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Daily Market Commentary for March 16, 2010
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Fed
Stocks were on the rise today as
investors anxiously awaited the Fed announcement on monetary policy. In their
announcement, the Federal Reserve left its key interest rate near 0% Tuesday and
said rates should stay this low for the foreseeable future. Fed also left its
discount rate, the rate it charges member institutions for short-term loans,
unchanged at 0.75%; the Fed raised the rate in February. As the economy
improves, the Fed will need to start
increasing interest rates to fend off inflation. Fed officials said inflation is
not an immediate problem, and it plans to keep rates low for an "extended
period." The U.S. economy is still too weak to raise interest rates any time
soon, the fed says the economic outlook is bright. Also in the statement the Fed
said that there has been an improvement in the strength of the retail and auto
industry, however the housing market is
still struggling to get back on track. The Fed's asset purchasing program, a
Federal funded program aimed at buying $1.25 trillion worth of mortgage-backed
securities will end later this month. Investors didn't respond much to the news,
the Dow rose 20 points when the news was first reported only to settle back at a
gain of around 17 points with an hour left in the trading session. Trading was
volatile and quiet again today as analysts predicted. European finance ministers
announced they worked out a plan to help Greece with their current debt
situation, over the past couple of months the euro fell more than 9%, but could
be back on the rise. Officials said deal would not include loan guarantees, but
it would be in line with the union's monetary treaty and all 16 members would
participate in the action if necessary. Also helping stocks hold onto gains was
the announcement that the ratings agency Standard & Poor's had not lowered
Greece's credit rating after saying last month that a downgrade was possible,
however the outlook for the debt-stricken nation remains negative. At the end of
the day stocks finished with a gain and commodity prices saw mostly gains. Gold
rose $17.10 to $1,122.20 and crude oil rose $1.90 to $81.70.
Economic data released today:
Building Permits:
Building Permits fell 1.6% to 612K Rate in February.
Housing Starts:
U.S. January Housing Starts Revised to rise 6.6% from an increase by 2.8%;
U.S. February Housing Starts fell 5.9% to 575K; Compared to Consensus of a
decrease by 4.7%.
Import Price Index (MoM):
U.S. February Import Prices fell 0.3%; Compared to Consensus of a decrease
by 0.2%; U.S. February Non-Petroleum Import Prices rose 0.2%; U.S. February
Petroleum Import Prices fell 2.2%.
FOMC Statement:
Fed leaves discount rate unchanged at 0.75%; Fed keeps Fed funds range
unchanged at 0.0% to 0.25%; Voted 9-1 for Fed funds rate action, Hoenig
dissents; to use policy tools as needed for growth, Stable prices; Businesses
spending significantly more, not hiring; household spending expanding, but
remains constrained; Financial market conditions remain supportive of growth;
Longer-term Inflation expectations stable; inflation expected to remain subdued
for some time; Pace of recovery likely to be moderate for a time; Labor market
is `stabilizing'; Economic activity has continued to strengthen; Fed funds to
stay exceptionally low for extended period; to end mortgage purchases March 31
as U.S. economy improves; Hoenig concerned `extended period' may cause
imbalances.
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 43.76 points, EOD 10,685.91
NYSE (New York Stock
Exchange) gain 75.68, EOD 7,426.64
National Association of Securities Dealers Automated Quotations (NASDAQ)
gain 15.35 points, EOD 2,377.56
S&P 500 (SPX) gain 9.02 points, EOD 1,159.53
BEL 20 (BEL20) gain 22.77 points, EOD 2,631.57
CAC 40 (CAC40) gain 48.04 points, EOD 3,938.95
FTSE100 (UKX100) gain 26.58, EOD 5,620.43
NIKKEI 225 (NIK/O) shed 30.27 points, EOD 10,721.71
New York Stock Exchange (NYSE) stock market indicators for the trading session
today:
Advanced stock prices 2,250, declined stock prices 843, unchanged stock
prices 108, stock prices hitting new highs 405 and stock prices hitting new lows
6. 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: NUE gain 0.95, HOD
46.20, LOD 45.05, EOD 46.07; POT gain 2.04, HOD 128.42, LOD 126.53, EOD 126.98;
CF shed 0.76, HOD 97.42, LOD 95.10, EOD 95.62; CME gain 0.18, HOD 315.99, LOD
311.98, EOD 314.33; FAS gain 3.40, HOD 92.65, LOD 89.45, EOD 92.54; LTD gain
1.00, HOD 24.85, LOD 23.99, EOD 24.71.
National Association of Securities Dealers Automated Quotations (NASDAQ)
stock market indicators for the trading session today:
Advanced stock prices 1,717, declined stock prices 1,039, unchanged
stock prices 98, stock prices hitting new highs 211 and stock prices hitting new
lows 12. 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: BIDU shed 3.68, HOD 588.00, LOD
571.53, EOD 573.16; ATHN gain 2.42, HOD 41.00, LOD 38.74, EOD 39.71; SQNM shed
1.68, HOD 6.58, LOD 5.98, EOD 6.08; AAPL gain 0.61, HOD 224.98, LOD 222.51, EOD
224.45; WYNN gain 3.16, HOD 73.80, LOD 70.28, EOD 73.63; CFSG shed 1.20, HOD
14.85, LOD 13.51, EOD 14.28.
Market trends on the American Stock Exchange (AMEX) and stock market indicators
for the trading session today:
Advanced stock prices 282, declined stock prices 208, unchanged stock
prices 34, stock prices hitting new highs 26 and stock prices hitting new lows
2.
Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1154.75; Change 9.00
E-mini NASDAQ-100 (NQ) Mar 10: EOD 1,930.25; Change 13.25
E-mini DOW $5 (YM) Mar 10: EOD 10,626; Change 50
E-mini S&P MidCap 400 (MF) Mar 10: EOD 787.90; Change 9.00
Nikkei 225 (Yen) Mar 10: EOD 10,740; Change 75
World Currencies for the Forex Market, for Forex Trading by active Forex
Traders, at time of this posting:
Euro 0.7258 to U.S. Dollars 1.3800
Japanese Yen 90.2900 to U.S. Dollars 0.0111
British Pound 0.6555 to U.S. Dollars 1.5300
Canadian Dollar 1.0141 to U.S. Dollars 0.9860
Swiss Franc 1.0534 to U.S. Dollars 0.9490
COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (April 10) gain $1.90, EOD $81.70 per barrel ($US per barrel)
Heating Oil (April 10) gain $0.05, EOD $2.11 a gallon ($US per gallon)
Natural Gas (April 10) shed $0.04, EOD $4.35 per million BTU ($US per mmbtu.)
Unleaded Gas (April 10) gain $0.05, EOD $2.28 gallon ($US per gallon)
Metals Markets - Comex:
Gold (April 10) gain $17.10, EOD $1,122.20 ($US per Troy ounce)
Silver (April 10) gain $0.25, EOD $17.33 ($US per Troy ounce)
Platinum (April 10) gain $14.90, EOD $1,628.00 ($US per Troy ounce)
Copper (April 10) gain $0.05, EOD $3.36 ($US per pound)
Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (April 10) shed $0.05, EOD $71.75
Pork Bellies (April 10) unchanged, EOD $91.00
Live Cattle (Aril 10) shed $0.17, EOD $95.48
Feeder Cattle (April 10) gain $0.05, EOD $102.95
Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (May 10) gain $3.50 , EOD $366.75
Soybeans (May 10) gain $15.00, EOD $945.00
Access upcoming scheduled economic data anytime by viewing the
Economic Calendar from Millennium-Traders, free access to visitors
on our website.
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Top of the page | |
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Total for Year |
Last Week |
$296,530.00 |
$11,526.00 |
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Total for Year |
Last Week |
$184,983.71 |
$7,197.50 |
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| |
Total for Year |
Last Week |
$407,600.00 |
$13,100.00 |
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| |
Total for Year |
Last Week |
$344,560.00 |
$20,460.00 |
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Total for Year |
Last Week |
$0.00 |
$0.00 |
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Futures Trading Room Performance for July 29, 2010
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Daily Swing Trades Performance for July 29, 2010
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