Daily Market Commentary for September 23, 2008 from Millennium-Traders.Com

The definition of Credit-Default-Swap is when the buyer or fixed rate payer makes periodic payments to the seller or floating rate payer in exchange for the right to a payoff if there is a default. (read more)

Hot Stock picks on the move today for day trading:
Bunge Limited (NYSE: BG) and Massey Energy Company (NYSE: MEE) both provided decent trading momentum for the active day trader today on both the long position end as well as the short-selling side. Both stocks ended up to the down side at the closing bell.

At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the session on the world market as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) triple digit loss of 163.59 points on the day to end the trading session at 10,852.10
NYSE (New York Stock Exchange) triple digit loss of 133.34 points to end the trading session at 7,785.27
NASDAQ loss of 22.92 points to end the trading session at 2,156.06
S&P 500 loss of 18.87 points to end the trading session at 1,188.22
FTSE All-World excluding U.S. loss of 1.93 points to end the trading session at 207.77
FTSE RAFI 1000 gain of 18.37 points to end the trading session at 4,830.21
BEL 20 (BEL20) loss of 74.83 points to end the trading session at 2,892.87
CAC 40 (CAC40) loss of 97.58 points to end the trading session at 4,125.93
FTSE100 (UKX100) loss of 86.00 points to end the trading session at 5,150.26
NIKKEI 225 (NIK/O) unchanged at 12,090.59

New York Stock Exchange (NYSE) stock market indicators for the day:
Advanced stock prices 905; declined stock prices 2,327; unchanged stock prices 57; stock prices hitting new highs 12 and stock prices hitting new lows 128.
NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: Massey Energy Company (NYSE: MEE) stock price shed 2.02 points on the trading session, high on the trading session $44.14, low on the trading session $40.33 with a closing stock price at $41.28; Consol Energy Incorporated (NYSE: CNX) stock price shed 6.21 points on the trading session, high on the trading session $61.49, low on the trading session $55.28 with a closing stock price at $55.95; LDK Solar Corporation Limited (NYSE: LDK) stock price shed 3.38 points on the trading session, high on the trading session $38.89, low on the trading session $34.77 with a closing stock price at $34.92; CF Industries Holdings Incorporated (NYSE: CF) stock price shed 8.18 points on the trading session, high on the trading session $122.06, low on the trading session $109.25 with a closing stock price at $113.61; Walter Industries Incorporated (NYSE: WLT) stock price shed 4.42 points on the trading session, high on the trading session $63.14, low on the trading session $56.59 with a closing stock price at $58.26; Waste Connections Incorporated (NYSE: WCN) stock price shed 2.90 points on the trading session, high on the trading session $35.25, low on the trading session $33.05 with a closing stock price at $34.15; Air Products & Chemicals Incorporated (NYSE: APD) stock price shed 6.44 points on the trading session, high on the trading session $78.49, low on the trading session $72.97 with a closing stock price at $73.84; Union Pacific Corporation (NYSE: UNP) stock price gained 0.87 points on the trading session, high on the trading session $76.49, low on the trading session $72.70 with a closing stock price at $73.73; Ultrashort Financial Corporation (NYSE: SKF) stock price gained 1.99 points on the trading session, high on the trading session $107.15, low on the trading session $99.78 with a closing stock price at $103.99; Rio Tinto plc (NYSE: RTP) stock price shed 42.86 points on the trading session, high on the trading session $305.08, low on the trading session $285.03 with a closing stock price at $289.14; Bunge Limited (NYSE: BG) stock price shed 0.23 points on the trading session, high on the trading session $76.00, low on the trading session $71.47 with a closing stock price at $72.71; CME Group Incorporated (NYSE: CME) stock price shed 25.00 points on the trading session, high on the trading session $422.24, low on the trading session $370.65 with a closing stock price at $371.00.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators today:
Advanced stock prices 976; declined stock prices 1,933; unchanged stock prices 113; stock prices hitting new highs 7; stock prices hitting new lows 115.
NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: Steel Dynamics Incorporated (NasdaqGS: STLD) stock price gained 0.01 points on the trading session, high on the trading session $21.78, low on the trading session $20.63 with a closing stock price at $21.15; GMX Resources Incorporated (NasdaqGS: GMXR) stock price shed 0.65 points on the trading session, high on the trading session $56.14, low on the trading session $50.85 with a closing stock price at $53.88; Cache Incorporated (NasdaqGS: CACH) stock price shed 2.48 points on the trading session, high on the trading session $7.71, low on the trading session $6.63 with a closing stock price at $7.01; Baidu.com Incorporated (NasdaqGS: BIDU) stock price shed 5.13 points on the trading session, high on the trading session $277.66, low on the trading session $261.39 with a closing stock price at $263.50; Google Incorporated (NasdaqGS: GOOG) stock price shed 0.74 points on the trading session, high on the trading session $440.79, low on the trading session $425.72 with a closing stock price at $429.40.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for today:
Advanced stock prices 363; declined stock prices 842; unchanged stock prices 67; stock prices hitting new highs 7; stock prices hitting new lows 64.

Chicago Board of Trade Futures Market activity for the day, at time of this posting for December 2008 Contracts:
E-mini S&P 500 (ES) end of day price 1,187.75 change -26.00
E-mini NASDAQ-100 (NQ) end of day price 1,652.75, change -17.00
E-mini S&P SmallCap 600 (SMP) end of day price 374.70, change -5.80
$5 DJIA (YM) end of day price 10,858 change -205

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.6805 to U.S. Dollars 1.4696
Japanese Yen 105.330 to U.S. Dollars 0.0095
British Pound 0.5383 to U.S. Dollars 1.8577
Canadian Dollar 1.0352 to U.S. Dollars 0.9660
Swiss Franc 1.0825 to U.S. Dollars 0.9238

Commodity Markets:
Energy Sector: Light Crude (NYMEX: NYM) shed $2.76 on the day for a closing price of $106.61 a barrel ($US per barrel)
Heating Oil (NYMEX: NYM) shed $0.05 on the day for a closing price of $3.01 a gallon ($US per gallon)
Natural Gas (NYMEX: NYM) gained $0.20 on the day for a closing price of $8.14 per million BTU ($US per mmbtu.)
Unleaded Gas (NYMEX: NYM) shed $0.11 on the day for a closing price of $2.60 a gallon ($US per gallon)

Metals Markets:
Gold Market Price (COMEX: CMX) shed $17.80 on the day for a closing price of $891.20 ($US per Troy ounce)
Silver (COMEX: CMX) shed $0.28 on the day for a closing price of $13.17 ($US per Troy ounce)
Platinum (NYMEX: NYM) shed $4.80 on the day for a closing price of $1,231.00 ($US per Troy ounce)
Copper (COMEX: CMX) shed $0.10 on the day for a closing price of $3.15 ($US per pound)

Livestock and Meat Markets (cents per lb.):
Lean Hogs (Chicago Mercantile Exchange: CME) shed 0.20 on the day for a closing price of 68.45
Pork Bellies (Chicago Mercantile Exchange: CME) gained 1.28 on the day for a closing price of 95.00
Live Cattle (Chicago Mercantile Exchange: CME) shed 0.45 on the day for a closing price of 103.45
Feeder Cattle (Chicago Mercantile Exchange: CME) shed 0.53 on the day for a closing price of 105.95

Other Commodities (cents per bushel):
Corn (Chicago Board of Trade: CBT) gained 1.75 on the day for a closing price of 560.25
Soybeans (Chicago Board of Trade: CBT) shed 18.00 on the day for a closing price of 1,187.00

Bond Market:
2 year bond gained 3/32 on the day for a closing price of 100 17/32 with a Yield of 2.08, Yield Change -0.05
5 year bond gained 5/32 on the day for a closing price of 100 16/32 with a Yield of 3.01, Yield Change -0.03
10 year bond shed 3/32 on the day for a closing price of 101 12/32 with a Yield of 3.82, Yield Change -0.01
30 year bond shed 3/32 on the day for a closing price of 101 14/32 with a Yield of 4.41, Yield Change 0.00

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A credit default swap (CDS) is a credit derivative contract between two counterparties, whereby the "buyer" or "fixed rate payer" pays periodic payments to the "seller" or "floating rate payer" in exchange for the right to a payoff if there is a default or "credit event" in respect of a third party or "reference entity".
If a credit event occurs, the typical contract either settles by delivery by the buyer to the seller of a (usually defaulted) debt obligation of the reference entity against a payment by the seller of the par value ("physical settlement") or the seller pays the buyer the difference between the par value and the market price of a specified debt obligation, typically determined in an auction ("cash settlement").


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