Throughout the trading session, the Bears had the upper hand with the markets tumbling lower as the session moved on. Into the final hour of trading, we saw the markets make a slight rebound but still maintaining the negative positions at the closing bell. Triple digit losses were again part of the trading activity amidst heavy trading volume. Rising oil prices, surging prices at the gas pump and comments from the Fed Chairman Ben S. Bernanke today that economic growth is slowing added fuel to the negative fire moving the markets lower.
At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a loss of 34.55 points on the day to end the session at 13,265.47; the NYSE (New York Stock Exchange) posted a gain of 47.32 points to end the session at 9,877.47; the NASDAQ posted a loss of 52.76 points for a close at 2,696.00; the S&P 500 moved lower by 0.85 points to end at 1,474.77 and the RUSSELL 2000 moved higher by 4.94 points to close at 780.90. 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 loss of 0.81 points to close at 268.67 and the FTSE RAFI 1000 posted a gain of 15.36 points to close at 6,043.83.
U.S. Continuing Claims for week of October 27 fell by 4K to 2,579,000 and U.S. Jobless Claims for week of November 3 fell by 13K o 317K compared to expectations of a drop by 2K.
Federal Open Market Committee Chairman Ben S. Bernanke comments released today: $150 Billion in Eventual Sub-prime Losses 'in the Ballpark'; `surprising' that investors missed SIV risk; 450,000 Sub-prime ARMs per quarter To reset through 2008; 'delicate balance' between growth, inflation risks; Dollar should be 'sound,' but source of uncertainty; doesn't expect anything like 1970s growth, price mix; doesn't expect much more rise in home inventories; economy to slow noticeably in fourth quarter, sluggish into 2008; economy "remarkably resilient" ex-housing so far; Fed proposal to target sub-prime loans by any lender; Fed will 'act as needed' on economy, inflation; floats idea for GSE, Government role in Jumbo Mortgage Market; housing should flatten out in second quarter 2008; housing slump 'likely to intensify'; lower home prices downside growth risk; not concerned about any changes to China Dollar holdings; oil price hike may restrain economic growth; oil, commodities 'important' upside inflation risks; recent data suggest 'resilient' economy; sees 'additional strength' from exports to U.S. economy; sees core inflation consistent with price stability; sees economy 'strengthening' later in 2008; sees 'moderate, but positive" growth into 2008; sub-prime ARM delinquencies likely to rise and 'weakened' value of Dollar another inflation risk.
The trend was mostly lower across the board today for the Energy Sector: Light crude moved lower today by $0.91 to close at $95.46 a barrel; Heating Oil closed lower by $0.01 today at $2.61 a gallon; Natural Gas moved higher today by $0.09 to close at $7.71 per million BTU and Unleaded Gas closed with no change at $2.44 a gallon.
Metals Market ended the session mostly higher across the board today: Gold moved higher today by $4.00 to close at $837.50 an ounce; Silver moved higher by $0.19 to close at $15.52 per ounce; Platinum moved sharply higher today by $11.30 to close at $1,473.60 an ounce and Copper closed lower by $0.06 today at $3.20 per pound.
On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day with no change at $51.48; Pork Bellies ended the day lower by $0.90 at $83.85; Live Cattle ended the day higher by $0.53 at $95.40 and Feeder Cattle ended the day higher by $0.50 at $107.68.
Other Commodities: Corn moved higher today by $5.25 to close at $389.50 and Soybeans moved higher today by $2.75 to end the session at $1,041.25.
Bonds were mostly higher across the board today: 2 year bond moved higher by 5/32 to close at 100 9/32; 5 year bond moved higher by 9/32 to close at 100 8/32 today; 10 year bond had no change at 99 22/32 and the 30 year bond closed lower by 8/32 at 105 8/32 for the day.
The e-mini Dow ended the session today at 13,271 with a loss of 94 points on the trading session. The total Dow Exchange Volume for the day came in at 279,874 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 4,990,245; Open Interest for Futures moved higher by 101,657 points to close at 10,132,608; the Open Interest for Options moved higher by 101,166 points to close at 9,051,220 and the Cleared Only moved higher by 105 points to close at 13,546 for a total Open Interest on the day of 19,197,374 for a total Change on the day with a gain of 202,928 points.
On the NYSE today, advancers came in at 1,581 decliners totaled 1,728; unchanged came in at 73; new highs came in at 93 and new lows came in at 619. Gainers and losers for the day as well as active day trading stocks on the NYSE: Rio Tinto plc (RTP) soared incredibly higher on the trading session with a gain during the market session of over 100 points, at the close, the gain was a phenomenal amount of 82.70 points to tack on a gain of 23.13% with a high on the trading session of $458.88, a low of $432.70 with a final trading price of $440.20; PetroChina Company Limited (PTR) posted a heavy loss of 12.55 points at the close with a high on the day of $207.00, a low of $190.32 for a closing price at the bell of $200.25; CME Group (CME) tumbled lower on the trading session for a loss of 12.55 points with a high on the day of $207.00, a low of $190.32 with a final trading price on the day at $200.25; Sotheby’s (BID) plummeted on the trading day for a loss of 14.23 points to shed 28.42% with a high on the day of $36.50, a low of $30.80 for a closing price at $35.84; MasterCard Incorporated (MA) took a hit on the trading day by 8.04 points with a high on the session of $200.97, a low of $182.75 with a final trading price at $191.44 and Petroleo Brasileiro (PBR) bolted higher on the session to post a gain of 24.03 points to tack on 25.91% with a high on the day of $119.16, a low of $99.97 for a closing price of $116.77.
On the NASDAQ today, advanced totaled 1,424; decliners totaled 1,619; unchanged came in at 104; new highs came in at 49 and new lows came in at 444. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: First Solar Incorporated (FSLR) bolted higher on the day with a sharp gain of 57.31 points to tack on a value of 34.29% with a high on the session of $230.00, a low of $205.87 for a final trading price at $224.43; Kenexa Corporation (KNXA) tumbled lower on the session to post a loss of 11.23 points to shed 40.24% with a high on the day of $19.19, a low of $16.41 with a final trading price at $16.61; Zumiez Incorporated (ZUMZ) tanked lower on the day for a loss of 10.71 points to shed 27.15% with a final trading price at $28.74; JA Solar Holdings Company Limited (JASO) moved nicely higher on the day with a gain of 9.44 points to tack on 15.70% with a high on the day of $72.06, a low of $61.95 with a closing price of $69.56 and Hansen Natural Corporation (HANS) fell sharply lower on the day with a loss 13.17 points to shed 23.24% with a high on the day at $44.65, a low of $38.25 for a final trading price at 443.50.
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