Daily Market Commentary for June 6, 2008 from Millennium-Traders.Com

Trading volume was heavy amidst the sell off and with the rapid gains on Crude, we saw curbs setting in on the Crude Oil Futures market. Adding fuel to the pain, Crude Oil surged on the day with a gain of almost eleven points to hit an all time new record high of more than $138 a barrel. (read more)

At the closing bell on the Stock Exchange, here is how the major world indices and major U.S. indices ended the session on the U.S. Markets:

DOW (Dow Jones Industrial Average) triple digit loss of 394.64 points on the day to end the session at 12,209.81
NYSE (New York Stock Exchange) triple digit loss of 255.98 points to end the session at 9,152.51
NASDAQ loss of 75.38 points for a close at 2,474.56
S&P 500 loss of 43.37 points for a close at 1,360.68
FTSE All-World ex-U.S. loss of 3.41 points to close at 248.58
FTSE RAFI 1000 triple digit loss of 182.12 points for a close at 5,409.74
BEL 20 loss of 82.2 points to close at 3,672.84
CAC 40 triple digit loss of 111.74 points to close at 4,795.32
FTSE100 loss of 88.5 points to close at 5,906.8
NIKKEI 225 triple digit gain of 148.3 points to close at 14,489.4

News on the New York Stock Exchange (NYSE) today: advanced stocks 576; declined stocks 2,595; unchanged stocks 70; stocks hitting new highs 129; stocks hitting new lows 118. Daily Trading Range and end of day trading results for volatile stocks on the NYSE traded by active Day Traders today: Oil Service HOLDRs (NYSE: OIH) shed 2.84 points on the trading day, high on the trading day $221.05, low on the trading day $211.71 for a closing price at $212.02; Goldman Sachs Group Incorporated (NYSE: GS) shed 7.16 points on the trading day, high on the trading day $175.07, low on the trading day $169.4 for a closing price at $169.44; Patriot Coal Corporation (NYSE: PCX) gained 0.69 points on the trading day, high on the trading day $143.53, low on the trading day $135.46 for a closing price at $135.46; Rio Tinto plc (NYSE: RTP) shed 7.39 points on the trading day, high on the trading day $481.23, low on the trading day $465.04 for a closing price at $467.78; Valero Energy Corporation (NYSE: VLO) shed 3.31 points on the trading day, high on the trading day $49.33, low on the trading day $46.20 for a closing price at $46.33; Trina Solar Limited American Depository (NYSE: TSL) shed 4.63 points on the trading day, high on the trading day $48.00, low on the trading day $44.67 for a closing price at $45.00; CF Industries Holdings Incorporated (NYSE: CF) shed 5.47 points on the trading day, high on the trading day $153.72, low on the trading day $146.07 for a closing price at $146.67; CME Group, Incorporated (NYSE: CME) shed 14.94 points on the trading day, high on the trading day $401.82 for a closing price at $387.60; Mosaic Company (NYSE: MOS) shed 1.06 points on the trading day, high on the trading day $137.97, low on the trading day $132.81 for a closing price at $133.36.

News on the NASDAQ today: advanced stocks 540 declined stocks 2,332; unchanged stocks 122; stocks hitting new highs 43; stocks hitting new lows 119. Trading range and end of day trading results for volatile NASDAQ stocks traded by active Day Traders today: Inspire Pharmaceuticals Incorporated (NasdaqGS: ISPH) gained 1.42 points on the trading day, high on the trading day $6.75, low on the trading day $5.07 for a closing price at $5.27; Ryanair Holdings plc (NasdaqGS: RYAAY) shed 3.01 points on the trading day, high on the trading day $29.81, low on the trading day $28.75 for a closing price at $28.82; Energy Conversion Devices Incorporated (NasdaqGS: ENER) shed 1.13 points on the trading day, high on the trading day $68.00, low on the trading day $64.09 for a closing price at $64.17; BE Aerospace Incorporated (NasdaqGS: BEAV) shed 2.84 points on the trading day, high on the trading day $29.54, low on the trading day $26.00 for a closing price at $26.98; Macrovision Solutions Corporation (NasdaqGS: MVSN) gained 1.19 points on the trading day, high on the trading day $17.34, low on the trading day $15.22 for a closing price at $16.30; Sanderson Farms Incorporated (NasdaqGS: SAFM) shed 3.56 points on the trading day, high on the trading day $48.60, low on the trading day $45.70 for a closing price at $46.31; Sohu.com Incorporated (NasdaqGS: SOHU) shed 7.98 points on the trading day, high on the trading day $89.97, low on the trading day $83.18 for a closing price at $83.28; Calamos Asset Management Incorporated (NasdaqGS: CLMS) shed 3.94 points on the trading day, high on the trading day $21.60 low on the trading day $18.94 for a closing price at $19.06; Google Incorporated (NasdaqGS: GOOG) shed 18.30 points on the trading day, high on the trading day $580.72, low on the trading day $567.00 for a closing price at $568.00; Focus Media Holding Limited (NasdaqGS: FMCN) shed 5.70 points on the trading day, high on the trading day $34.17, low on the trading day $31.00 for a closing price at $31.09; First Solar, Incorporated (NasdaqGS: FSLR) shed 5.00 points on the trading day, high on the trading day $262.77, low on the trading day $251.00 for a closing price at $251.00; Baidu.com Incorporated (NasdaqGS: BIDU) shed 16.62 points on the trading day, high on the trading day $358.00, low on the trading day $344.55 for a closing price at $345.19.

News on the American Stock Exchange (AMEX) today: advanced stocks 412; declined stocks 773; unchanged stocks 63; stocks hitting new highs 40; stocks hitting new lows 21.

U.S. May Nonfarm Payrolls fell by 49K compared to consensus of a drop by 60K; U.S. May Unemployment Rate came in at 5.5% compared to consensus of 5.1%; U.S. May Average Hourly Earnings increased by $0.05 to $17.94; U.S. May Manufacturing Payrolls fell 26K; U.S. May Service-Producing Payrolls increased by 8K; U.S. May Overall Workweek had no change at 33.7 Hours; U.S. April Payrolls Revised to a decrease by 28K from a decrease by 20K; U.S. April Unemployment left Unrevised at 5.0%; U.S. Jobless Rate Posts Biggest One-Month Rise since 1986.

Federal Reserve Member Randall S. Kroszner: risk premiums in bond, stock markets still wide; data show investors still cautious; financial companies should continue to raise capital; foreclosures still `urgent` problem for the Fed; sees housing markets recovering `only gradually`; credit conditions still tight; financial market strains have eased `somewhat`.

Treasury Economic Update
"Today's jobs data reflect the slow growth of the past two quarters and the headwinds the U.S. economy faces from energy prices, the housing correction, and credit market strains. We expect the stimulus payments now going out to have a meaningful impact in supporting family and business spending this year while we work through the current challenges." Assistant Secretary Phillip Swagel.
Employment Fell in May:
Job Growth: Payroll employment fell by 49,000 in May, following a decrease of 28,000 in April. The United States has added about 8 million jobs since August 2003. Employment increased in 41 states and the District of Columbia over the year ending in April.
Unemployment: The unemployment rate was 5.5 percent in May, up from 5.0 percent in April.
Signs of Economic Strength Include Exports and Low Inflation:
Exports: Strong global growth is boosting U.S. exports, which grew by 8.8 percent over the past 4 quarters.
Inflation: Core inflation remains contained. The consumer price index excluding food and energy rose 2.3 percent over the 12 months ending in April.
The Economic Stimulus Package Will Provide a Temporary Boost to Our Economy: The package will help our economy weather the housing correction and other challenges. The Economic Stimulus Act of 2008, signed into law by President Bush has two main elements--stimulus payments so that working Americans have more money to spend and temporary tax incentives for businesses to invest and grow. Together, the legislation will provide about $150 billion of stimulus for the economy in 2008, providing a meaningful boost to the U.S. economy in 2008.
Pro-Growth Policies Will Enhance Long-Term U.S. Economic Strength: We are on track to make significant further progress on the deficit. The FY07 budget deficit was down to 1.2 percent of GDP, from 1.9 percent in FY06. Much of the improvement in the deficit reflects strong revenue growth, which in turn reflects strong economic growth. Looking ahead, higher spending on entitlement programs dominates the future fiscal situation; we must squarely face up to the challenge of reforming these programs.

Commodities Markets
Energy Sector: Light Crude (NYM) gained $10.75 on the day to close at $138.54 a barrel ($US per bbl.); Heating Oil (NYM) gained $0.29 on the day to close at $3.97 a gallon ($US per gal.); Natural Gas (NYM) gained $0.13 on the day to close at $12.65 per million BTU ($US per mmbtu.); Unleaded Gas (NYM) gained $0.21 on the day to close at $3.55 a gallon ($US per gal.).

Metals Markets: Gold (CMX) gained $23.50 to close at $899.00 ($US per Troy oz.); Silver (CMX) gained $0.26 to close at $17.43 ($US per Troy oz.); Platinum (NYM) gained $68.80 on the day to close at $2,081.30 ($US per Troy oz.) and Copper (CMX) gained $0.08 on the day to close at $3.62 ($US per lb.).

Livestock and Meat Markets (cents per lb.): Lean Hogs (CME) shed 1.50 to close at 74.00; Pork Bellies (CME) gained 1.70 to close at 73.20; Live Cattle (CME) shed 0.80 to close at 100.20; Feeder Cattle (CME) shed 0.58 to close at 112.25.

Other Commodities (cents per bu.): Corn (CBT) gained 7.00 to close the session at 677.75 and Soybeans (CBT) gained 5.50 to close session at 1,457.50.

At the close of the week, performance results for our Moderators:

Stocks Trading Room:
Jeannie: $6,176
Barry: $10,661
Marty: $5,008
Sam: $4,952

Futures Trading Room:
JT: $5,760

Forex Trading Room:
JT: $19,700

Daily Swing Trades:
Barry: $4,130

Weekly Swing Trades:
Jeannie: $2,140

Bond action for the day: 2 year bond gained 7/32 on the day to close at 100 14/32 with a Yield of 2.39, Yield Change -0.10; 5 year bond gained 20/32 to close at 101 13/32 with a Yield of 3.19, Yield Change -0.13; 10 year bond gained 28/32 to close at 99 17/32 with a Yield of 3.93, Yield Change -0.11; the 30 year bond gained 1 17/32 to close at 95 24/32 on the day with a Yield of 4.63, Yield Change -0.10.

The e-mini Dow $5 ended the commodity session today at 12,230 with a loss of 388 points on the trading session. Futures Traders should review workshops available at the CBOT (Chicago Board of Trade). Educational in-person seminars schedules available on the CBOT (Chicago Board of Trade) website.

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