Visa IPO Debuts, Largest in U.S. History

Daily Market Commentary for March 19, 2008 from Millennium-Traders.Com

What goes up, must come down. The markets appeared to shrug off interest rate cut from the Fed yesterday as well as, any other reasons for the sharp gains posted yesterday to hi-tail it south and tank, once again. A slight gain at the open lasted a very short period of time before the Bears took over the markets to provide yet another, negative trading day. IPO Visa (NYSE:V) debuted today as the largest IPO in U.S. history with an offering of 406 million shares priced at $44 a piece. High on the trading day for today was $69.00. Traders can expect a quiet trading session tomorrow ahead of the Good Friday holiday on Friday, with U.S. markets closed.

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 293.00 points on the day to end the session at 12,099.66

NYSE (New York Stock Exchange) triple digit loss of 276.94 points to end the session at 8,549.50

NASDAQ loss of 58.30 points for a close at 2,209.96

S&P 500 loss of 32.32 points for a close at 1,298.42

FTSE All-World ex-U.S. loss of 3.65 points to close at 231.40

FTSE RAFI 1000 triple digit loss of 116.17 points to close at 5,295.66

BEL 20 loss of 18.27 points to close at 3,641.48

CAC 40 loss of 26.64 points to close at 4,555.95

FTSE100 loss of 60.2 points to close at 5,545.60

NIKKEI 225 triple digit gain of 296.2 points to close at 12,260.40

On the NYSE today, advancers came in at 991, decliners totaled 2,194; unchanged came in at 81; new highs came in at 25 and new lows came in at 110. Momentum NYSE stocks traded by active Day Traders today: Lindsay Corporation (LNN) gained 13.73 points with a high on the day of $94.82, a low of $83.78 for a closing price at $90.00; Petroleo Brasileiro (PBR) shed 9.21 points with a high on the day of $107.03, a low of $97.29 for a closing price at $97.45; Rio Tinto plc (RTP) shed 34.78 points with a high on the day of $423.97, a low of $395.01 for a closing price at $395.50; CF Industries Holdings, Incorporated (CF) shed 13.41 points with a high on the day of $119.14, a low of $106.15 for a closing price at $106.34; PetroChina Corporation Limited (PTR) shed 9.85 points with a high on the day of $127.80, a low of $120.13 for a closing price at $120.63; Potash Corporation of Saskatchewan, Incorporated (POT) shed 16.27 points with a high on the day of $159.13, a low of $143.56 for a closing price at $144.47; Mastercard Incorporated (MA) shed 1.86 points with a high on the day of $220.00, a low of $207.27 for a closing price at $208.39; VISA Incorporated (V) had a high on the day of $69.00, a low of $55.00 for a closing price at $56.50; EOG Resources, Incorporated (EOG) shed 10.35 points with a high on the day of $125.15, a low of $112.94 for a closing price at $113.12; Monsanto Corporation (MON) shed 13.21 points with a high on the day of $113.71, a low of $98.05 for a closing price at $98.87; InterContinental Exchange, Incorporated (ICE) shed 10.23 points with a high on the day of $132.99, a low of $122.10 for a closing price at $122.52; Centene Corporation (CNC) shed 3.97 points with a high on the day of $17.49, a low of $13.68 for a closing price at $13.86; Merrill Lynch & Company Incorporated (MER) shed 5.18 points with a high on the day of $48.13, a low of $41.42 for a closing price at $41.45; Freeport-McMoRan Copper & Gold Incorporated (FCX) shed 11.09 points with a high on the day of $98.23, a low of $87.60 for a closing price at $87.60; Uniao de Bancos Brasileiros S.A. (Unibanco) (UBB) shed 9.18 points with a high on the day of $128.26, a low of $116.24 for a closing price at $117.28; CME Group, Incorporated (CME) shed 23.10 points with a high on the day of $476.41, a low of $445.15 for a closing price at $449.90; Mosaic Corporation (MOS) shed 12.54 points with a high on the day of $108.27, a low of $96.45 for a closing price at $97.25; Goldman Sachs Group Incorporated (GS) shed 9.10 points with a high on the day of $178.46, a low of $165.40 for a closing price at $166.49; Agnico-Eagle Mines Limited (AEM) shed 5.98 points with a high on the day of $73.16, a low of $67.98 for a closing price at $68.12; BlackRock, Incorporated (BLK) gained 3.17 points with a high on the day of $198.50, a low of $189.25 for a closing price at $190.03; Mechel Open Joint Stock Company (MTL) shed 7.52 points with a high on the day of $134.46, a low of $120.14 for a closing price at $122.94; Clear Channel Communications Incorporated (CCU) shed 3.20 points with a high on the day of $34.69, a low of $31.22 for a closing price at $32.60; Lehman Brothers Holdings Incorporated (LEH) shed 4.26 points with a high on the day of $47.15, a low of $41.75 for a closing price at $42.23.

On the NASDAQ today, advanced totaled 887; decliners totaled 2,073; unchanged came in at 120; new highs came in at 22 and new lows came in at 182. Momentum NASDAQ stocks traded by active Day Traders today: Intuitive Surgical, Incorporated (ISRG) shed 3.09 points with a high on the day of $301.88, a low of $290.00 for a closing price at $291.66; Baidu.com, Incorporated (BIDU) shed 26.32 points with a high on the day of $249.89, a low of $219.93 for a closing price at $220.21; First Solar, Incorporated (FSLR) shed 7.05 points with a high on the day of $208.28 a low of $195.27 for a closing price at $196.97.

Department Of Energy: U.S. Crude Oil Stocks rose 0.133 Million Barrels at 311.759 Million Barrels; U.S. Gasoline Stockpiles fell 3.447 Million Barrels at 232.52 Million Barrels; U.S. Distillate Stockpiles fell 2.91 Million Barrels at 113.49 Million Barrels; U.S. Refineries ran at 83.8% capacity versus 85.0% a week ago; U.S. Crude Oil Stockpiles rose 133,000 Barrels in the week compared to expectations of an increase by 2.1 Million Barrels.

Commodities Markets
The trend was lower across the board today for the Energy Sector: Light crude moved lower today by $4.94 to close at $104.48 a barrel; Heating Oil moved lower today by $0.10 to close at $2.96 a gallon; Natural Gas moved lower today by $0.39 to close at $9.11 per million BTU and Unleaded Gas moved lower today by $0.10 to close at $2.56 a gallon.

Metals Markets ended the session mixed across the board today: Gold moved sharply lower today by $59.00 to close at $945.30 a Troy ounce; Silver moved lower today by $1.52 to close at $18.45 per Troy ounce; Platinum moved lower today by $81.00 to close at $1,887.00 per Troy ounce and Copper moved lower today by $0.11 to close a $3.63 per pound.

On the Livestock and Meat Markets, the trend was lower across the board today: Lean Hogs ended the day higher by $0.48 to close at $71.13; Pork Bellies ended the day lower by $1.98 to close at $74.55; Live Cattle ended the day lower by $1.55 to close at $89.95 and Feeder Cattle ended the day lower by $0.68 to close at $104.95.

Other Commodities: Corn ended the day sharply lower by $20.00 at $527.25 and Soybeans ended the day sharply lower by $50.00 to end the session at $1,257.00.

Bonds were higher across the board today: 2 year bond closed higher by 6/32 at 100 30/32; 5 year bond moved higher by 16/32 to close at 101 28/32 today; 10 year bond moved higher by 1 2/32 to close at 101 6/32 and the 30 year bond moved higher by 2 8/32 to close at 102 21/32 on the day.

The e-mini Dow ended the session today at 12,110 with a loss of 295 points on the trading session. The total Dow Exchange Volume for the day came in at 262,927 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 4,601,120; Open Interest for Futures moved lower by 92,869 points to close at 9,725,204; the Open Interest for Options moved higher by 109,443 points to close at 8,879,348 and the Cleared Only moved higher by 407 points to close at 27,602 for a total Open Interest on the day of 18,632,154 for a total Change on the day with a gain of 16,981 points.

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