Market America

Daily Market Commentary for October 7, 2008 from Millennium-Traders.Com

At the closing bell, major market indices ended the session at their lows of the day and triple digit losses were in place. The DOW gave up over 500 points again by the end of the trading day today. (read more)

Economic data released today:

Consumer Credit:
U.S. Consumer Credit declines for first time in 10 years during August; U.S. Consumer Credit August decline is first drop since January 1998; U.S. August Consumer Credit decreased $7.9 Billion; July Consumer Credit Revised to up $5.2 Billion from up $4.6 Billion. Rate of borrowing by Americans declined for the first time in 10 years during the month of August which is a clear sign of building stress on household finances. According to a report from the U.S. Federal Reserve, outstanding consumer credit decreased by $7.9 billion during the month of August to $2.577 trillion. Data follows a $5.2 Billion consumer credit increase during July which is an upward revision from a previously estimated $4.6 billion increase. August credit fell far short of Wall Street predictions with a prior forecast of $6.0 billion increase in credit for the month. The 3.7 percent drop was the first decline since January 1998 when credit fell 4.3 percent or $4.7 billion. Slowdown suggests financial stress on U.S. households and borrowing tends to slow with softer spending during a weakened economy. Consumer credit data excludes home mortgages and other real estate-secured loans as these tend to be highly volatile, month to month and are frequently revised. Revolving debt which mostly reflects credit-card financing fell for month of August at a seasonally adjusted annual rate of 0.8 percent or $612 million to $969 billion. Credit during July rose 5.0 percent or $4.0 billion which is revised from an originally reported increase of $3.9 billion. Some households relied on credit cards to fight off higher food and oil prices, declining home values and tightened credit conditions. Non-revolving credit decreased during month of August at a seasonally adjusted annual rate of 5.4 percent or $7.3 billion to $1.608 trillion. Credit during July climbed 0.9 percent or $1.2 billion which was revised from originally reported $678 million advance. Non-revolving credit is mainly auto****** loans.
FOMC Minutes: Cite risks to growth, inflation; intensified financial market strains could hurt economy; expected inflation to moderate this year, next year; inflation outlook remains highly uncertain; credit, energy, housing seen weighing on economy; lowered forecast slightly for 2009 real GDP; saw real GDP rising slowly in 4Q, faster in 2009; saw GDP growing less than potential; some FOMC Officials indicate decline of home prices might slow.

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 508.39 points on the day to end the trading session at 9,447.11
NYSE (New York Stock Exchange) triple digit loss of 366.53 points to end the trading session at 6,388.38
National Association of Securities Dealers Automated Quotations (NASDAQ) triple digit loss of 108.00 points to end the trading session at 1,754.01
S&P 500 loss of 60.66 points to end the trading session at 996.23
FTSE All-World excluding U.S. loss of 5.25 points to end the trading session at 169.10
FTSE RAFI 1000 triple digit loss of 268.85 points to end the trading session at 3,934.05
BEL 20 (BEL20) loss of 58.9 points to end the trading session at 2,508.69
CAC 40 (CAC40) gain of 20.24 points to end the trading session at 3,732.22
FTSE100 (UKX100) gain of 16.03 points to end the trading session at 4,605.22
NIKKEI 225 (NIK/O) triple digit loss of 317.19 points to end the trading session at 10,155.90

New York Stock Exchange (NYSE) stock market indicators for the day:
Advanced stock prices 426 declined stock prices 2,847; unchanged stock prices 34; stock prices hitting new highs 4 and stock prices hitting new lows 1,040.
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: Apartment Investment and Management (NYSE: AIV) stock price shed 9.50 points on the trading session, high on the trading session $34.94, low on the trading session $25.50 with a closing stock price at $25.50.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators today:
Advanced stock prices 539; declined stock prices 2,427; unchanged stock prices 103; stock prices hitting new highs 5; stock prices hitting new lows 684.
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: G&K Services Incorporated (NasdaqGS: GKSR) stock price shed 3.62 points on the trading session, high on the trading session $29.10, low on the trading session $24.49 with a closing stock price at $26.39; People Support Incorporated (NasdaqGS: ***T) stock price shed 2.76 points on the trading session, high on the trading session $11.38, low on the trading session $8.95 with a closing stock price at $9.25; Google Incorporated (NasdaqGS: GOOG) stock price shed 25.20 points on the trading session, high on the trading session $374.98, low on the trading session $345.37 with a closing stock price at $346.01; First Solar Incorporated (NasdaqGS: FSLR) stock price shed 32.31 points on the trading session, high on the trading session $147.66, low on the trading session $125.52 with a closing stock price at $127.40.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for today:
Advanced stock prices 376; declined stock prices 867; unchanged stock prices 78; stock prices hitting new highs 31; stock prices hitting new lows 428.

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 1,006.25 change 0.50
E-mini NASDAQ-100 (NQ) end of day price 1,339.50, change 3.00
E-mini S&P SmallCap 600 (SMP) end of day price 300.70, change 0.00
$5 DJIA (YM) end of day price 9,531 change -7

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7355 to U.S. Dollars 1.3597
Japanese Yen 101.42 to U.S. Dollars 0.0099
British Pound 0.5726 to U.S. Dollars 1.7465
Canadian Dollar 1.1053 to U.S. Dollars 0.9047
Swiss Franc 1.1391 to U.S. Dollars 0.8779

Commodity Markets:
Energy Sector: Light Crude (NYMEX: NYM) gained $2.25 on the day for a closing price of $90.06 a barrel ($US per barrel)
Heating Oil (NYMEX: NYM) gained $0.03 on the day for a closing price of $2.51 a gallon ($US per gallon)
Natural Gas (NYMEX: NYM) shed $0.07 on the day for a closing price of $6.77 per million BTU ($US per mmbtu.)
Unleaded Gas (NYMEX: NYM) no change on the day for a closing price of $2.06 a gallon ($US per gallon)

Metals Markets:
Gold Market Price (COMEX: CMX) gained $15.80 on the day for a closing price of $882.00 ($US per Troy ounce)
Silver (COMEX: CMX) gained $0.10 on the day for a closing price of $11.38 ($US per Troy ounce)
Platinum (NYMEX: NYM) gained $34.20 on the day for a closing price of $1,020.70 ($US per Troy ounce)
Copper (COMEX: CMX) gained $0.04 on the day for a closing price of $2.53 ($US per pound)

Livestock and Meat Markets (cents per lb.):
Lean Hogs (Chicago Mercantile Exchange: CME) gained 0.43 on the day for a closing price of 66.90
Pork Bellies (Chicago Mercantile Exchange: CME) gained 0.30 on the day for a closing price of 93.35
Live Cattle (Chicago Mercantile Exchange: CME) gained 0.33 on the day for a closing price of 95.10
Feeder Cattle (Chicago Mercantile Exchange: CME) gained 0.85 on the day for a closing price of 98.65

Other Commodities (cents per bushel):
Corn (Chicago Board of Trade: CBT) shed 7.00 on the day for a closing price of 417.00
Soybeans (Chicago Board of Trade: CBT) gained 4.00 on the day for a closing price of 926.00

Bond Market:
2 year bond shed 1/32 on the day for a closing price of 101 2/32 with a Yield of 1.45, Yield Change 0.02
5 year bond shed 1/32 on the day for a closing price of 103 4/32 with a Yield of 2.45, Yield Change 0.01
10 year bond shed 13/32 on the day for a closing price of 104 2/32 with a Yield of 3.50, Yield Change 0.05
30 year bond shed 26/32 on the day for a closing price of 108 8/32 with a Yield of 4.02, Yield Change 0.05

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