|
|  |  |
|
Daily Market Commentary for October 27, 2009
|
First Time Home Buyer Tax Credit
As the extension of the first time home buyer tax credit is up for debate in
congress due to over $600 million in fraudulent claims, the IRS is also starting
an investigation for over 100,000 additional cases that could also be
fraudulent. Started in 2008 by President George W. Bush, the tax credit was
originally a credit of $7,500 to first time home buyers, an incentive to help
boost the weakening housing market, it was later raised to $8,000 as a part of
President Barak Obama's $787 billion stimulus package. In the Treasury
Department's Inspector General report they found 90,000 fallacious claims
accounting for $622 million and the IRS has already prepared over 1 million tax
returns with claims adding up to over $8 billion dollars worth of home buyer's
credits. Roughly 70,000 taxpayers claimed over $479 million in credits despite
proof that had already owned or had owned a house prior, the report also stated
that 19,350 taxpayers claimed $139 million in tax credits for homes they hadn't
even bought yet. People were filing claims under small children and also
teenagers under the age of 18 reportedly accounted for 582 claims. Even though
the program was successful in raising home sales we have to wonder if it is
going to backfire in the long run, accounting the report 60% of the people who
were part of the tax credit had incomes below $50,000, causing concern and
raining questions about whether those people could even afford to buy a home.
National Association of Realtors credited the program for the 9.4% jump in
existing-home sales in the month of September, but if in the long run people
can't afford to pay those mortgages we will be back in the same place we were
with the foreclosure rate sky high. Conference Board's Consumer Confidence Index
unexpectedly fell in October to 47.7, analysts predicted a reading of 53.1, home
prices rose 1.2% in August, after a 1.6% price increase in July. After the
consumer confidence report, stocks started falling along with some commodities
such as crude oil and gold, bond prices however were on the rise, the yield on
the benchmark 10-year Treasury note fell to 3.45 from 3.57 Monday. At the end of
the trading day the major indices ended the day in the red.
Economic data released
today:
S&P/CS Home Price Indices Composite:
S&P Case-Shiller August 10-City Home Price Index fell 10.6% year over year;
S&P Case-Shiller August 20-City Home Price Index fell11.3% year over year; S&P
Case-Shiller August 10-City Home Price Index rose 1.3% month over month; S&P
Case-Shiller August 20-City Home Price Index rose 1.2% month over month.
CB Consumer Confidence:
U.S. Conference Board October Consumer Confidence 47.7 versus September
53.4; U.S. Conference Board October Present Situation Index 20.7 versus
September 23.0; U.S. Conference Board October Expectations Index 65.7 versus
September 73.7.
Richmond Manufacturing Index:
Richmond Fed October Manufacturing Shipments Index 11 versus September 22;
Richmond Fed October Manufacturing Index 7 versus September 14.
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 13.00 points, EOD 9,880.96
NYSE (New York Stock
Exchange) shed 28.04, EOD 6,932.05
National Association of Securities Dealers Automated Quotations (NASDAQ)
shed 11.09 points, EOD 2,130.76
S&P 500 (SPX) shed 2.63 points, EOD 1,064.32
BEL 20 (BEL20) shed 50.21 points, EOD 2,443.04
CAC 40 (CAC40) shed 0.5 points, EOD 3,743.95
FTSE100 (UKX100) gain 9.23 points, EOD 5,200.97
NIKKEI 225 (NIK/O) shed 150.16, EOD 10,212.46
New York Stock Exchange (NYSE) stock market indicators for the trading session
today:
Advanced stock prices 1,081 declined stock prices 1,993, unchanged stock
prices 96, stock prices hitting new highs 64 and stock prices hitting new lows
12. 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: RPT shed 5.97, HOD 193.34,
LOD 185.60, EOD 186.15; LTD shed 1.58, HOD 18.54, LOD 17.55, EOD 17.91; WMS shed
4.34, HOD 45.89, LOD 42.37, EOD 43.06; FAS shed 1.53, HOD 78.85, LOD 74.88, EOD
76.30; CME shed 4.51, HOD 322.89, LOD 315.42, EOD 316.50; CRI shed 6.78, HOD
28.23, LOD 19.17, EOD 21.66; BEN shed 4.02, HOD 114.83, LOD 105.43, EOD 109.00;
OMI shed 7.22, HOD 43.00, LOD 38.78, EOD 39.93; CR gain 4.10, HOD 31.08, LOD
27.58, EOD 30.58; VFC shed 5.14, HOD 75.08, LOD 72.18, EOD 73.35.
National Association of Securities Dealers Automated Quotations (NASDAQ)
stock market indicators for the trading session today:
Advanced stock prices 898, declined stock prices 1,832, unchanged
stock prices 114, stock prices hitting new highs 39 and stock prices hitting
new lows 37. 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 49.31, HOD 388.20, LOD
353.03, EOD 383.66; ZRAN shed 1.27, HOD 9.26, LOD 8.50, EOD 8.90; AAPL shed
5.11, HOD 202.81, LOD 196.45, EOD 197.37; FSLR shed 4.65, HOD 156.00, LOD
148.45, EOD 150.22; SGMS shed 3.85, HOD 15.50, LOD 12.86, EOD 13.85; AMZN shed
2.57, HOD 124.26, LOD 119.42, EOD 122.07; DRWI gain 0.37, HOD 9.35, LOD 7.60,
EOD 8.46; ITRI gain 1.86, HOD 61.38, LOD 58.81, EOD 59.65; WYNN shed 6.94, HOD
61.33, LOD 55.20, EOD 56.13; WINN shed 1.30, HOD 13.00, LOD 11.97, EOD 12.03;
FELE shed 0.76, HOD 28.69, LOD 26.72, EOD 28.59; RCII shed 1.92, HOD 19.39, LOD
18.22, EOD 18.50.
Market trends on the American Stock Exchange (AMEX) and stock market indicators
for the trading session today:
Advanced stock prices 200, declined stock prices 306, unchanged stock
prices 55, stock prices hitting new highs 7 and stock prices hitting new lows
3.
Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Dec 09: EOD 1060.75; Change -5.75
E-mini NASDAQ-100 (NQ) Dec 09: EOD 1,721.75; Change -26.25
E-mini DOW $5 (YM) Dec 09: EOD 9,835; Change -6
E-mini S&P MidCap 400 (MF) Dec 09: EOD 684.80; Change -9.70
Nikkei 225 (Yen) Dec 09: EOD 10,150; Change -95
World Currencies for the Forex Market, for Forex Trading by active Forex
Traders, at time of this posting:
Euro 0.6760 U.S. Dollars 1.4792
Japanese Yen 91.8600 to U.S. Dollars 0.0109
British Pound 0.6109 to U.S. Dollars 1.6381
Canadian Dollar 1.0660 to U.S. Dollars 0.9381
Swiss Franc 1.0224 to U.S. Dollars 0.9781
COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (December 09) gain $0.87, EOD $79.55 per barrel ($US per barrel)
Heating Oil (December 09) gain $0.02, EOD $2.08 a gallon ($US per
gallon)
Natural Gas (December 09) gain $0.07, EOD $5.28 per million BTU ($US per mmbtu.)
Unleaded Gas (November 09) gain $0.04, EOD $2.07 a gallon ($US per
gallon)
Metals Markets - Comex:
Gold (December 09) shed $7.40, EOD $1,035.40 ($US per Troy ounce)
Silver (December 09) shed $0.56, EOD $16.54 ($US per Troy ounce)
Platinum (January 09) shed $26.80, EOD $1,319.00 ($US per Troy ounce)
Copper (December 09) shed $0.01, EOD $3.00 ($US per pound)
Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (December 09) gain $1.98, EOD $55.43
Pork Bellies (February 10) gain $1.28, EOD $90.25
Live Cattle (December 09) shed $0.05, EOD $87.10
Feeder Cattle (November 09) gain $0.35, EOD $96.35
Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (December 09) shed $7.25, EOD $370.75
Soybeans (November 09) shed $12.25, EOD $976.50
BOND MARKET:
2 year EOD 100 4/32, change 6/32, Yield 0.92, Yield change -0.10
5 year EOD 100, change 19/32, Yield 2.37, Yield change -0.12
10 year EOD 101 13/32, change 28/32, Yield 3.45, Yield change -0.10
30 year EOD 103 19/32, change 1 14/32, Yield 4.28, change -0.08
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 MarketNews 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 |
$130,685.00 |
$8,382.00 |
|
| |
Total for Year |
Last Week |
$32,847.50 |
$2,557.50 |
|
| |
Total for Year |
Last Week |
$123,550.00 |
$12,650.00 |
|
| |
Total for Year |
Last Week |
$106,480.00 |
$2,610.00 |
|
| |
Total for Year |
Last Week |
$0.00 |
$0.00 |
|
|
News & Commentary
Daily Market Commentary for March 12, 2010
Stocks Trading Room Performance for March 12, 2010
Futures Trading Room Performance for March 12, 2010
Forex Trading Room Performance for March 12, 2010
Daily Swing Trades Performance for March 12, 2010
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
 |
News & Commentary
|
|
|
Monthly Trading Lesson
|
Subscribe via RSS Feed
Always be up to date with the latest market information.
|
|
