Why is Our Economy in a Recession?

Daily Market Commentary for November 12, 2008 from Millennium-Traders.Com

Secretary Henry M. Paulson, Jr. on Financial Rescue Package and Economic Update Washington - I will provide an update on the state of the financial system, our economy, and our strategy for continued implementation of the financial rescue package. (read more)

Economic data released today: n/a

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 411.30 points on the day to end the trading session at 8,282.66
NYSE (New York Stock Exchange) triple digit loss of 313.67 points to end the trading session at 5,320.70
National Association of Securities Dealers Automated Quotations (NASDAQ) loss of 81.69 points to end the trading session at 1,499.21
S&P 500 loss of 46.65 points to end the trading session at 852.30
FTSE All-World excluding U.S. loss of 5.52 points to end the trading session at 140.82
FTSE RAFI 1000 triple digit loss of 168.74 points to end the trading session at 3,282.08
BEL 20 (BEL20) loss of 75.78 points to end the trading session at 2,057.46
CAC 40 (CAC40) triple digit loss of 102.45 points to end the trading session at 3,233.96
FTSE100 (UKX100) loss of 64.67 points to end the trading session at 4,182.02
NIKKEI 225 (NIK/O) triple digit loss of 113.79 points to end the trading session at 8,695.51

New York Stock Exchange (NYSE) stock market indicators for the day:
Advanced stock prices 259, declined stock prices 2,953; unchanged stock prices 44; stock prices hitting new highs 1 and stock prices hitting new lows 481. 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: Best Buy Company Incorporated (NYSE: BBY) stock price shed 1.91 points on the trading session, high on the trading session $22.77, low on the trading session $20.70 with a closing stock price at $21.97; NBTY Incorporated (NYSE: NTY) stock price shed 4.56 points on the trading session, high on the trading session $17.97, low on the trading session $15.19 with a closing stock price at $16.92; Simon Property Group Incorporated (NYSE: SPG) stock price shed 7.23 points on the trading session, high on the trading session $56.25, low on the trading session $50.99 with a closing stock price at $51.31; Nucor Corporation (NYSE: NUE) stock price shed 3.61 points on the trading session, high on the trading session $34.00, low on the trading session $30.51 with a closing stock price at $30.63; Devon Energy Corporation (NYSE: DVN) stock price shed 6.13 points on the trading session, high on the trading session $72.98, low on the trading session $66.76 with a closing stock price at $67.87; Proshares Ultrashort (NYSE: EEV) stock price gained 13.89 points on the trading session, high on the trading session $107.40 low on the trading session $95.81 with a closing stock price at $106.19; Ultrashort Financial ProShares Corporation (NYSE: SKF) stock price gained 17.93 points on the trading session, high on the trading session $175.69, low on the trading session $157.41 with a closing stock price at $173.93; Goldman Sachs Group Incorporated (NYSE: GS) stock price shed 7.89 points on the trading session, high on the trading session $73.64, low on the trading session $64.54 with a closing stock price at $66.79; CME Group Incorporated (NYSE: CME) stock price shed 11.32 points on the trading session, high on the trading session $236.50, low on the trading session $222.08 with a closing stock price at $225.09; Potash Corporation Saskatchewan (NYSE: POT) stock price shed 10.18 points on the trading session, high on the trading session $77.68, low on the trading session $69.21 with a closing stock price at $69.65.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators today:
Advanced stock prices 404; declined stock prices 2,522; unchanged stock prices 69; stock prices hitting new highs 4; stock prices hitting new lows 568. 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: Concur Technologies Incorporated (NasdaqGS: CNQR) stock price gained 1.13 points on the trading session, high on the trading session $23.50, low on the trading session $21.13 with a closing stock price at $21.42; Cephalon Incorporated (NasdaqGS: CEPH) stock price gained 0.18 points on the trading session, high on the trading session $74.09, low on the trading session $70.71 with a closing stock price at $72.61; Synaptics Incorporated (NasdaqGS: SYNA) stock price shed 3.31 points on the trading session, high on the trading session $26.25, low on the trading session $22.38 with a closing stock price at $23.34; First Solar Incorporated (NasdaqGS: FSLR) stock price shed 20.70 points on the trading session, high on the trading session $122.34, low on the trading session $110.00 with a closing stock price at $110.20; Google Incorporated (NasdaqGS: GOOG) stock price shed 11.87 points on the trading session, high on the trading session $312.49; low on the trading session $287.76 with a closing stock price at $299.59.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for today:
Advanced stock prices 168; declined stock prices 671; unchanged stock prices 65; stock prices hitting new highs 3 and stock prices hitting new lows 75.

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 853.25 change -39.75
E-mini NASDAQ-100 (NQ) end of day price 1,164.75 change -58.25
E-mini S&P SmallCap 600 (SMP) end of day price 242.90 change -13.90
$5 DJIA (YM) end of day price 8,278 change -359

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7993 to U.S. Dollars 1.2511
Japanese Yen 95.140 to U.S. Dollars 0.0105
British Pound 0.6684 to U.S. Dollars 1.4960
Canadian Dollar 1.2374 to U.S. Dollars 0.8081
Swiss Franc 1.1855 to U.S. Dollars 0.8435

Commodity Markets:
Energy Sector: Light Crude (NYMEX: NYM) shed $3.17 on the day for a closing price of $56.16 a barrel ($US per barrel)
Heating Oil (NYMEX: NYM) shed $0.09 on the day for a closing price of $1.84 a gallon ($US per gallon)
Natural Gas (NYMEX: NYM) shed $0.29 on the day for a closing price of $6.56 per million BTU ($US per mmbtu.)
Unleaded Gas (NYMEX: NYM) shed $0.06 on the day for a closing price of $1.25 a gallon ($US per gallon)

Metals Markets:
Gold Market Price (COMEX: CMX) shed $14.50 on the day for a closing price of $718.30 ($US per Troy ounce)
Silver (COMEX: CMX) shed $0.33 on the day for a closing price of $9.48 ($US per Troy ounce)
Platinum (NYMEX: NYM) shed $1.50 on the day for a closing price of $825.10 ($US per Troy ounce)
Copper (COMEX: CMX) gained $0.01 on the day for a closing price of $1.66 ($US per pound)

Livestock and Meat Markets (cents per lb.):
Lean Hogs (Chicago Mercantile Exchange: CME) gained 0.48 on the day for a closing price of 55.45
Pork Bellies (Chicago Mercantile Exchange: CME) gained 0.28 on the day for a closing price of 84.95
Live Cattle (Chicago Mercantile Exchange: CME) shed 1.08 on the day for a closing price of 91.73
Feeder Cattle (Chicago Mercantile Exchange: CME) shed 0.98 on the day for a closing price of 96.23

Other Commodities (cents per bushel):
Corn (Chicago Board of Trade: CBT) shed 4.75 on the day for a closing price of 369.50
Soybeans (Chicago Board of Trade: CBT) shed 21.00 on the day for a closing price of 895.00

Bond Market:
2 year bond gained 6/32 on the day for a closing price of 100 20/32 with a Yield of 1.16, Yield Change -0.10
5 year bond gained 21/32 on the day for a closing price of 101 26/32 with a Yield of 2.35, Yield Change -0.15
10 year bond gained 24/32 on the day for a closing price of 102 24/32 with a Yield of 3.66, Yield Change -0.09
30 year bond gained 19/32 on the day for a closing price of 104 14/32 with a Yield of 4.17, Yield Change -0.04

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