Major Indices Sink Lower on Fear

Daily Market Commentary for March 06, 2008 from Millennium-Traders.Com

At the closing bell on the Stock Exchange, here is how the major indices ended the session on the U.S. Markets:

DOW (Dow Jones Industrial Average) triple digit loss of 214.60 points on the day to end the session at 12,040.39

NYSE (New York Stock Exchange) triple digit loss of 197.01 points to end the session at 8,765.41

NASDAQ loss of 52.31 points for a close at 2,220.50

S&P 500 loss of 29.35 points for a close at 1,304.35

FTSE All-World ex-U.S. loss of 2.22 points to close at 238.06

FTSE RAFI 1000 loss of 115.54 points to close at 5,352.96

BEL 20 loss of 62.68 points to close at 3,673.30

CAC 40 loss of 78.37 points to close at 4,678.05

FTSE100 loss of 87.1 points to close at 5,766.40

NIKKEI 225 loss of 20.2 points to close at 12,972.10

On the NYSE today, advancers came in at 386, decliners totaled 2,805; unchanged came in at 56; new highs came in at 20 and new lows came in at 274. Momentum NYSE stocks traded by active Day Traders today: BlackRock, Incorporated (BLK) shed 17.44 points with a high on the day of $199.75, a low of $184.00 for a closing price at $184.99; Annaly Capital Management, Incorporated (NLY) shed 3.47 points with a high on the day of $17.89, a low of $14.53 for a closing price at $15.81; American Eagle Outfitters Incorporated (AEO) shed 3.72 points with a high on the day of $19.59, a low of $17.51 for a closing price at $17.56; CIT Group, Incorporated (CIT) shed 4.50 points with a high on the day of $20.25, a low of $15.00 for a closing price at $15.86; Mindray Medical International Limited (MR) shed 1.23 points with a high on the day of $34.69, a low of $32.25 for a closing price at $33.26; Capstead Mortgage Corporation (CMO) shed 5.00 points with a high on the day of $14.65, a low of $10.81 for a closing price at $11.30; Goldman Sachs Group Inc (GS) shed 6.32 points with a high on the day of $163.59, a low of $158.13 for a closing price at $158.65; Abercrombie & Fitch Corporation (ANF) shed 5.40 points with a high on the day of $78.45, a low of $73.64 for a closing price at $73.64; KKR Financial Holdings LLC (KFN) shed 0.19 points with a high on the day of $13.63, a low of $10.12 for a closing price at $12.80; Merrill Lynch & Company Incorporated (MER) shed 3.46 points with a high on the day of $47.40, a low of $45.70 for a closing price at $45.86; VeriFone Holdings Incorporated (PAY) shed 4.19 points with a high on the day of $19.42, a low of $15.44 for a closing price at $15.45; Longs Drug Stores Corporation (LDG) shed 6.81 points with a high on the day of $46.00, a low of $40.07 for a closing price at $41.00; Mosaic Corporation (MOS) gained 0.81 points with a high on the day of $113.45, a low of $110.02 for a closing price at $111.45; Transocean, Incorporated (RIG) shed 2.73 points with a high on the day of $142.25, a low of $138.02 for a closing price at $138.43; Ambac Financial Group, Incorporated (ABK) shed 1.28 points with a high on the day of $8.50, a low of $7.25 for a closing price at $7.42; InterContinental Exchange, Incorporated (ICE) shed 4.42 points with a high on the day of $137.15, a low of $131.04 for a closing price at $132.44; CME Group, Incorporated (CME) shed 11.84 points with a high on the day of $517.98, a low of $504.60 for a closing price at $505.45.

On the NASDAQ today, advanced totaled 577; decliners totaled 2,362; unchanged came in at 120; new highs came in at 16 and new lows came in at 319. Momentum NASDAQ stocks traded by active Day Traders today: Omrix Biopharmaceuticals, Incorporated (OMRI) shed 10.96 points with a high on the day of $24.21, a low of $13.88 for a closing price at $14.09; Tessera Technologies Incorporated (TSRA) gained 1.37 points with a high on the day of $16.60, a low of $14.81 for a closing price at $15.19; Mercadolibre, Incorporated (MELI) gained 2.11 points with a high on the day of $41.80, a low of $37.82 for a closing price at $39.24; Gymboree Corporation (GYMB) shed 3.68 points with a high on the day of $41.20, a low of $37.94 for a closing price at $38.15; Petsmart Incorporated (PETM) shed 2.61 points with a high on the day of $21.34, a low of $19.64 for a closing price at $19.64; Garmin Limited (GRMN) shed 1.21 points with a high on the day of $58.00, a low of $55.90 for a closing price at $56.03; SunPower Corp (SPWR) shed 6.50 points with a high on the day of $70.92, a low of $63.46 for a closing price at $63.53; ***** Incorporated (AAPL) shed 3.56 points with a high on the day of $127.50, a low of $120.81 for a closing price at $120.93; First Solar, Incorporated (FSLR) shed 4.42 points with a high on the day of $216.00, a low of $206.67 for a closing price at $208.77; Google Incorporated (GOOG) shed 15.00 points with a high on the day of $453.60, a low of $431.18 for a closing price at $432.70; Intuitive Surgical, Incorporated (ISRG) shed 15.56 points with a high on the day of $288.65, a low of $269.82 for a closing price at $270.76; Baidu.com, Incorporated (BIDU) gained 0.20 points with a high on the day of $252.47, a low of $241.48 for a closing price at $242.42; Research In Motion Limited (RIMM) shed 3.81 points with a high on the day of $103.11, a low of $97.82 for a closing price at $97.92.

President Federal Reserve Bank of New York Timothy F. Geithner: Large Banks have been able to Absorb Shocks; Many Aspects of regular Framework hard to Defend; U.S. Financial System has proven Resilient; Regular System must catch up with Innovation; World's more Robust to U.S. Slowdown; no Central Bank can Ignore Fall in its Currency; no risk to U.S. in Evolution of Global Reserves; Need Strong Regulatory Focus on Mortgage Origination; Important to Preserve U.S. Openness to Foreign Cap.

National Association of Realtors - U.S. Pending-Home Sales were flat in January or down 19.6% on the year.

Mortgage Bankers Association: 4Q Delinquencies, Foreclosures continue to set records.

U.S. Jobless Claims fell 24K to 351K for week of March 1 compared to survey of a drop by 10K; U.S. Continuing Claims for week of February 23 week rose 29K to 2,831,000.

Boston Federal Reserve Bank President Eric Rosengren: Ratings Uncertainties Reducing Liquidity; Ratings Uncertainties a Cause for Bank Write-Offs; Haste Required in Restoring Confidence to Ratings; Less Complex Securities might be smart; Credit Card delinquencies rising; Possible to avoid U.S. Recession but too early to tell.

Commodities Markets
The trend was higher across the board today for the Energy Sector: Light crude moved higher today by $0.95 to close at $105.47 a barrel; Heating Oil moved higher today by $0.03 to close at $2.97 a gallon; Natural Gas closed with no change at $9.74 per million BTU and Unleaded Gas moved higher today by $0.01 to close at $2.65 a gallon.

Metals Markets ended the session lower across the board today: Gold moved sharply lower today by $11.40 to close at $977.10 a Troy ounce; Silver moved lower today by $0.56 to close at $20.23 per Troy ounce; Platinum moved sharply lower today by $75.30 to close at $2,200.80 per Troy ounce and Copper closed lower by $0.08 to close at $3.90 per pound.

On the Livestock and Meat Markets, the trend was mostly lower across the board today: Lean Hogs ended the day higher by $0.63 to close at $57.40; Pork Bellies ended the day lower by $0.80 to close at $87.05; Live Cattle ended the day lower by $0.65 to close at $89.95 and Feeder Cattle ended the day lower by $1.23 to close at $103.08.

Other Commodities: Corn ended the day higher by $0.25 at $567.25 and Soybeans ended the day sharply lower by $49.75 to end the session at $1,458.75.

Bonds were higher across the board today: 2 year bond closed higher by 8/32 at 100 30/32; 5 year bond moved higher by 15/32 to close at 101 8/32 today; 10 year bond moved higher by 27/32 to close at 99 8/32 and the 30 year bond moved higher by 22/32 to close at 97 on the day.

The e-mini Dow ended the session today at 12,074 with a loss of 202 point1 on the trading session. The total Dow Exchange Volume for the day came in at 224,307 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 6,084,416; Open Interest for Futures moved lower by 55,774 points to close at 10,222,091; the Open Interest for Options moved higher by 244,741 points to close at 7,530,679 and the Cleared Only moved higher by 576 points to close at 27,719 for a total Open Interest on the day of 17,780,489 for a total Change on the day with a gain of 189,543 points.

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