Markets Tumble on Weak Jobs Data

Daily Market Commentary for March 07, 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 146.70 points on the day to end the session at 11,893.69

NYSE (New York Stock Exchange) loss of 89.07 points to end the session at 8,676.24

NASDAQ loss of 8.01 points for a close at 2,212.49

S&P 500 loss of 10.97 points for a close at 1,293.37

FTSE All-World ex-U.S. loss of 2.56 points to close at 234.29

FTSE RAFI 1000 loss of 45.97 points to close at 5,297.94

BEL 20 loss of 38.24 points to close at 3,635.06

CAC 40 loss of 59.09 points to close at 4,618.96

FTSE100 loss of 66.5 points to close at 5,699.90

NIKKEI 225 gain of 243.3 points to close at 12,293.37

On the NYSE today, advancers came in at 1,158, decliners totaled 2,008; unchanged came in at 88; new highs came in at 10 and new lows came in at 356. Momentum NYSE stocks traded by active Day Traders today: CF Industries Holdings, Incorporated (CF) shed 6.90 points with a high on the day of $121.35, a low of $113.00 for a closing price at $114.60; Rio Tinto plc (RTP) shed 14.80 points with a high on the day of $452.50, a low of $439.01 for a closing price at $445.50; Petroleo Brasileiro (PBR) shed 1.86 points with a high on the day of $114.15, a low of $110.04 for a closing price at $111.67; Potash Corp. of Saskatchewan, Incorporated (POT) shed 3.81 points with a high on the day of $160.11, a low of $151.97 for a closing price at $155.34; Mosaic Corporation (MOS) shed 7.39 points with a high on the day of $111.49, a low of $103.99 for a closing price at $104.06; Transocean, Incorporated (RIG) shed 2.12 points with a high on the day of $139.14, a low of $134.51 for a closing price at $136.31; CME Group, Incorporated (CME) shed 14.04 points with a high on the day of $508.98, a low of $476.33 for a closing price at $491.41; InterContinental Exchange, Incorporated (ICE) shed 0.55 points with a high on the day of $136.33, a low of $128.05 for a closing price at $131.89; Reddy Ice Holdings, Incorporated (FRZ) shed 7.73 points with a high on the day of $17.06, a low of $12.00 for a closing price at $15.38; Veolia Environment SA (VE) shed 9.76 points with a high on the day of $77.90, a low of $74.50 for a closing price at $75.43; Armstrong World Industries, Incorporated (AWI) shed 1.23 points with a high on the day of $30.76, a low of $29.35 for a closing price at $29.37; Flowserve Corporation (FLS) shed 4.46 points with a high on the day of $104.07, a low of $99.25 for a closing price at $100.64; Monsanto Corporation (MON )shed 7.96 points with a high on the day of $113.85, a low of $105.59 for a closing price at $106.46; Uniao de Bancos Brasileiros S.A. (UBB) shed 4.59 points with a high on the day of $133.87, a low of $128.60 for a closing price at $129.72; The Cooper Companies Incorporated (COO) shed 0.56 points with a high on the day of $36.29, a low of $32.84 for a closing price at $33.20; Goldman Sachs Group Incorporated (GS) gained 1.42 points with a high on the day of $163.32, a low of $157.00 for a closing price at $160.07.

On the NASDAQ today, advanced totaled 1,124; decliners totaled 1,817; unchanged came in at 129; new highs came in at 8 and new lows came in at 426. Momentum NASDAQ stocks traded by active Day Traders today: Dynamic Materials Corporation (BOOM) shed 10.22 points with a high on the day of $47.42, a low of $42.60 for a closing price at $43.38; PeopleSupport Incorporated (***T) shed 3.20 points with a high on the day of $8.45, a low of $6.77 for a closing price at $8.20; AngioDynamics Incorporated (ANGO) shed 5.99 points with a high on the day of $12.09, a low of $9.80 for a closing price at $9.99; Bucyrus International Incorporated (BUCY) shed 4.26 points with a high on the day of $109.74, a low of $103.20 for a closing price at $106.67; Casey's General Stores Incorporated (CASY) shed 1.93 points with a high on the day of $23.32, a low of $21.69 for a closing price at $23.00; Clean Harbors Incorporated (CLHB) gained 0.78 points with a high on the day of $65.90, a low of $62.00 for a closing price at $62.95; Comtech Telecommunications Corporation (CMTL) shed 4.66 points with a high on the day of $46.90, a low of $42.27 for a closing price at $42.59; First Solar, Incorporated (FSLR) shed 11.95 points with a high on the day of $207.68, a low of $195.07 for a closing price at $196.82; Google Incorporated (GOOG) gained 0.65 points with a high on the day of $440.00, a low of $426.24 for a closing price at $433.35; Intuitive Surgical, Incorporated (ISRG) shed 6.01 points with a high on the day of $274.54, a low of $260.00 for a closing price at $264.75; Baidu.com, Incorporated (BIDU) gained 0.51 points with a high on the day of $249.84, a low of $236.05 for a closing price at $242.93.

Fed Increases TAF Outstanding amount to $100 Billion; Fed Increases March 10, March 24 Auction to $50 Billion each; Fed will Increase Auction Sizes further if Warranted; Fed to Start Term Repos to Accumulate about $100 Billion; Fed Actions `to Address Heightened Liquidity Pressures'; Fed Sees Continuing TAF Auctions for at least next 6 Months.

U.S. February Non-farm Payrolls fell 63K compared to consensus of unchanged; U.S. February Unemployment Rate came in at 4.8% compared to consensus of 5.0%; U.S. February Average Hourly Earnings rose $0.05 to $17.80; U.S. February Manufacturing Payrolls fell 52K; U.S. February Service-Producing Payrolls rose 26K; U.S. February Overall Workweek changed by 0.0 Hour to 33.7 Hours; U.S. January Payrolls Revised to a drop by 22K from a drop by 17K; U.S. January Unemployment left unrevised at 4.9%; U.S. February Payroll Drop Sharpest since March 2003.

Federal Reserve Board Member Frederic S. Mishkin: Economic Boost from lower Dollar Weaker than in past; Dollar Effect on Import Prices has 'Declined Markedly'; Even 'Sizeable' Forex Drops have Small Price Effect; Dollar Drop not Having Much Inflation Effect.

Commodities Markets
The trend was mixed across the board today for the Energy Sector: Light crude moved lower today by $0.32 to close at $105.15 a barrel; Heating Oil moved lower today by $0.06 to close at $2.92 a gallon; Natural Gas moved higher today by $0.03 to close at $9.77 per million BTU and Unleaded Gas moved higher today by $0.04 to close at $2.69 a gallon.

Metals Markets ended the session mixed across the board today: Gold moved lower today by $2.90 to close at $974.20 a Troy ounce; Silver moved higher today by $0.03 to close at $20.25 per Troy ounce; Platinum moved heavily lower today by $159.10 to close at $2,041.70 per Troy ounce and Copper closed higher by $0.02 to close at $3.92 per pound.

On the Livestock and Meat Markets, the trend was mostly higher across the board today: Lean Hogs ended the day higher by $0.45 to close at $57.85; Pork Bellies ended the day lower by $3.00 to close at $84.05; Live Cattle ended the day higher by $0.58 to close at $90.53 and Feeder Cattle ended the day higher by $0.90 to close at $103.98.

Other Commodities: Corn ended the day sharply lower by $20.00 at $547.25 and Soybeans ended the day sharply lower by $50.00 to end the session at $1,408.75.

Bonds were mostly higher across the board today: 2 year bond closed lower by 1/32 at 100 29/32; 5 year bond moved higher by 5/32 to close at 101 14/32 today; 10 year bond moved higher by 9/32 to close at 99 18/32 and the 30 year bond moved higher by 2/32 to close at 96 31/32 on the day.

The e-mini Dow ended the session today at 11,909 with a loss of 161 points on the trading session. The total Dow Exchange Volume for the day came in at 212,286 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 5,279,024; Open Interest for Futures moved lower by 93,521 points to close at 10,128,568; the Open Interest for Options moved higher by 174,043 points to close at 7,704,722 and the Cleared Only moved lower by 808 points to close at 26,911 for a total Open Interest on the day of 17,860,201 for a total Change on the day with a gain of 79,714 points.

At the close of the week, performance results for our Moderators:

Stocks Trading Room:
Jeannie - $6,309
Barry - $11,077
Marty - $6,257
Sam - $4,751

Futures Trading Room:
JT - $10,268

Forex Trading Room:
JT - $10,550

Daily Swing Trades:
Barry - $24,460

Weekly Swing Trades:
Jeannie - $3,480

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