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Daily Market Commentary for October 20, 2008 from Millennium-Traders.Com

We are in a severe slowdown, with severe consequences," Bernanke said. "A fiscal package would not only boost overall spending and economic activity. (read more)

Economic data released today:
Leading Indicators: U.S. Conference Board September Leading Index rose 0.3 percent; U.S. Conference Board September Coincident Index fell 0.5 percent; U.S. Conference Board September Lagging Index fell 0.2 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 gain of 413.21 points on the day to end the trading session at 9,265.43
NYSE (New York Stock Exchange) triple digit gain of 338.80 points to end the trading session at 6,287.80
National Association of Securities Dealers Automated Quotations (NASDAQ) gain of 58.74 points to end the trading session at 1,770.03
S&P 500 gain of 44.85 points to end the trading session at 985.40
FTSE All-World excluding U.S. gain of 6.19 points to end the trading session at 159.94
FTSE RAFI 1000 triple digit gain of 161.02 points to end the trading session at 3,844.83
BEL 20 (BEL20) gain of 94.23 points to end the trading session at 2,109.53
CAC 40 (CAC40) triple digit gain of 118.59 points to end the trading session at 3,448.51
FTSE100 (UKX100) triple digit gain of 219.66 points to end the trading session at 4,282.67
NIKKEI 225 (NIK/O) triple digit gain of 311.77 points to end the trading session at 9,005.59

New York Stock Exchange (NYSE) stock market indicators for the day:
Advanced stock prices 2,700 declined stock prices 546; unchanged stock prices 42; stock prices hitting new highs 2 and stock prices hitting new lows 3.
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: CME Group Incorporated (NYSE: CME) stock price short 4.88 points on the trading session, high on the trading session $370.98, low on the trading session $350.09 with a closing stock price at $360.32; Bunge Limited (NYSE: BG) stock price gained 2.05 points on the trading session, high on the trading session $47.72, low on the trading session $43.20 with a closing stock price at $44.51; Rio Tinto plc (NYSE: RTP) stock price gained 23.96 points on the trading session, high on the trading session $181.36, low on the trading session $163.43 with a closing stock price at $179.21; ACE Limited (NYSE: ACE) stock price gained 2.80 points on the trading session, high on the trading session $49.86, low on the trading session $46.49 with a closing stock price at $49.38; Williams Companies Incorporated (NYSE: WMB) stock price gained 2.37 points on the trading session, high on the trading session $20.95, low on the trading session $18.66 with a closing stock price at $20.71; Goldman Sachs Group Incorporated (NYSE: GS) stock price gained 7.20 points on the trading session, high on the trading session $123.80, low on the trading session $115.65 with a closing stock price at $121.50; ING Groep N.V. (NYSE: ING) stock price gained 2.24 points on the trading session, high on the trading session $14.15, low on the trading session $11.95 with a closing stock price at $12.89; ProShares UltraShort MidCap400 (NYSE: MZZ) stock price shed 9.44 points on the trading session, high on the trading session $100.39, low on the trading session $91.00 with a closing stock price at $92.00; Potash Corporation Saskatchewan (NYSE: POT) stock price gained 6.82 points on the trading session, high on the trading session $81.54, low on the trading session $76.03 with a closing stock price at $81.25; Ultrashort Financial Corporation (NYSE: SKF) stock price shed 9.00 points on the trading session, high on the trading session $139.21, low on the trading session $127.60 with a closing stock price at $126.25; Transocean Incorporated (NYSE: RIG) stock price gained 9.30 points on the trading session, high on the trading session $79.80, low on the trading session $72.35 with a closing stock price at $79.56.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators today:
Advanced stock prices 2,151; declined stock prices 769; unchanged stock prices 107; stock prices hitting new highs 7; stock prices hitting new lows 99.
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: Apple Incorporated (NasdaqGS: AAPL) stock price gained 1 point on the trading session, high on the trading session $100.03, low on the trading session $93.64 with a closing stock price at $98.40; Bed Bath & Beyond Incorporated (NasdaqGS: BBBY) stock price gained 1.22 points on the trading session, high on the trading session $25.97, low on the trading session $24.93 with a closing stock price at $25.58; Google Incorporated (NasdaqGS: GOOG) stock price shed 3.20 points on the trading session, high on the trading session $380.98, low on the trading session $359.59 with a closing stock price at $369.33.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for today:
Advanced stock prices 821; declined stock prices 359; unchanged stock prices 56; stock prices hitting new highs 1 and stock prices hitting new lows 1.

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 900.25 change 56.75
E-mini NASDAQ-100 (NQ) end of day price 1,358.50 change 47.50
E-mini S&P SmallCap 600 (SMP) end of day price 294.30, change 14.50
$5 DJIA (YM) end of day price 9,321 change 550

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7510 to U.S. Dollars 1.3316
Japanese Yen 101.950 to U.S. Dollars 0.0098
British Pound 0.5834 to U.S. Dollars 1.7140
Canadian Dollar 1.1933 to U.S. Dollars 0.8380
Swiss Franc 1.1512 to U.S. Dollars 0.8687

Commodity Markets:
Energy Sector: Light Crude (NYMEX: NYM) gained $2.40 on the day for a closing price of $74.25 a barrel ($US per barrel)
Heating Oil (NYMEX: NYM) gained $0.07 on the day for a closing price of $2.23 a gallon ($US per gallon)
Natural Gas (NYMEX: NYM) shed $0.10 on the day for a closing price of $7.21 per million BTU ($US per mmbtu.)
Unleaded Gas (NYMEX: NYM) gained $0.05 on the day for a closing price of $1.72 a gallon ($US per gallon)

Metals Markets:
Gold Market Price (COMEX: CMX) gained $2.30 on the day for a closing price of $790.00 ($US per Troy ounce)
Silver (COMEX: CMX) gained $0.36 on the day for a closing price of $9.69 ($US per Troy ounce)
Platinum (NYMEX: NYM) gained $11.50 on the day for a closing price of $892.50 ($US per Troy ounce)
Copper (COMEX: CMX) shed $0.06 on the day for a closing price of $2.12 ($US per pound)

Livestock and Meat Markets (cents per lb.):
Lean Hogs (Chicago Mercantile Exchange: CME) shed 0.35 on the day for a closing price of 65.63
Pork Bellies (Chicago Mercantile Exchange: CME) gained 1.48 on the day for a closing price of 89.05
Live Cattle (Chicago Mercantile Exchange: CME) shed 0.48 on the day for a closing price of 92.08
Feeder Cattle (Chicago Mercantile Exchange: CME) shed 0.10 on the day for a closing price of 97.95

Other Commodities (cents per bushel):
Corn (Chicago Board of Trade: CBT) gained 15.50 on the day for a closing price of 418.50
Soybeans (Chicago Board of Trade: CBT) gained 34.00 on the day for a closing price of 940.75

Bond Market:
2 year bond shed 6/32 on the day for a closing price of 100 17/32 with a Yield of 1.70, Yield Change 0.09
5 year bond gained 5/32 on the day for a closing price of 101 17/32 with a Yield of 2.80, Yield Change -0.02
10 year bond gained 21/32 on the day for a closing price of 101 7/32 with a Yield of 3.84, Yield Change -0.08
30 year bond shed 1 9/32 on the day for a closing price of 104 10/32 with a Yield of 4.24, Yield Change -0.07

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 services. Traders should review our FREE Monthly Trading Lesson posted on our website.

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Millennium-Traders.Com

ING Gets $13.4 Billion Injection From the Netherlands (Update1)

By Martijn van der Starre and Joram Kanner

Oct. 19 (Bloomberg) -- ING Groep NV, the biggest Dutch financial-services firm, will get 10 billion euros ($13.4 billion) from the Netherlands after the company said last week it expects to post its first quarterly loss.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

Read here:
http://www.nytimes.com/2008/10/17/opinion/...amp;oref=slogin

His essential arguments:

i) stocks are cheap because of short-term bad news
ii) the news will improve, and in 5, 10 years time profits will be at new records
iii) by the time the news improves stocks will be much higher - staying out of stocks until news gets better will therefore cost you lots of money
iv) most investors are holding cash, a terrible long-term asset with pathetic returns and which will probably be severely eroded by inflationary policies to deal with the current crisis
v) investors holding cash think they will be able to time the end of the bear market by moving into stocks at the lows - history says they will fail to do this, and end up buying at far higher prices

Daily Market Commentary for October 17, 2008 from Millennium-Traders.Com

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

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
Millennium-Traders.Com