Daily Market Commentary for July 17, 2008 from Millennium-Traders.Com

Economic data released today assisted the markets with their move into higher ground. A surprising jump in housing starts ended up being as a result of a rush by builders to beat a July 1 deadline for stricter building codes, in New York. (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 world market as well as the emerging markets including the stock market closing price:
DOW (Dow Jones Industrial Average) triple digit gain of 207.38 points on the day to end the trading session at 11,446.66
NYSE (New York Stock Exchange) gain of 82.14 points to end the trading session at 8,414.96
NASDAQ gain of 27.45 points to end the trading session at 2,312.30
S&P 500 gain of 14.15 points to end the trading session at 1,259.51
FTSE All-World ex-U.S. gain of 3.08 points to end the trading session at 223.85
FTSE RAFI 1000 gain of 94.15 points to end the trading session at 4,912.92
BEL 20 (BEL20) gain of 94.45 points to end the trading session at 2,999.85
CAC 40 (CAC40) triple digit gain of 113.54 points to end the trading session at 4,225.99
FTSE100 (UKX100) triple digit gain of 135.7 points to end the trading session at 5,286.3
NIKKEI 225 (NIK/O) triple digit gain of 127.15 points to end the trading session at 12,887.95

Market trends on the New York Stock Exchange (NYSE) today: advanced stocks 2,358; declined stocks 876; unchanged stocks 57; stocks hitting new highs 27; stocks hitting new lows 75. List of volatile stocks 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: Alliance Data Systems Corporation (NYSE: ADS) gained 7.01 points on the trading session, high on the trading session $59.03, low on the trading session $54.17 for a closing stock price at $59.01; Freddie Mac (NYSE: FRE) gained 1.50 points on the trading session, high on the trading session $9.69, low on the trading session $7.14 for a closing stock price at $8.33; BlackRock Incorporated (NYSE: BLK) gained 29.31 points on the trading session, high on the trading session $215.63, low on the trading session $185.40 for a closing stock price at $208.26; Textron Incorporated (NYSE: TXT) shed 2.73 points on the trading session, high on the trading session $45.00, low on the trading session $40.58 for a closing stock price at $43.25; Nucor Corporation (NYSE: NUE) shed 7.45 points on the trading session, high on the trading session $67.32, low on the trading session $56.56 for a closing stock price at $59.81; Monsanto Company (NYSE: MON) shed 1.62 points on the trading session, high on the trading session $120.90, low on the trading session $112.73 for a closing stock price at $115.57; Intercontinental Exchange Incorporated (NYSE: ICE) shed 3.33 points on the trading session, high on the trading session $95.70, low on the trading session $87.50 for a closing stock price at $90.41; Ultrashort Financial (NYSE: SKF) shed 13.99 points on the trading session, high on the trading session $155.65, low on the trading session $136.00 for a closing stock price at $145.76; CME Group Incorporated (NYSE: CME) gained 3.78 points on the trading session, high on the trading session $341.94, low on the trading session $292.61 for a closing stock price at $334.80; Fannie Mae (NYSE: FNM) gained 1.68 points on the trading session, high on the trading session $13.99 low on the trading session $9.63 for a closing stock price at $10.93; Potash Corporation Saskatchewan (NYSE: POT) shed 9.71 points on the trading session, high on the trading session $227.43, low on the trading session $205.00 for a closing stock price at $213.22; United States Steel Corporation (NYSE: X) shed 8.82 points on the trading session, high on the trading session $157.50, low on the trading session $141.80 for a closing stock price at $145.19.

Market trends on the NASDAQ today: advanced stocks 1,970; declined stocks 947; unchanged stocks 129; stocks hitting new highs 38; stocks hitting new lows 93. List of volatile stocks 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: Resources Connection Incorporated (NasdaqGS: RECN) gained 3.10 points on the trading session, high on the trading session $25.05, low on the trading session $22.50 for a closing stock price at $23.30; ValueClick Incorporated (NasdaqGS: VCLK) shed 2.76 points on the trading session, high on the trading session $11.54, low on the trading session $10.20 for a closing stock price at $11.01; TeleTech Holdings Incorporated (NasdaqGS: TTEC) shed 4.63 points on the trading session, high on the trading session $14.75, low on the trading session $10.02 for a closing stock price at $13.27; Research In Motion Limited (NasdaqGS: RIMM) shed 3.02 points on the trading session, high on the trading session $114.37, low on the trading session $109.76 for a closing stock price at $107.98; SemGroup Energy Partners LP (NasdaqGS: SGLP) shed 11.80 points on the trading session, high on the trading session $22.72, low on the trading session $10.16 for a closing stock price at $11.00; First Solar Incorporated (NasdaqGS: FSLR) shed 13.35 points on the trading session, high on the trading session $293.27, low on the trading session $276.27 for a closing stock price at $275.25.

Market trends on the American Stock Exchange (AMEX) today: advanced stocks 714; declined stocks 485; unchanged stocks 82; stocks hitting new highs 10; stocks hitting new lows 40.

Chicago Board of Trade Futures Market activity for the day, September 2008 Contracts, at time of this posting:
E-mini S&P 500 (ES) end of day price 1,252.25, change 11.25
E-mini NASDAQ-100 (NQ) end of day price 1,842.25, change -2.50
E-mini S&P SmallCap 600 (SMP) end of day price 359.90, change 0.00
$5 DJIA (YM) end of day price 11,381, change 175

World Currencies at time of this posting:
Euro 0.6316 to U.S. Dollars 1.5833
Japanese Yen 106.64 to U.S. Dollars 0.0094
British Pound 0.5004 to U.S. Dollars 1.9984
Canadian Dollar 1.0064 to U.S. Dollars 0.9936
Swiss Franc 1.0218 to U.S. Dollars 0.9787

Commodities Markets:
Energy Sector: Light Crude (NYM) shed $5.31 on the day for a closing price of the range of $129.29 a gallon ($US per bbl.); Heating Oil (NYM) shed $0.10 on the day for a closing price of $3.78 a gallon ($US per gal.); Natural Gas (NYM) shed $0.87 on the day for a closing price of $10.61 per million BTU ($US per mmbtu.); Unleaded Gas (NYM) shed $0.12 on the day for a closing price of $3.16 a gallon ($US per gal.).

Metals Markets:
Gold Market Price (CMX) gained $8.00 on the day for a closing price of $970.70 ($US per Troy oz.); Silver (CMX) shed $0.07 on the day for a closing price of $18.74 ($US per Troy oz.); Platinum (NYM) shed $38.00 on the day for a closing price of $1,900.40 ($US per Troy oz.) and Copper (CMX) gained $0.06 on the day for a closing price of $3.72 ($US per lb.).

Livestock and Meat Markets (cents per lb.): Lean Hogs (CME) shed 0.85 on the day for a closing price of 72.90; Pork Bellies (CME) shed 0.78 on the day for a closing price of 65.60; Live Cattle (CME) shed 1.30 on the day for a closing price of 105.05; Feeder Cattle (CME) gained 0.43 on the day for a closing price of 111.55.

Other Commodities (cents per bu.): Corn (CBT) shed 27.25 on the day for a closing price of 650.00 and Soybeans (CBT) shed 50.00 on the day for a closing price of 1,498.00.

Bond action for the day:
2 year bond shed 8/32 on the day for a closing price of 100 19/32 with a Yield of 2.56, Yield Change +0.13; 5 year bond shed 20/32 on the day for a closing price of 100 6/32 with a Yield of 3.33, Yield Change +0.14; 10 year bond shed 25/32 on the day for a closing price of 98 23/32 with a Yield of 4.03, Yield Change +0.10; the 30 year bond shed 24/32 on the day for a closing price of 95 27/32 with a Yield of 4.63, Yield Change +0.05.

International Monetary Fund, an international organization of 185 member countries issued these comments today: World economy in `tough spot` between slowdown, inflation; IMF lifts 2008 global growth forecast to 4.1% from 3.7%; IMF global growth estimate for 2009 rises to 3.9% from 3.8%; IMF raises 2008 U.S. growth estimate to 1.3% from 0.5%; IMF raises 2008 Euro area growth forecast to 1.7% from 1.4%; IMF lifts 2008 UK growth estimate to 1.8% from 1.6%; Japan 2008 GDP forecast edges up to 1.5% from 1.4%; IMF raises 2008 China growth forecast to 9.7% from 9.3%; China should continue move toward flexible currency; rate hikes more suitable for emerging than advanced economies; inflation bigger concern for developing countries; less fear of financial `meltdown,` but markets still fragile.

Philadelphia Fed July Business Index fell 16.3 versus a drop by 17.1 in June; Philadelphia Fed July Business Index Expected fell by 15.0; Philadelphia Fed July Price Paid 75.6 versus June 69.3; Philadelphia Fed July Price Received 28.8 versus June 29.7; Philadelphia Fed July Employment fell 7.3 versus June decrease by 6.9; Philadelphia Fed July New Orders fell 12.1 versus June decrease by 12.4; Philadelphia Fed July Shipments fell 8.0 versus June decrease by 6.7; Philadelphia Fed July Delivery Times -10.7 versus June decrease by 8.0; Philadelphia Fed July Inventories fell 7.5 versus June decrease by 12.6; Philadelphia Fed July Price Paid 75.6 versus June 69.3.

U.S. Jobless Claims rose 18K to 366K for week of July 12 compared to survey of an increase by 34K; U.S. Continuing Claim for week of July 5 fell 81K to 3,122,000; U.S. Jobless Claims for week of July 5 Week are revised to 348K from 346K; U.S. June Housing Starts rose 9.1% to 1.066M compared to consensus of a drop by 1.2%; Building Permits increased by 11.6% to 1.091 Million Rate in June; May Housing Starts Revised to a decrease by 2.7% from a decrease by 3.3%.

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