Greedy

[MTnews]

Daily Market Commentary for October 17, 2008 from

Warren indicates that, "A simple rule dictates my buying: Be fearful when others are greedy and greedy when others are fearful." ()

Economic data released today:

Housing Starts:
U.S. September Housing Starts fell 6.3 percent to 817,000 as compared to consensus of a drop by 1.7 percent; Building Permits fell 8.3 percent to 786,000 rate during the month of September; August Housing Starts revised to a drop by 8.1 percent from previously stated drop by 6.2 percent.

Consumer Sentiment:
University of Michigan Mid-October Sentiment came in at 57.5 compared to September reading at 70.3; University of Michigan Mid-October Current Index came in at 58.9 compared to September reading at 75.0; University of Michigan Mid-October expectations came in at 56.7 compared to September reading at 67.2; University of Michigan 12-Month Inflation Forecast rose 4.5 percent compared to September increase by 4.3 percent;
University of Michigan 5-Year Inflation Forecast rose 2.8 percent compared to September increase by 3.0 percent.

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 127.04 points on the day to end the trading session at 8,852.22
NYSE (New York Stock Exchange) loss of 22.10 points to end the trading session at 5,948.80
National Association of Securities Dealers Automated Quotations (NASDAQ) loss of 6.42 points to end the trading session at 1,711.29
S&P 500 loss of 5.88 points to end the trading session at 940.55
FTSE All-World excluding U.S. gain of 1.33 points to end the trading session at 153.78
FTSE RAFI 1000 loss of 24.04 points to end the trading session at 3,683.83
BEL 20 (BEL20) gain of 68.92 points to end the trading session at 2,015.30
CAC 40 (CAC40) triple digit gain of 148.92 points to end the trading session at 3,329.92
FTSE100 (UKX100) triple digit gain of 201.62 points to end the trading session at 4,063.01
NIKKEI 225 (NIK/O) triple digit gain of 235.37 points to end the trading session at 8,693.82

New York Stock Exchange (NYSE) stock market indicators for the day:
Advanced stock prices 1,744 declined stock prices 1,466; unchanged stock prices 72; stock prices hitting new highs 7 and stock prices hitting new lows 131.
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: Hess Corporation (NYSE: HES) stock price shed 0.97 points on the trading session, high on the trading session $56.87, low on the trading session $48.64 with a closing stock price at $50.58; Peabody Energy Corporation (NYSE: BTU ) stock price gained 3.35 points on the trading session, high on the trading session $35.00, low on the trading session $27.25 with a closing stock price at $32.03; Mosaic Company (NYSE: MOS) stock price gained 0.50 points on the trading session, high on the trading session $35.77, low on the trading session $30.80 with a closing stock price at $33.66; Capital One Financial Corporation (NYSE: COF) stock price gained 1.25 points on the trading session, high on the trading session $42.32, low on the trading session $37.24 with a closing stock price at $39.95; Leggett & Platt Incorporated (NYSE: LEG) stock price shed 2.28 points on the trading session, high on the trading session $18.40, low on the trading session $14.75 with a closing stock price at $16.29; Ultrashort Financial Corporation (NYSE: SKF) stock price gained 5.97 points on the trading session, high on the trading session $138.59, low on the trading session $121.64 with a closing stock price at $135.97; Proshares Ultrashort (NYSE: EEV) stock price gained 6.91 points on the trading session, high on the trading session $140.49, low on the trading session $117.97 with a closing stock price at $133.40; Potash Corporation Saskatchewan (NYSE: POT) stock price shed 0.31 points on the trading session, high on the trading session $79.00, low on the trading session $67.16 with a closing stock price at $74.43.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators today:
Advanced stock prices 1,272; declined stock prices 1,631; unchanged stock prices 110; stock prices hitting new highs 2; stock prices hitting new lows 127.
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: ICU Medical Incorporated (NasdaqGS: ICUI) stock price gained 5.37 points on the trading session, high on the trading session $32.37, low on the trading session $28.50 with a closing stock price at $32.17; Cubist Pharmaceuticals Incorporated (NasdaqGS: CBST) stock price gained 1.54 points on the trading session, high on the trading session $22.23, low on the trading session $20.46 with a closing stock price at $121.93; Intuitive Surgical Incorporated (NasdaqGS: ISRG) stock price shed 25.80 points on the trading session, high on the trading session $199.99, low on the trading session $173.14 with a closing stock price at $189.00; Baidu.com Incorporated (NasdaqGS: BIDU) stock price gained 13.80 points on the trading session, high on the trading session $247.58, low on the trading session $222.13 with a closing stock price at $240.10; Google Incorporated (NasdaqGS: GOOG) stock price gained 20.18 points on the trading session, high on the trading session $386.00, low on the trading session $363.55 with a closing stock price at $373.20.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for today:
Advanced stock prices 689; declined stock prices 480; unchanged stock prices 70; stock prices hitting new highs 2 and stock prices hitting new lows 65.

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 933.25 change -7.75
E-mini NASDAQ-100 (NQ) end of day price 1,312.00 change -11.00
E-mini S&P SmallCap 600 (SMP) end of day price 279.10, change -7.20
$5 DJIA (YM) end of day price 8,757 change -209

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7455 to U.S. Dollars 1.3414
Japanese Yen 101.560 to U.S. Dollars 0.0098
British Pound 0.5781 to U.S. Dollars 1.7299
Canadian Dollar 1.1868 to U.S. Dollars 0.8426
Swiss Franc 1.1356 to U.S. Dollars 0.8806

Commodity Markets:
Energy Sector: Light Crude (NYMEX: NYM) gained $2.00 on the day for a closing price of $71.85a barrel ($US per barrel)
Heating Oil (NYMEX: NYM) gained $0.05 on the day for a closing price of $2.16 a gallon ($US per gallon)
Natural Gas (NYMEX: NYM) gained $0.09 on the day for a closing price of $7.31 per million BTU ($US per mmbtu.)
Unleaded Gas (NYMEX: NYM) gained $0.04 on the day for a closing price of $1.67 a gallon ($US per gallon)

Metals Markets:
Gold Market Price (COMEX: CMX) shed $16.80 on the day for a closing price of $787.70 ($US per Troy ounce)
Silver (COMEX: CMX) shed $0.30 on the day for a closing price of $9.34 ($US per Troy ounce)
Platinum (NYMEX: NYM) shed $10.30 on the day for a closing price of $881.00 ($US per Troy ounce)
Copper (COMEX: CMX) gained $0.09 on the day for a closing price of $2.18 ($US per pound)

Livestock and Meat Markets (cents per lb.):
Lean Hogs (Chicago Mercantile Exchange: CME) gained 0.33 on the day for a closing price of 56.30
Pork Bellies (Chicago Mercantile Exchange: CME) gained 2.88 on the day for a closing price of 87.58
Live Cattle (Chicago Mercantile Exchange: CME) gained 1.73 on the day for a closing price of 92.55
Feeder Cattle (Chicago Mercantile Exchange: CME) gained 1.43 on the day for a closing price of 98.05

Other Commodities (cents per bushel):
Corn (Chicago Board of Trade: CBT) gained 18.50 on the day for a closing price of 401.00
Soybeans (Chicago Board of Trade: CBT) gained 26.50 on the day for a closing price of 906.75

Bond Market:
2 year bond had no change on the day for a closing price of 100 23/32 with a Yield of 1.61, Yield Change 0.11
5 year bond gained 3/32 on the day for a closing price of 101 12/32 with a Yield of 2.82, Yield Change -0.02
10 year bond gained 11/32 on the day for a closing price of 100 19/32 with a Yield of 3.92, Yield Change -0.04
30 year bond shed 26/32 on the day for a closing price of 103 7/32 with a Yield of 4.30, Yield Change 0.05

At the close of the week, performance results for our Moderators:

Stocks Trading Room:
Jeannie $4,695
Barry $13,288
Sam $12,435

Futures Trading Room:
JT $6,120
James $3,595

Forex Trading Room:
JT $10,200

Daily Swing Trades:
Barry $8,390

Weekly Swing Trades:
Jeannie n/a

Thanks for reading