by 4.9%.
U.S. September Existing Home Sales expected at 5.25 Million; U.S. September New Home Sales came in at 4.8% to 770K compared to consensus 775K and U.S. August New Home Sales Revised to 735K from 795K.
Federal Reserve Consumer Panel urges Mortgage Lending changes.
Treasury Secretary Henry M. Paulson, Jr. commented today: Urges Congress to take up AMT Patch soon; Rangel Proposal would Hinder U.S. ability to compete and Assails Representative Rangel's proposed Tax Bill.
U.S. Treasury Under Secretary David H. McCormick commented today: Hopeful India Doesn't do Iran Pipeline Deal; Will Urge India not to Restrict Cap Flows and sees Common Ground with India on Doha Talks.
U.S. Conference Board September Help-Wanted Index moved higher at 24: The help-wanted advertising index, which is a measure of job offerings, moved slightly higher by one point to a reading of 24 in September from an unrevised reading of 23 in August, per the Conference Board. The Conference Board said that in the last three months, help-wanted advertising declined in eight of the nine U.S. regions, with the largest decrease of 12.0% in the New England region. "The latest numbers on the job market suggest it was slower this summer than earlier this year, but not losing more steam heading into the fall and winter months," said Ken Goldstein, an economist at the Conference Board. "There are pockets of weakness around the country. Some areas have cooled off, but there is no sign that regional labor market problems are in the early stages of coalescing into a national downtrend. Simply put, the labor market is slow, but not slowing." The Conference Board survey tracks help-wanted advertising volume in 51 major U.S. newspapers monthly. The volume of newspaper want ads is one indication of demand for labor, although many employers also now advertise for help through on-line services.
Statement by Secretary Paulson on Iran Designations: Washington, DC - Treasury released the following statement by Secretary Henry M. Paulson, Jr. on Iran designations announced today: "Iran exploits its global financial ties to pursue nuclear capabilities, develop ballistic missiles and fund terrorism. Today, we are taking additional steps to combat Iran's dangerous conduct and to engage financial institutions worldwide to make the most informed decisions about those with whom they choose to do business.” The Iranian regime's ability to pursue nuclear and ballistic missile programs in defiance of UN Security Council Resolutions depends on its access to the international commercial and financial systems. Iran also funnels hundreds of millions of dollars each year through the international financial system to terrorists. Iran's banks aid this conduct, using a range of deceptive financial practices intended to evade even the most stringent risk-management controls. In dealing with Iran, it is nearly impossible to know one's customer and be assured that one is not unwittingly facilitating the regime's reckless conduct. The recent warning by the Financial Action Task Force, the world's premier standard-setting body for countering terrorist financing and money laundering, confirms the extraordinary risks that accompany doing business with Iran. "We have been working closely and intensely with our international partners to prevent one of the world's most dangerous regimes from developing the world's most dangerous weapons. Part of that strategy involves denying supporters of Iran's illicit conduct access to the international financial system; these actors should find no safe haven in the reputable world of finance and commerce. The UN Security Council has required member states to freeze the assets of, and prohibit persons from doing business with, a number of entities and individuals supporting Iran's nuclear or ballistic missile activities, including Iran's state-owned Bank Sepah. "Today, we are designating Iran's Bank Melli, Bank Mellat, and Bank Saderat. These are three of Iran's largest banks, and they all have facilitated Iran's proliferation activities or its support for terrorism. We are also designating the Islamic Revolutionary Guard Corps for proliferation activities and it’s Qods Force for providing material support to the Taliban and other terrorist organizations. The IRGC is so deeply entrenched in Iran's economy and commercial enterprises; it is increasingly likely that, if you are doing business with Iran, you are doing business with the IRGC. We call on responsible banks and companies around the world to terminate any business with Bank Melli, Bank Mellat, Bank Saderat, and all companies and entities of the IRGC. "As awareness of Iran's deceptive behavior has grown, many banks around the world have decided as a matter of prudence and integrity that Iran's business is simply not worth the risk. It is plain and simple: reputable institutions do not want to be the bankers for this dangerous regime. We will continue to work with our international partners to prevent Iran from abusing the international financial system to advance its illicit conduct."
The trend was higher across the board today for the Energy Sector: Light crude moved higher today by $3.36 to close at $90.46 a barrel; Heating Oil closed higher by $0.06 today at $2.43 a gallon; Natural Gas moved higher today by $0.16 to close at $7.82 per million BTU and Unleaded Gas moved higher today by $0.09 to close at $2.24 a gallon.
Metals Market ended the session higher across the board today: Gold moved higher today by $5.40 to close at $771.00 an ounce; Silver moved higher by $0.32 to close at $13.91 per ounce; Platinum moved higher today by $10.70 to close at $1,453.00 an ounce and Copper closed higher by $0.03 today at $3.49 per pound.
On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day lower by $0.75 to close at $54.60; Pork Bellies ended the day higher by $0.40 at $80.53; Live Cattle ended the day higher by $0.38 at $96.25 and Feeder Cattle ended the day lower by $0.28 at $109.78.
Other Commodities: Corn moved nicely higher today by $9.75 to close at $366.25 and Soybeans moved sharply higher today by $18.75 to end the session at $1,012.50.
Bonds were lower across the board today: 2 year bond moved lower by 3/32 today to close at 99 23/32; 5 year bond moved lower by 6/32 to close at 100 31/732 today; 10 year bond moved lower by 11/32 today to close at 102 28/32 and the 30 year bond closed lower by 23/32 at 105 for the day.
The e-mini Dow ended the session today at 13,764 with a gain of 58 points on the trading session. The total Dow Exchange Volume for the day came in at 280,939 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.
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 4,958,198; Open Interest for Futures moved higher by 65,076 points to close at 9,683,676; the Open Interest for Options moved higher by 169,207 points to close at 9,245,740 and the Cleared Only closed higher by 110 points at 10,095 for a total Open Interest on the day of 18,939,511 for a total Change on the day with a gain of 234,393 points.
On the NYSE today, advancers came in at 1,598 decliners totaled 1,683 unchanged came in at 109; new highs came in at 149 and new lows came in at 154. Gainers and losers for the day as well as active day trading stocks on the NYSE: Zimmer Holdings Incorporated (ZMH) took a nose dive into lower territory today to post a loss of 11.98 points to shed 15.09% on the day with a high at $70.36, a low of $66.65 for a final trading price of $67.39; WellCare Health Plans Incorporated (WCG) appeared to jump off a cliff today after an early morning halt after Federal Authorities searched their offices in Florida, for a posted loss at the close of 72.50 points (this is not a typo), to shed 62.95% in value with a high on the session of $80.00 with a low of $27.50 for a final trading price at $42.67; CME Group Incorporated (CME) was quite active on the session again today with a high of $693.00, a low of $650.93 for a gain on the day of 22.15 points with a final closing price of $672.15 and VMWARE Incorporated (VMW) moved nicely higher on the trading day for a gain of 10.48 points to climb higher by 10.12% with a high of $115.95, a low of $106.50 for a closing price at $114.00.
On the NASDAQ today, advanced totaled 1,222; decliners totaled 1,746; unchanged came in at 130; new highs came in at 103 and new lows came in at 162. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: Align Technology Incorporated (ALGN) moved sharply lower by 33.55% on the trading day to post a hefty loss of 9.63 points with a high on the session of $22.75, a low of $18.78 for a final trading price at $19.07; F5 Networks Incorporated (FFIV) fell lower by 6.36 points to shed 15.72% with a high on the session of $38.00, a low of $33.98 with a closing price at $34.10 and American Commercial Lines Incorporated (ACLI) plummeted lower by 26.89% for a loss of 5.31 points with a high on the day of $15.30, a low of $14.21 for a final trade price of $14.46.
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