|
|  |  |
|
Daily Market Commentary for January 27, 2010
|
Federal Reserve Board
Federal Reserve Board announced today
after their two-day meeting, they will keep interest rates at record lows of
between 0% and 0.25%. Federal Reserve said the reason they decided to keep rates
so low was due to the fragile economy; they see the economy is starting to
recover but raising rates could cripple any progress. In the Statement they
said, "recovery is likely to be moderate for a time." Kansas City Fed President
Thomas Hoenig voted against the Fed's latest action, in the statement released,
Hoenig thought that economic conditions had changed enough so that the continued
expectation of low rates was "no longer warranted." It was the first time in a
year that a vote among Fed policymakers was divided. Although there seems to be
improvement in the current economic situation, there are still areas of weakness
which includes, tight credit, declines in real estate investment and employers
being reluctant to hire new workers. In corporate news, Boeing reported
fourth-quarter profits of $1.75 per share this morning, from a loss of $0.12 per
share in the same period a year-ago; sales rose to $17.9 billion from $12.7
billion, better than the $1.36 per share on $17.6 billion. Boeing said they
expect a profit of $3.70 to $4.00 per share in 2010, analysts estimate is $4.28
per share. Yahoo reported late Tuesday night a fourth-quarter profit of $119
million, an improvement from the $278 million they lost in the same quarter last
year. Net revenue fell to $1.26 billion from $1.38 billion, analysts he
consensus estimate was for earnings of 11 cents per share on $1.23 billion in
revenue, results were better than analysts expected. Internet advertising grew
26% from last quarter and sales of internet search advertising rose 4% from last
quarter, overall it fell 15% from the same period last year. Stocks fell early
in the trading session as investors awaited the Fed's decision, but turned
around once they got the confidence boost they needed. Bond prices continued to
rise, the yield on the benchmark 10-year note fell to 3.58 from 3.61 Tuesday.
Commodities fell as the dollar rose against the euro; gold fell $6.00 to
$1,093.00 and crude oil fell $0.55 to $74.16.
AIG Decisions in Cross Hairs; Geithner, Government on Defense:
Lawmakers denied making decisions that allowed AIG major trading partners to
make out with billions, on Wednesday. "In effect, the taxpayers were propping up
the hollow shell of AIG by stuffing it with money, and the rest of Wall Street
came by and looted the corpse," Rep. Edolphus Towns (D., N.Y.) said on Capitol
Hill. Rep. Darrell Issa (R., Calif.) told reporters that he has "lost
confidence" in Treasury Secretary Timothy Geithner, who was head of the Federal
Reserve Bank of New York at the peak of the financial crisis when the government
decided to bailout AIG. Geithner struck back saying, “It would have been
irresponsible for policy makers to "stand back and let it burn, "thousands of
more factories would have closed their doors, millions of more Americans would
have lost their jobs," he said.”Utter collapse. I don't know a better way to say
it than that." Rep. Stephen Lynch (D., Mass.), fired back at Geithner saying
that “you had every opportunity to weigh in on behalf of the American people!"
Rep. John Mica (R., Fla.) accused Geithner of "giving lame excuses." Geithner
made it clear to Mica that "you don't know me very well." "I have worked in
public service all of my life, I have never been a politician," Geithner
said. Former Treasury Secretary Henry Paulson and the New York Fed's top
in-house lawyer are expected to be interrogated Wednesday by the House committee
on Oversight and Government Reform. They have subpoenaed more than 250,000 pages
of internal documents on the AIG deliberations. Documents that show little
effort was made to negotiate with AIG's trading partners and after the rescue
Fed officials attempted to tamper efforts to release the names and amounts big
banks received. Geithner, Paulson and New York Fed General Counsel Thomas Baxter
defended each other’s actions during the final four months of 2008. "We did not
act to protect the financial interests of individual institutions. We did not
act to help foreign banks," Geithner said in opening remarks. He also said
personally, he had no role in making decisions "regarding what to disclose about
the specific financial terms" during the November 2008 bailout. Paulson
distanced himself from the AIG decisions, saying, “he had no personal role in
the November 2008 decisions that led to the counterparty payments.” "I believe
we would have seen a complete collapse of our financial system and unemployment
easily could have risen to the 25% level reached in the Great Depression,"
Paulson said in regards to the ’08 bailout.
Economic data released today:
MBA Mortgage Applications:
U.S. MBA Market Index fell 10.9% at 513; Last Week 575.9; U.S. MBA Purchase
Index fell 3.3% at 215.6; Last Week 223; U.S. MBA Refinance Index fell 15.1% at
2.260.4; Last Week 2,663.8.
New Home Sales:
U.S. December New Home Sales fell 7.6% to 342K;
compared to consensus of 365K; U.S. November New Home Sales Revised to 370K from
355K.
Crude Oil Inventories as reported by Department
of Energy [DOE]:
U.S. Crude Oil Stockpiles fell 3.9 Million Barrels at 326.7 Million Barrels;
U.S. Crude Oil Stockpiles -3.9 Million Barrels in week; was seen increasing by
0.9 Million Barrels; U.S. Gasoline Stockpiles rose 2.0 Million Barrels at 229.4
Million Barrels; U.S. Gasoline Stockpiles rose 2.0 Million Barrels in week; was
seen increasing by 0.6 Million Barrels; U.S. Distillate Stockpiles rose 0.4
Million Barrels at 157.5 Million Barrels; U.S. Distillate Stockpiles +0.4
Million Barrels In Wk; Seen -1.6 Million Barrels; U.S. Refineries Ran at 78.5%
capacity versus 78.4% week ago; U.S. Refineries Ran at 78.5% capacity; was seen
78.40%.
FOMC Interest Rate Decision:
Fed leaves discount rate unchanged at 0.50%; Fed
keeps Fed funds range unchanged at 0.0% to 0.25%; voted 9-1 for Fed funds rate
action, hoenig dissents; tad more upbeat on U.S. economy, leaves rates near
zero; Fed funds to stay exceptionally low for extended period; economic activity
has continued to strengthen; economic activity likely to be moderate for a
time; deterioration in labor market is abating; inflation expected to remain
subdued for some time; resource slack seen keeping cost pressures
down; longer-term inflation expectations stable; financial market conditions
supportive of growth; bank lending continues to contract; household spending
remains constrained; businesses spending picking up, firms reluctant to hire;
repeats plan to end agency securities purchases in 1Q; still buying $1.25T in
agency MBS, $175B in agency debt; most special liquidity facilities to expire in
February; close swap deals with foreign central banks by Feb 1; continue
scaling back term auction offerings.
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) gain 47.09 points, EOD 10,241.38
NYSE (New York Stock
Exchange) gain 7.26, EOD 7,035.58
National Association of Securities Dealers Automated Quotations (NASDAQ)
gain 18.14 points, EOD 2,221.87
S&P 500 (SPX) gain 5.16 points, EOD 1,097.33
BEL 20 (BEL20) shed 2.78 points, EOD 2,493.67
CAC 40 (CAC40) shed 47.24 points, EOD 3,759.80
FTSE100 (UKX100) shed 59.38 points, EOD 5,217.47
NIKKEI 225 (NIK/O) shed 107.21 points, EOD 10,253.08
New York Stock Exchange (NYSE) stock market indicators for the trading session
today:
Advanced stock prices 1,503 declined stock prices 1,595, unchanged stock
prices 87, stock prices hitting new highs 49 and stock prices hitting new lows
15. 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: DV gain 7.15, HOD
63.67, LOD 58.21, EOD 63.32; PLT gain 2.18, HOD 27.79, LOD 26.77, EOD 27.36; USG
shed 1.03, HOD 13.59, LOD 12.71, EOD 12.98; RTP gain 0.71, HOD 206.37, LOD
200.00, EOD 203.78; AIG gain 0.51, HOD 25.19, LOD 23.04, EOD 24.91; GS gain
0.65, HOD 152.93, LOD 148.27, EOD 151.60; FAS gain 4.25, HOD 72.69, LOD 67.47,
EOD 72.16; CME gain 8.13, HOD 295.50, LOD 283.61, EOD 294.33; ROK gain 4.68, HOD
51.86, LOD 49.03, EOD 50.84; BLK gain 2.06, HOD 231.13, LOD 218.55, EOD 226.77;
MA gain 7.72, HOD 256.43, LOD 248.37, EOD 256.33.
National Association of Securities Dealers Automated Quotations (NASDAQ)
stock market indicators for the trading session today:
Advanced stock prices 1,606, declined stock prices 1,083, unchanged
stock prices 122, stock prices hitting new highs 37 and stock prices hitting new
lows 23. 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: SANM gain 1.85, HOD 14.55, LOD 13.65,
EOD 14.15; ALTR gain 1.23, HOD 22.73, LOD 22.11, EOD 22.42; PLCM shed 1.48, HOD
23.17, LOD 22.15, EOD 22.69; AAPL gain 1.94, HOD 210.58, LOD 199.53, EOD 207.88;
BIDU gain 4.98, HOD 425.69, LOD 417.00, EOD 424.36; AMZN gain 3.27, HOD 123.33,
LOD 118.80, EOD 122.75; APOL gain 2.27, HOD 64.60, LOD 61.87, EOD 64.15; FSLR
shed 0.99, HOD 115.98, LOD 111.02, EOD 114.14; GOOG shed 0.32, HOD 547.65, LOD
536.01, EOD 542.10.
Market trends on the American Stock Exchange (AMEX) and stock market indicators
for the trading session today:
Advanced stock prices 215, declined stock prices 298, unchanged stock
prices 42, stock prices hitting new highs 8 and stock prices hitting new lows
4.
Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1093.00; Change 5.75
E-mini NASDAQ-100 (NQ) Mar 10: EOD 1,816.50; Change 20.00
E-mini DOW $5 (YM) Mar 10: EOD 10,180; Change 42
E-mini S&P MidCap 400 (MF) Mar 10: EOD 719.90; Change 1.20
Nikkei 225 (Yen) Mar 10: EOD 10,305; Change -25
World Currencies for the Forex Market, for Forex Trading by active Forex
Traders, at time of this posting:
Euro 0.7132 U.S. Dollars 1.4022
Japanese Yen 90.0200 to U.S. Dollars 0.0111
British Pound 0.6187 to U.S. Dollars 1.6163
Canadian Dollar 1.0645 to U.S. Dollars 0.9394
Swiss Franc 1.0499 to U.S. Dollars 0.9525
COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (March 10) shed $1.06, EOD $73.65 per barrel ($US per barrel)
Heating Oil (March 10) shed $0.03, EOD $1.93 a gallon ($US per gallon)
Natural Gas (March 10) shed $0.19, EOD $5.24 per million BTU ($US per mmbtu.)
Unleaded Gas (February 10) shed $0.03 EOD $1.94 gallon ($US per gallon)
Metals Markets - Comex:
Gold (February 10) shed $13.00, EOD $1,086.50 ($US per Troy ounce)
Silver (March 10) shed $0.44, EOD $16.43 ($US per Troy ounce)
Platinum (April 10) shed $30.50, EOD $1,500.80 ($US per Troy ounce)
Copper (March 10) shed $0.11, EOD $3.23 ($US per pound)
Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (April 10) gain $0.28, EOD $68.95
Pork Bellies (February 10) gain $0.30, EOD $81.70
Live Cattle (April 10) shed $0.35, EOD $88.98
Feeder Cattle (March 10) shed $0.45, EOD $98.53
Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (March 10) shed $3.25, EOD $358.25
Soybeans (March 10) shed $16.00, EOD $929.00
BOND MARKET:
2 year EOD 99 30/32, change -13/32, Yield 0.90, Yield change 0.09
5 year EOD 101 4/32, change -5/32, Yield 2.37 Yield change 0.03
10 year EOD 97 25/32, change -6/32, Yield 3.64 Yield change 0.02
30 year EOD 97 4/32, change 3/32, Yield 4.55, change 0.00
Access upcoming scheduled economic data anytime by viewing the
Economic Calendar from Millennium-Traders, free access to visitors
on our website.
Visitors may subscribe to our free
Weekly Market News for a review of the previous weeks trading news
plus, view upcoming economic data scheduled for the week ahead.
Review current edition as well as, archives of the
News & Commentary plus, view complete details of calls made in our
Trading Rooms and stock picks from our Swing Trading service. Traders should
review our FREE
Monthly Trading Lesson posted on our website.
|
|
Top of the page | |
| |
Total for Year |
Last Week |
$129,372.00 |
$9,967.00 |
|
| |
Total for Year |
Last Week |
$32,170.00 |
$1,585.00 |
|
| |
Total for Year |
Last Week |
$117,300.00 |
$16,250.00 |
|
| |
Total for Year |
Last Week |
$106,510.00 |
$9,830.00 |
|
| |
Total for Year |
Last Week |
$0.00 |
$0.00 |
|
|
News & Commentary
Daily Market Commentary for March 11, 2010
Stocks Trading Room Performance for March 11, 2010
Futures Trading Room Performance for March 11, 2010
Forex Trading Room Performance for March 11, 2010
Daily Swing Trades Performance for March 11, 2010
Daily Market Commentary for March 10, 2010
Stocks Trading Room Performance for March 10, 2010
Futures Trading Room Performance for March 10, 2010
Forex Trading Room Performance for March 10, 2010
Daily Swing Trades Performance for March 10, 2010
 |
News & Commentary
|
|
|
Monthly Trading Lesson
|
Subscribe via RSS Feed
Always be up to date with the latest market information.
|
|
