Global Economy

Daily Market Commentary for November 23, 2010

Global Economy

Things got off to a rough start for the second consecutive day as fears heighten over the global economy. (Read more at Millennium-Traders.Com)

Economic data released today:

Banking Industry:
U.S. Banking Industry Profits Jumped Again in 3Q 2010; Total Banking Industry Net Income Totals $14.5B in 3Q 2010; Problem Banks Increased Slightly to 860; 41 Banks Went Bust during Third Quarter; Total Loan Loss Reserves Drop to Lowest Levels since 4Q 2007; Profits Driven by Improving Asset Quality, Rising Interest Income.

U.S. ICSC/Goldman Sachs Chain Store Sales fell 0.6% in Week of November 20 and U.S. ICSC/Goldman Sachs Chain Store Sales rose 2.8% on Year.

Redbook:
U.S. Retail Sales First 3 Weeks November 0.0% versus October; U.S. Retail Sales First 3 Weeks November rose 2.6% versus November a Year-Ago; U.S. Retail Sales rose 2.5% Week Ended November 20 versus a Year Ago.

GDP (QoQ):
3Q Preliminary Chain-Weighted Price Index rose 2.3% versus Advance increase by 2.3%; 3Q Preliminary Purchases Price Index rose 0.8% versus Advance increase by 0.8%; 3Q Preliminary PCE Price Index rose 1.0% versus Advance increase by 1.0%; 3Q Preliminary Real Final Sales rose 1.2% versus Advance increase by 0.6%; U.S. 3Q GDP Consensus rose 2.4%; U.S. 3Q Preliminary GDP rose 2.5% versus Advance GDP increase by 2.0%; 3Q Corporate Profits rose 3.2% versus increase by 0.9% in 2Q.

Existing Home Sales:
U.S. October Existing Home Sales fell 2.2% to 4.43M Rate; U.S. October Existing Home Sales Consensus 4.50M Rate; U.S. Inventory of Unsold U.S. Homes at 10.5 Months Supply; U.S. October Median Existing Home Price fell 0.9% on Year to $170,500.

Richmond Manufacturing Index:
November Manufacturing Index 9 versus October 5; November Manufacturing Shipments Index 7 versus October 3; November Services Revenues Index 7 versus October decrease by 7; November Retail Revenues Index -16 versus October decrease by 7.

FOMC Meeting Minutes:
Fed Considered Press Briefings by Fed Chairman at October 15 Meeting; Several Fed Officials Saw Risk of Inflation from Bond Buys; Some Fed Officials Worried Bond Buys Could Put "Unwanted" Pressure on Dollar; Some Fed Officials See Economy Vulnerable to Negative Shocks, Downside Risk; Fed Discussed Setting Inflation Target at October 15 Meeting; Fed Discussed Long-Term Interest Rates Target in October 15 Meeting; Most Fed Officials Saw Benefits of Bond Buys Exceeding Costs; Fed Ups Longer-Run Jobless Rate to Between 5.0%-6.0%; Fed Sees 2012 Jobless Rate Around 8.0% versus June's 7.3%; Fed Sees 2011 Jobless Rate Around 9.0% versus June's 8.5%; Fed Sees 2013 Core PCE Inflation between 1.1%-2.0%; Fed Sees 2012 Core PCE Inflation between 1.0%-1.6%; Fed Sees Inflation below Informal Target until 2013; Fed Sees GDP Rising Around 4.0% in 2012, 2013; Fed Sees 2011 GDP Around +3.3% versus June +3.9% Forecast; Fed Sees 2010 GDP Around +2.5% V versus s June +3.3% Forecast; Fed Downgrades U.S. Economic Projections - FOMC November Minutes.

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 trading session on the world markets as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) shed 136.68 points, EOD 11,041.90
NYSE (New York Stock Exchange) shed 138.72, EOD 7,471.58
National Association of Securities Dealers Automated Quotations (NASDAQ) shed 36.66 points, EOD 2,495.36
S&P 500 (SPX) shed 16.81 points, EOD 1,181.03
BEL 20 (BEL20) shed 59.1 points, EOD 2,584.25
CAC 40 (CAC40) shed 94.47 points, EOD 3,724.42
FTSE100 (UKX100) shed 99.55 points, EOD 5,581.28
NIKKEI 225 (NIK/O) unchanged, EOD 10,115.19

New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 663, declined stock prices 2,403, unchanged stock prices 80, stock prices hitting new highs 42 and stock prices hitting new lows 40. 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: AGQ shed 3.25, HOD 130.75, LOD 125.53, EOD 128.10; LVS shed 2.00, HOD 49.99, LOD 48.71, EOD 49.09; MA shed 7.69, HOD 242.00, LOD 235.48, EOD 235.72; CRM gain 2.67, HOD 142.94, LOD 137.20, EOD 142.50; CF gain 3.47, HOD 122.27, LOD 114.23, EOD 121.47; BWS gain 1.98, HOD 14.55, LOD 13.52, EOD 14.17.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 684, declined stock prices 2,010, unchanged stock prices 111, stock prices hitting new highs 59 and stock prices hitting new lows 62. 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: AAPL shed 4.63, HOD 311.75, LOD 306.56, EOD 308.73; NFLX shed 0.61, HOD 192.10, LOD 186.04, EOD 187.71; FFIV shed 2.79, HOD 131.50, LOD 127.21, EOD 129.14; NUAN gain 0.64, HOD 18.95, LOD 17.30, EOD 17.75; JACK shed 2.34, HOD 21.16, LOD 20.08, EOD 20.23.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 186, declined stock prices 294, unchanged stock prices 27, stock prices hitting new highs 9 and stock prices hitting new lows 7.

Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1180.00; Change -18.00
E-mini NASDAQ-100 (NQ) Mar 10: EOD 2,118.75; Change -35.75
E-mini DOW $5 (YM) Mar 10: EOD 11,025; Change -140
Nikkei 225 (Yen) Mar 10: EOD 9,865; Change -230

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7479 to U.S. Dollars 1.3400
Japanese Yen 83.1450 to U.S. Dollars 0.0120
British Pound 0.6340 to U.S. Dollars 1.5800
Canadian Dollar 1.0234 to U.S. Dollars 0.9769
Swiss Franc 0.9966 to U.S. Dollars 1.00

COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (January 11) shed $0.49, EOD $81.25 per barrel ($US per barrel)
Heating Oil (January 11) shed $0.01, EOD $2.27 a gallon ($US per gallon)
Natural Gas (December 10) shed $0.00, EOD $4.26 per million BTU ($US per mmbtu.)
Unleaded Gas (January 11) shed $0.01, EOD $2.08 gallon ($US per gallon)

Metals Markets - Comex:
Gold (December 10) gain $19.80, EOD $1,377.60 ($US per Troy ounce)
Silver (December 10) gain $0.11, EOD $27.57 ($US per Troy ounce)
Platinum (January 11) gain $2.20, EOD $1,657.70 ($US per Troy ounce)
Copper (December 10) shed $0.04, EOD $3.70 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (December 10) shed $0.02, EOD $76.90
Pork Bellies (February 11) unchanged, EOD $104.50
Live Cattle (December 10) gain $0.70, EOD $105.30
Feeder Cattle (January 11) gain $0.42, EOD $117.82

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (March 11) gain $13.75, EOD $543.00
Soybeans (January 11) gain $17.50, EOD $1,239.00

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