Daily Market Commentary for April 14, 2008 from Millennium-Traders.Com
Potentially good news today that North Dakota potentially has found enough Crude Oil which, if drilled, has the potential of eliminating our need for foreign oil. Sounds to me like this could turn out to be very good news for Americansâ€¦ (read more http://www.millennium-traders.com/news/newscomment...
At the closing bell on the Stock Exchange, here is how the major world indices and major U.S. indices ended the session on the U.S. Markets:
DOW (Dow Jones Industrial Average) loss of 23.36 points on the day to end the session at 12,302.06
NYSE (New York Stock Exchange) loss of 13.27 points to end the session at 8,922.84
NASDAQ loss of 14.42 points for a close at 2,275.82
S&P 500 loss of 4.51 points for a close at 1,328.32
FTSE All-World ex-U.S. loss of 2.14 points to close at 240.74
FTSE RAFI 1000 loss of 36.45 points to close at 5,341.14
BEL 20 loss of 15.42 points on the day to end the session at 3,786.60
CAC 40 loss of 31.44 points on the day to end the session at 4,766.49
FTSE100 loss of 63.9 points on the day to end the session at 5,831.60
NIKKEI 225 triple digit loss of 406.2 points on the day to end the session at 12,917.50
News on the New York Stock Exchange (NYSE) today: advanced stocks 1,277; declined stocks 1,864; unchanged stocks 98; stocks hitting new highs 44; stocks hitting new lows 86. Daily Trading Range and end of day trading results for volatile NYSE stocks traded by active Day Traders today: Repsol YPF SA (REP) gained 6.42 points on the trading day, high on the trading day $44.85, low on the trading day $37.08, for a closing price at $43.44; Hess Corporation (HES) gained 8.43 points on the trading day, high on the trading day $103.55, low on the trading day $92.15, for a closing price at $101.19; Petroleo Brasileiro (PBR) gained 9.33 points on the trading day, high on the trading day $125.29, low on the trading day $110.92, for a closing price at $122.18; Wachovia Corporation (WB) shed 2.26 points on the trading day, high on the trading day $25.88, low on the trading day $24.65, for a closing price at $25.55; Potash Corporation of Saskatchewan, Incorporated (NYSE: POT) gained 3.43 points on the trading day, high on the trading day $184.42, low on the trading day $180.33, for a closing price at $181.90; CME Group, Incorporated (CME) shed 11.90 points on the trading day, high on the trading day $495.08, low on the trading day $476.97, for a closing price at $477.00; Monsanto Co (MON) gained 2.38 points on the trading day, high on the trading day $125.01, low on the trading day $120.89, for a closing price at $123.50; Mastercard Incorporated (MA) shed 1.50 points on the trading day, high on the trading day $230.00, low on the trading day $222.05, for a closing price at $227.10; Allegheny Technologies Incorporated (ATI) shed 3.15 points on the trading day, high on the trading day $78.08, low on the trading day $75.04, for a closing price at $75.30; SunTrust Banks Incorporated (STI) shed 3.58 points on the trading day, high on the trading day $53.67, low on the trading day $50.14, for a closing price at $50.36; Transocean, Incorporated (RIG) gained 6.81 points on the trading day, high on the trading day $152.50, low on the trading day $146.05, for a closing price at $151.89; Mechel Open Joint Stock Company (NYSE: MTL) shed 2.49 points on the trading day, high on the trading day $147.76, low on the trading day $140.71, for a closing price at $144.02.
News on the NASDAQ today: advanced stocks 1.102; declined stocks 1,827; unchanged stocks 135; stocks hitting new highs 14; stocks hitting new lows 166. Trading range and end of day trading results for volatile NASDAQ stocks traded by active Day Traders today: NutriSystem Incorporated (NasdaqGS: NTRI) gained 1.31 points on the trading day, high on the trading day $19.85, low on the trading day $19.02, closing price $19.52; Apple Incorporated (NasdaqGS: AAPL) gained 0.64 points on the trading day, high on the trading day $149.25, low on the trading day $144.54, closing price $147.78; First Solar, Incorporated (NasdaqGS: FSLR) gained 5.80 points on the trading day, high on the trading day $277.50, low on the trading day $268.11, closing price $274.10; Intuitive Surgical, Incorporated (NasdaqGS: ISRG) shed 8.74 points on the trading day, high on the trading day $332.99, low on the trading day $315.78, closing price $324.84.
News on the American Stock Exchange (AMEX) today: advanced stocks 467; declined stocks 717; unchanged stocks 99; stocks hitting new highs 15; stocks hitting new lows 31.
U.S. March Retail & Food Sales rose 0.2% compared to consensus of a drop by 0.1%; U.S. March Retail & Food Sales Excluding-Autos rose 0.1%; February Retail & Food Sales revised to a drop by 0.4% from a drop by 0.6%.
Statement of G-7 Finance Ministers and Central Bank Governors: Washington, DC â€“ We met today amid ongoing challenges to the world economy and international financial system. The global economy continues to face a difficult period. We remain positive about the long-term resilience of our economies, but near-term global economic prospects have weakened. While economic conditions differ in our countries, downside risks to the outlook persist in view of the ongoing weakness in U.S. residential housing markets, stressed global financial market conditions, the international impact of high oil and commodity prices, and consequent inflation pressures. The performance of emerging markets has been a bright spot, but these countries as well are not immune from global forces. The turmoil in global financial markets remains challenging and more protracted than we had anticipated. In the context of a weaker economic outlook, financial markets confront the interrelated issues of: re-pricing of risk and significant de-leveraging; managing counterparty risks; accommodating balance sheet adjustments; raising capital; improving the liquidity and functioning of key markets. We welcome efforts by many financial institutions to improve disclosure of exposures to structured products and related risks, and raise significant new capital. We reaffirmed our strong commitment to continue working closely together to restore sustained growth, maintain price stability, and ensure the smooth and orderly functioning of our financial systems. We welcome the coordination by major central banks to address liquidity pressures in funding markets and recognize the importance of their coordinated actions to address disruptions in global financial markets. In particular, the recent steps taken by some central banks to expand access to central bank lending facilities and expand the range of collateral that they will accept is providing liquidity to financial institutions and helping to support improved market functioning. In addition, we welcome other measures that have been taken including monetary and fiscal policy that aim to give support to underlying economic activity and ensure price stability. Each of us remains committed to taking action, individually and collectively as appropriate, consistent with our respective domestic circumstances. We reaffirm our shared interest in a strong and stable international financial system. Since our last meeting, there have been at times sharp fluctuations in major currencies, and we are concerned about their possible implications for economic and financial stability. We continue to monitor exchange markets closely, and cooperate as appropriate. We welcome China's decision to increase the flexibility of its currency, but in view of its rising current account surplus and domestic inflation, we encourage accelerated appreciation of its effective exchange rate. Last fall we tasked the Financial Stability Forum (FSF) for a report identifying the underlying causes and weaknesses in the international financial system that contributed to the financial market turmoil. We thank Mario Draghi, the chairman of the Financial Stability Forum, and FSF members, for the report that sets out detailed recommendations to enhance market and institutional resilience. We, the G-7, strongly endorse the report and commit to implementing its recommendations. Rapid implementation of the FSF report will not only enhance the resilience of the global financial system for the longer term but should help to support confidence and improve the functioning of the markets. The FSF report presents a specific and substantive set of recommendations across five major areas. We have identified the following recommendations among the immediate priorities for implementation within the next 100 days: Firms should fully and promptly disclose their risk exposures, writeâ€“downs, and fair value estimates for complex and illiquid instruments. We strongly encourage financial institutions to make robust risk disclosures in their upcoming mid-year reporting consistent with leading disclosure practices as set out in the FSF's report. The International Accounting Standards Board (IASB) and other relevant standard setters should initiate urgent action to improve the accounting and disclosure standards for off-balance sheet entities and enhance its guidance on fair value accounting, particularly on valuing financial instruments in periods of stress. Firms should strengthen their risk management practices, supported by supervisors' oversight, including rigorous stress testing. Firms also should strengthen their capital positions as needed. By July 2008, the Basel Committee should issue revised liquidity risk management guidelines and IOSCO should revise its code of conduct fundamentals for credit rating agencies. We endorse the following FSF proposals for implementation by end-2008: Strengthening prudential oversight of capital, liquidity, and risk management: The Basel II capital framework needs timely implementation. The Basel Committee should raise capital requirements for complex structured credit instruments and off-balance sheet vehicles, require additional stress testing, and enhance their monitoring. Enhancing transparency and valuation: The Basel Committee should issue further guidance to enhance the supervisory assessment of banks' valuation processes to strengthen disclosures for off-balance sheet entities, securitization exposures, and liquidity commitments. Changing the role and uses of credit ratings: Investors need to improve their due diligence in the use of ratings. Credit rating agencies should take effective action (consistent with IOSCO's revised code of conduct) to address the potential for conflicts of interest in their activities, clearly differentiate the ratings for structured products, improve their disclosure of rating methodologies, and assess the quality of information provided by originators, arrangers, and issuers of structured products. Strengthening the authorities' responsiveness to risk: Supervisors and central banks should further strengthen cooperation and exchange of information, including the assessment of financial stability risks. It is important that an "international college of supervisors" be established for each of the largest global financial institutions. Market authorities also should act cooperatively and swiftly to investigate and penalize fraud, market abuse, and manipulation. Implementing robust arrangements for dealing with stress in the financial system: Central banks should be able to supply liquidity effectively during financial system stress, and authorities should review and where necessary strengthen their arrangements for dealing with weak and failing banks, domestically and cross-border. We ask the FSF and its working group to monitor actively the implementation of the report's recommendations. It is important that member bodies of the FSF, including the Basel Committee, IOSCO, the IASB, and the Joint Forum, accelerate their timetables of work to conclude their efforts by end-2008 and that the recommendations of the FSF be fully and effectively implemented. We look forward to an update at the Osaka meeting in June and a comprehensive follow-up report by the FSF at our meeting in the fall. We welcome the strengthened cooperation between the FSF and IMF, which should enhance the early warning capabilities of key risks to financial stability. We also welcome efforts by private-sector participants to develop proposals to contribute to a better functioning of the financial system. The current financial market turmoil also has raised broad policy issues about the appropriate regulatory frameworks of our financial sectors. We have reaffirmed the importance of reviewing regulatory frameworks to consider whether changes are necessary to ensure that our financial systems are as efficient and stable as possible in the future. We reaffirm the important role for the IMF in securing global financial stability. In this light we endorse the significant progress on IMF reform: We welcome the agreement on quota and voice reform in the IMF as an important step to recognize the greater global weight of dynamic economies, many of which are emerging markets, and increasing the voice of low income countries. We reiterate the importance we place on the IMF's new framework for surveillance, including for exchange rates, and urge its firm and even-handed implementation. We welcome progress toward putting the IMF's finances on a more sustainable footing, including a $100 million annual reduction in administrative expenses. Ongoing budget discipline will be required. We support new sources of income, including an endowment financed by a limited sale of IMF gold. Taken together, these important reforms will boost the IMF's legitimacy, effectiveness, and credibility. Upholding open trade and investment regimes is critical to realizing global prosperity and fighting protectionism. We highlight the urgent need for a successful conclusion to the Doha Development Round. We also commend the OECD work on open investment and the IMF's commitment to deliver a set of best practices for Sovereign Wealth Funds by the IMF Annual Meetings in October. The policy principles put forward by Abu Dhabi, Singapore, and the United States should be helpful inputs into these processes.
Light Crude (NYM) gained $1.62 on the day to close at $111.76 a barrel ($US per bbl.); Heating Oil (NYM) gained $0.01 on the day to close at $3.16 a gallon ($US per gal.); Natural Gas (NYM) gained $0.15 on the day to close at $10.05 per million BTU ($US per mmbtu.); Unleaded Gas (NYM) gained $0.01 on the day to close at $2.82 a gallon ($US per gal.).
Gold (CMX) gained $1.70 to close at $928.70 ($US per Troy oz.); Silver (CMX) gained $0.10 to close at $17.79 ($US per Troy oz.); Platinum (NYM) shed $46.60 to close at $1,981.50 ($US per Troy oz.) and Copper (CMX) shed $0.05 to close at $3.90 ($US per lb.).
Livestock and Meat Markets (cents per lb.):
Lean Hogs (CME) gained 0.73 to close at 71.93; Pork Bellies (CME) gained 3.00 to close at 77.38; Live Cattle (CME) gained 0.33 to close at 90.10; Feeder Cattle (CME) gained 0.03 to close at 103.08.
Other Commodities (cents per bu.):
Corn (CBT) gained 7.25 to close the session at 604.75 and Soybeans (CBT) gained 40.00 to close the session at 1,389.25.
Bonds were higher across the board today:
2 year bond shed 1/32 at 99 31/32 with a Yield of 1.75, Yield Change +0.01; 5 year bond shed 3/32 to close at 99 18/32 with a Yield of 2.59, Yield Change +0.03; 10 year bond shed 11/32 to close at 99 28/32 with a Yield of 3.51, Yield Change +0.04; the 30 year bond shed 23/32 to close at 100 12/32 on the day with a Yield of 4.35, Yield Change +0.05.
The e-mini Dow $5 ended the commodity session today at 12,306 with a loss of 33 points on the trading session. Futures Traders should review workshops available at the CBOT (Chicago Board of Trade). Educational in-person seminars schedules available on the 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, Cash Exchange, Wholesale and Cleared Only ended the day at 2,883,051; Open Interest for Futures gained 15,799 points to close at 9,372,209; the Open Interest for Options gained 63,068 points to close at 9,070,502 and the Cleared Only gained 28 points to close at 29,581 for a total Open Interest on the day of 18,472,292 for a total Change on the day with a gain of 78,839 points.
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