Stock Market Trend Analysis

[MTnews]

Daily Market Commentary for June 11, 2008 from

The markets faced a strong sell off that only increased in momentum, as the trading day moved forward. Losses as well as several triple digit losses was how the major indices stacked up at the closing bell today. ()

At the closing bell on the Stock Exchange, here is how the major world indices and major U.S. indices ended the session on the U.S. Markets:
DOW (Dow Jones Industrial Average) triple digit loss of 206.07 points on the day to end the session at 12,083.69
NYSE (New York Stock Exchange) triple digit loss of 125.83 points to end the session at 8,941.27
NASDAQ loss of 54.93 points for a close at 2,394.01
S&P 500 loss of 22.95 points for a close at 1,335.49
FTSE All-World ex-U.S. loss of 2.23 points to close at 240.82
FTSE RAFI 1000 triple digit loss of 102.96 points for a close at 5,273.33
BEL 20 loss of 70.56 points to close at 3,546.89
CAC 40 triple digit loss of 100.17 points to close at 4,660.91
FTSE100 triple digit loss of 104 points to close at 5,723.3
NIKKEI 225 triple digit gain of 162.3 points to close at 14,183.5

News on the New York Stock Exchange (NYSE) today: advanced stocks 564; declined stocks 2,624; unchanged stocks 75; stocks hitting new highs 30; stocks hitting new lows 223. Daily Trading Range and end of day trading results for volatile stocks on the NYSE traded by active Day Traders today: Rio Tinto plc (NYSE: RTP) shed 2.65 points on the trading day, high on the trading day $449.03, low on the trading day $433.89 for a closing price at $441.15; BlackRock Incorporated (NYSE: BLK) shed 8.99 points on the trading day, high on the trading day $211.30, low on the trading day $202.80 for a closing price at $203.00; IntercontinentalExchange Incorporated (NYSE: ICE) shed 8.20 points on the trading day, high on the trading day $126.04, low on the trading day $116.28 for a closing price at $117.12; Gerdau SA (NYSE: GGB) shed 1.77 points on the trading day, high on the trading day $50.10, low on the trading day $46.19 for a closing price at $48.15; Potash Corporation Saskatchewan (NYSE: POT) gained 2.54 points on the trading day, high on the trading day $229.21, low on the trading day $222.12 for a closing price at $223.10; Agrium Incorporated (NYSE: AGU) gained 7.97 points on the trading day, high on the trading day $101.97, low on the trading day $98.12 for a closing price at $100.13; Burlington Northern Santa Fe Corporation (NYSE: BNI) shed 7.79 points on the trading day, high on the trading day $110.45, low on the trading day $103.69 for a closing price at $103.77; AMERIGROUP Corporation (NYSE: AGP) shed 3.82 points on the trading day, high on the trading day $24.50, low on the trading day $22.80 for a closing price at $23.36; Monsanto Company (NYSE: MON) shed 2.94 points on the trading day, high on the trading day $140.38, low on the trading day $133.30 for a closing price at $133.40; MasterCard Incorporated (NYSE: MA) shed 6.84 points on the trading day, high on the trading day $288.02, low on the trading day $277.16 for a closing price at $279.21; XTO Energy Incorporated (NYSE: XTO) gained 2.75 points on the trading day, high on the trading day $70.49, low on the trading day $67.51 for a closing price at $69.77; CME Group Incorporated (NYSE: CME) shed 4.25 points on the trading day, high on the trading day $396.55, low on the trading day $385.97 for a closing price at $386.00; Goldman Sachs Group Incorporated (NYSE: GS) shed 4.76 points on the trading day, high on the trading day $167.25, low on the trading day $161.21 for a closing price at $162.45; CF Industries Holdings Incorporated (NYSE: CF) gained 0.36 points on the trading day, high on the trading day $158.39, low on the trading day $150.64 for a closing price at $151.09; Walter Industries Incorporated (NYSE: WLT) gained 2.42 points on the trading day, high on the trading day $95.37, low on the trading day $91.68 for a closing price at $93.42.

News on the NASDAQ today: advanced stocks 694 declined stocks 2,224; unchanged stocks 103; stocks hitting new highs 13; stocks hitting new lows 208. Trading range and end of day trading results for volatile NASDAQ stocks traded by active Day Traders today: Hooker Furniture Corporation (NasdaqGS: HOFT) shed 3.07 points on the trading day, high on the trading day $18.25, low on the trading day $16.45 for a closing price at $17.34; First Solar, Incorporated (NasdaqGS: FSLR) gained 7.85 points on the trading day, high on the trading day $259.42, low on the trading day $243.37 for a closing price at $253.00.

News on the American Stock Exchange (AMEX) today: advanced stocks 375; declined stocks 799; unchanged stocks 82; stocks hitting new highs 16; stocks hitting new lows 48.

Department Of Energy: U.S. Gasoline Stockpiles rose by 998,000 Million Barrels in the week compared to expectations of an increase by 1.1 Million Barrels; U.S. Distillate Stockpiles rose by 2.3 Million Barrels in the week compared to expectations of an increase by 1.6M; U.S. Refineries ran at capacity of 88.6% compared to expectations of an increase by 0.3 Pt at 90.0%; U.S. Gasoline Stockpiles rose by 0.998 Million Barrels at 210.088 Million Barrels; U.S. Crude Oil Stockpiles fell 4.56 Million Barrels at 302.197 Million Barrels; U.S. Distillate Stockpiles rose 2.277 Million Barrels at 113.981 Million Barrels; U.S. Refineries ran at capacity of 88.6% versus 89.7% a week ago.

St. Louis Federal Reserve President James Bullard: Economic activity pace to strengthen second half 2008, through 2009; likelihood of measurable 2008 economic contraction lower; issue of core versus headline important issue for FOMC; policy has to focus on prices that households face; policy must focus on headline and core inflation; financial market turmoil is waning; Number 1 rule for Central Bank is to control inflation; Fed can contain possible inflation-expectations rise; risk of breakdown in inflation expectations `is real'; breakdown in inflation expectations hasn't occurred; at present, inflation expectations are fragile; sees 2.5% to 3% GDP growth in 2009; may jobs data not so 'alarming'; credit turmoil waning, but not over; sees 'ratcheting up' of inflation expectations; declines comment on value of U.S. Dollar; making liquidity sales permanent is 'up in the air'; mum on value of U.S. Dollar.

Under Secretary for Domestic Finance Robert K. Steel: responsibility must be shared in financial crisis; need better regulation, not necessarily more.

Federal Reserve Board Member Donald L. Kohn: Fed must watch many inflation expectations gauges.

Beige Book: Manufacturing soft, but overseas demand helping; economy 'generally weak,' consumers 'pinched'; rising food, energy prices hurting spending; housing 'generally weak,' commercial building mixed; wage gains 'moderate' or 'limited,' hiring 'spotty'; Fed Districts saw tighter credit standards; input prices higher, but mixed pass-through.

Assistant Secretary for International Affairs at the U.S. Treasury Department, Clay Lowery: Sovereign Wealth Fund Investment helps economy; having strong economy a National Security issue; Sovereign Wealth Funds must move away from Treasury.

Commodities Markets
Energy Sector: Light Crude (NYM) gained $5.07 on the day to close at $136.38 a barrel ($US per bbl.); Heating Oil (NYM) gained $0.16 on the day to close at $3.97 a gallon ($US per gal.); Natural Gas (NYM) gained $0.23 on the day to close at $12.66 per million BTU ($US per mmbtu.); Unleaded Gas (NYM) gained $0.15 on the day to close at $3.47 a gallon ($US per gal.).

Metals Markets: Gold (CMX) gained $11.70 to close at $882.90 ($US per Troy oz.); Silver (CMX) gained $0.22 to close at $16.86 ($US per Troy oz.); Platinum (NYM) gained $34.20 on the day to close at $2,037.10 ($US per Troy oz.) and Copper (CMX) gained $0.02 on the day to close at $3.58 ($US per lb.).

Livestock and Meat Markets (cents per lb.): Lean Hogs (CME) closed with no change at 74.60; Pork Bellies (CME) gained 0.10 to close at 73.55; Live Cattle (CME) gained 1.23 to close at 100.85; Feeder Cattle (CME) shed 2.15 to close at 108.83.

Other Commodities (cents per bu.): Corn (CBT) gained 30.00 to close the session at 732.75 and Soybeans (CBT) gained 68.00 to close session at 1,509.00.

Bond action for the day: 2 year bond gained 8/32 on the day to close at 99 21/32 with a Yield of 2.79, Yield Change -0.13; 5 year bond gained 15/32 to close at 100 5/32 with a Yield of 3.46, Yield Change -0.10; 10 year bond gained 4/32 to close at 98 6/32 with a Yield of 4.07, Yield Change -0.03; the 30 year bond gained 3/32 to close at 94 28/32 on the day with a Yield of 4.69, Yield Change -0.01.

The e-mini Dow $5 ended the commodity session today at 12,098 with a triple digit loss of 178 points on the trading session. Futures Traders should review workshops available at the CBOT (Chicago Board of Trade). Educational in-person seminars schedules available on the CBOT (Chicago Board of Trade) website.

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