Daily Market Commentary for October 21, 2008 from Millennium-Traders.Com

Earnings released of late have assisted in putting a damper on market gains. It’s to be expected, in this poor economy that corporations were likely to release worse than expected earnings. (read more)

Economic data released today:

Redbook:
U.S. Retail Sales fell 1.1 percent during first two weeks during October versus September. Target was at a 1.0 percent decline. Seasonally-adjusted sales during the month to date were up 0.7 percent compared to October 2007, in line with the target. On an unadjusted basis, sales during the week ending October 18 were up 0.8 percent from the same week during 2007, after a 0.5 percent gain in the previous week. ICSC-Goldman Sachs Chain Store Sales Down 1.6 percent for week of October 18. Chicago Fed 3-Mo average Shows Increasing likelihood of recession; Chicago Fed Index September 3-Month moving average fell 1.78 versus August drop by 1.18; Chicago Fed September National Activity Index fell 2.57 versus drop by 1.61 during August. Chicago Fed September National Activity Index points toward an official Recession. U.S. economic activity weakened further in September, with a key indicator signaling that a recession is underway per the Federal Reserve Bank of Chicago. The Chicago Fed's National Activity Index fell to negative 2.57 last month, from negative 1.61 during August. Majority of the decline was driven by a steep drop in industrial production. All four of the broad categories of indicators made negative contributions to the index. The three-month moving average dropped to negative 1.78 during September, from negative 1.18 during August. The sub-zero figure suggests that growth in national economic activity is below its historical trend. It also markets the 10th consecutive month that the three-month moving average has "indicated an increasing likelihood that a recession has begun," Chicago Fed stated in a Tuesday morning news release. The data also indicates low inflationary pressures. Several Federal Reserve members have recently predicted that a slowing economy will have a dampening impact on inflation. Total industrial production plunged 2.8 percent in September from a 1.0 percent decline during August, according to the Chicago Fed. "Temporary disruptions in production due to recent hurricanes accounted for most of the decline in total industrial production in September."

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 231.77 points on the day to end the trading session at 9,033.66
NYSE (New York Stock Exchange) triple digit loss of 236.26 points to end the trading session at 6,051.34
National Association of Securities Dealers Automated Quotations (NASDAQ) loss of 73.35 points to end the trading session at 1,696.68
S&P 500 loss of 30.35 points to end the trading session at 955.05
FTSE All-World excluding U.S. gain of 3.38 points to end the trading session at 156.56
FTSE RAFI 1000 triple digit loss of 106.45 points to end the trading session at 3,738.41
BEL 20 (BEL20) loss of 20.18 points to end the trading session at 2,089.35
CAC 40 (CAC40) gain of 26.89 points to end the trading session at 3,475.40
FTSE100 (UKX100) loss of 52.94 points to end the trading session at 4,229.73
NIKKEI 225 (NIK/O) triple digit gain of 300.66 points to end the trading session at 9,306.25

New York Stock Exchange (NYSE) stock market indicators for the day:
Advanced stock prices 947 declined stock prices 2,249; unchanged stock prices 79; stock prices hitting new highs 5 and stock prices hitting new lows 91.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: Packaging Corporation of America Incorporated (NYSE: PKG) stock price gained 0.39 points on the trading session, high on the trading session $18.55, low on the trading session $17.10 with a closing stock price at $17.98; Texas Instruments Incorporated (NYSE: TXN) stock price shed 1.13 points on the trading session, high on the trading session $17.26, low on the trading session $15.85 with a closing stock price at $16.85; Massey Energy Company (NYSE: MEE) stock price shed 1.09 points on the trading session, high on the trading session $27.52, low on the trading session $24.76 with a closing stock price at $25.20; Ultrashort Financial ProShares Corporation (NYSE: SKF) stock price gained 4.60 points on the trading session, high on the trading session $133.35, low on the trading session $124.36 with a closing stock price at $132.20; Potash Corporation Saskatchewan (NYSE: POT) stock price shed 8.54 points on the trading session, high on the trading session $79.29, low on the trading session $72.84 with a closing stock price at $73.00; Goldman Sachs Group Incorporated (NYSE: GS) stock price shed 0.15 points on the trading session, high on the trading session $123.62, low on the trading session $118.83 with a closing stock price at $121.35; UltraShort MidCap400 (NYSE: MZZ) stock price gained 4.91 points on the trading session, high on the trading session $97.15, low on the trading session $91.37 with a closing stock price at $96.91; Transocean Incorporated (NYSE: RIG) stock price shed 0.76 points on the trading session, high on the trading session $81.45, low on the trading session $75.25 with a closing stock price at $78.80; CME Group Incorporated (NYSE: CME) stock price shed 24.12 points on the trading session, high on the trading session $351.50, low on the trading session $326.00 with a closing stock price at $336.19.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators today:
Advanced stock prices 824; declined stock prices 2,072; unchanged stock prices 121; stock prices hitting new highs 4; stock prices hitting new lows 100.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: Volterra Semiconductor Corporation (NasdaqGS: VLTR) stock price gained 0.19 points on the trading session, high on the trading session $10.01, low on the trading session $9.25 with a closing stock price at $9.59; SanDisk Corporation (NasdaqGS: SNDK) stock price gained 0.34 points on the trading session, high on the trading session $15.47, low on the trading session $13.80 with a closing stock price at $14.76; Google Incorporated (NasdaqGS: GOOG) stock price shed 14.32 points on the trading session, high on the trading session $383.78, low on the trading session $362.00 with a closing stock price at $365.00.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for today:
Advanced stock prices 451; declined stock prices 678; unchanged stock prices 78; stock prices hitting new highs 2 and stock prices hitting new lows 30.

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 960.00 change -30.50
E-mini NASDAQ-100 (NQ) end of day price 1,293.50 change -66.50
E-mini S&P SmallCap 600 (SMP) end of day price 294.40, change 0.00
$5 DJIA (YM) end of day price 9,100 change -217

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7656 to U.S. Dollars 1.3062
Japanese Yen 100.250 to U.S. Dollars 0.010
British Pound 0.5989 to U.S. Dollars 1.6698
Canadian Dollar 1.2136 to U.S. Dollars 0.8240
Swiss Franc 1.1536 to U.S. Dollars 0.8669

Commodity Markets:
Energy Sector: Light Crude (NYMEX: NYM) shed $3.36 on the day for a closing price of $70.89 a barrel ($US per barrel)
Heating Oil (NYMEX: NYM) shed $0.03 on the day for a closing price of $2.20 a gallon ($US per gallon)
Natural Gas (NYMEX: NYM) gained $0.10 on the day for a closing price of $7.31 per million BTU ($US per mmbtu.)
Unleaded Gas (NYMEX: NYM) shed $0.03 on the day for a closing price of $1.69 a gallon ($US per gallon)

Metals Markets:
Gold Market Price (COMEX: CMX) shed $22.00 on the day for a closing price of $768.00 ($US per Troy ounce)
Silver (COMEX: CMX) gained $0.39 on the day for a closing price of $10.08 ($US per Troy ounce)
Platinum (NYMEX: NYM) shed $0.80 on the day for a closing price of $891.70 ($US per Troy ounce)
Copper (COMEX: CMX) shed $0.11 on the day for a closing price of $2.01 ($US per pound)

Livestock and Meat Markets (cents per lb.):
Lean Hogs (Chicago Mercantile Exchange: CME) shed 0.35 on the day for a closing price of 65.63
Pork Bellies (Chicago Mercantile Exchange: CME) gained 1.90 on the day for a closing price of 90.95
Live Cattle (Chicago Mercantile Exchange: CME) gained 0.90 on the day for a closing price of 92.98
Feeder Cattle (Chicago Mercantile Exchange: CME) gained 1.18 on the day for a closing price of 99.13

Other Commodities (cents per bushel):
Corn (Chicago Board of Trade: CBT) shed 7.50 on the day for a closing price of 411.00
Soybeans (Chicago Board of Trade: CBT) shed 25.50 on the day for a closing price of 915.25

Bond Market:
2 year bond gained 6/32 on the day for a closing price of 100 23/32 with a Yield of 1.61, Yield Change -0.09
5 year bond gained 22/32 on the day for a closing price of 102 6/32 with a Yield of 2.64, Yield Change -0.18
10 year bond gained 30/32 on the day for a closing price of 102 5/32 with a Yield of 3.73, Yield Change -0.11
30 year bond gained 30/32 on the day for a closing price of 105 6/32 with a Yield of 4.19, Yield Change -0.05

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