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Dollar Falls to Record Low, Market Gains

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Posted by: MTnews

Daily Market Commentary for March 13, 2008 from Millennium-Traders.Com

At the closing bell on the Stock Exchange, here is how the major indices ended the session on the U.S. Markets:

DOW (Dow Jones Industrial Average) gain of 35.50 points on the day to end the session at 12,145.74

NYSE (New York Stock Exchange) gain of 45.93 points to end the session at 8,827.16

NASDAQ gain of 19.74 points for a close at 2,263.61

S&P 500 gain of 6.71 points for a close at 1,315.48

FTSE All-World ex-U.S. loss of 1.18 points to close at 236.45

FTSE RAFI 1000 gain of 12.87 points to close at 5,365.02

BEL 20 loss of 37.88 points to close at 3,706.04

CAC 40 loss of 66.91 points to close at 4,630.19

FTSE100 loss of 84 points to close at 5,692.40

NIKKEI 225 loss of 427.7 points to close at 12,433.40

On the NYSE today, advancers came in at 1,749, decliners totaled 1,414; unchanged came in at 77; new highs came in at 1 and new lows came in at 0. Momentum NYSE stocks traded by active Day Traders today: Anixter International Incorporated (AXE) shed 4.41 points with a high on the day of $63.83, a low of $59.01 for a closing price at $61.87; Bunge Limited (BG) shed 2.98 points with a high on the day of $93.00, a low of $86.66 for a closing price at $91.97; Potash Corp. of Saskatchewan, Incorporated (POT) gained 5.61 points with a high on the day of $161.17, a low of $150.21 for a closing price at $160.40; Lehman Brothers Holdings Incorporated (LEH) gained 1.04 points with a high on the day of $46.71, a low of $41.61 for a closing price at $45.99; ICICI Bank Limited (IBN) shed 0.76 points with a high on the day of $42.48, a low of $40.11 for a closing price at $42.24; InterContinental Exchange, Incorporated (ICE) gained 4.69 points with a high on the day of $139.88, a low of $126.50 for a closing price at $138.28; EOG Resources, Incorporated (EOG) gained 8.03 points with a high on the day of $128.15, a low of $117.48 for a closing price at $126.96; LDK Solar Corporation Limited (LDK) gained 4.85 points with a high on the day of $25.54, a low of $19.64 for a closing price at $25.28; NVR Incorporated (NVR) gained 24.00 points with a high on the day of $572.59, a low of $525.00 for a closing price at $563.50; Rio Tinto plc (RTP) gained 12.86 points with a high on the day of $446.20, a low of $429.10 for a closing price at $446.20; Transocean, Incorporated (RIG) gained 1.88 points with a high on the day of $140.08, a low of $134.82 for a closing price at $139.30; CME Group, Incorporated (CME) gained 8.45 points with a high on the day of $509.73, a low of $477.73 for a closing price at $506.85; Petroleo Brasileiro (PBR) shed 2.51 points with a high on the day of $112.30, a low of $108.20 for a closing price at $111.87; The Bear Stearns Companies, Incorporated (BSC) shed 4.58 points with a high on the day of $58.60, a low of $50.48 for a closing price at $57.00; Humana Incorporated (HUM) gained 4.10 points with a high on the day of $46.40, a low of $41.15 for a closing price at $44.98.

On the NASDAQ today, advanced totaled 1,758; decliners totaled 1,28; unchanged came in at 132; new highs came in at 20 and new lows came in at 251. Momentum NASDAQ stocks traded by active Day Traders today: Intuitive Surgical, Incorporated (ISRG) gained 10.60 points with a high on the day of $286.28, a low of $265.25 for a closing price at $284.98; GeoEye, Incorporated (GEOY) shed 2.82 points with a high on the day of $33.31, a low of $29.50 for a closing price at $30.62; Aspect Medical Systems, Incorporated (ASPM) shed 4.63 points with a high on the day of $8.85, a low of $4.86 for a closing price at $5.64; Google Incorporated (GOOG) gained 2.83 points with a high on the day of $446.98, a low of $428.78 for a closing price at $443.01; Research In Motion Limited (RIMM) gained 4.26 points with a high on the day of $106.20, a low of $98.32 for a closing price at $105.65; Baidu.com, Incorporated (BIDU) shed 5.55 points with a high on the day of $273.90, a low of $257.85 for a closing price at $268.09; First Solar, Incorporated (FSLR) gained 1.41 points with a high on the day of $210.27, a low of $193.84 for a closing price at $207.29.

U.S. January Business Inventories rose 0.8% compared to expectations of an increase by 0.7%.

U.S. Jobless Claims for week of March 8 remained Unchanged at 353K compared to survey of an increase by 9K; U.S. Continuing Claims for week of March 1 rose 7K to 2,835,000; U.S. Continuing Claims highest since September 2005.

U.S. February Retail & Food Sales fell 0.6% compared to Consensus of an increase by 0.1%; U.S. February Retail & Food Sales Excluding Autos fell 0.2%; January Retail & Food Sales Revised to an increase by 0.4% from an increase by 0.3%.

U.S. February Petroleum Import Prices fell 1.5%; U.S. February Import Prices rose 0.2% compared to Consensus of an increase by 0.8%; U.S. February Non-Petroleum Import Prices rose 0.6%; U.S. Import Prices Excluding Petroleum Increased 4.5% on the year making it the highest since 1995.

Commodities Markets
The trend was mostly higher across the board today for the Energy Sector: Light crude moved higher today by $0.41 to close at $110.33 a barrel; Heating Oil moved higher today by $0.07 to close at $3.04 a gallon; Natural Gas moved higher today by $0.23 to close at $10.31 per million BTU and Unleaded Gas moved lower today by $0.05 to close at $2.68 a gallon.

Metals Markets ended the session mostly higher across the board today: Gold moved nicely higher today by $13.30 to close at $993.80 a Troy ounce; Silver moved higher today by $0.44 to close at $20.43 per Troy ounce; Platinum moved sharply higher today by $27.50 to close at $2,097.50 per Troy ounce and Copper closed lower by $0.01 to close at $3.83 per pound.

On the Livestock and Meat Markets, the trend was lower across the board today: Lean Hogs ended the day lower by $0.55 to close at $57.20; Pork Bellies ended the day lower by $0.70 to close at $80.80; Live Cattle ended the day lower by $1.05 to close at $90.98 and Feeder Cattle ended the day lower by $1.03 to close at $104.68.

Other Commodities: Corn ended the day higher by $2.25 at $569.50 and Soybeans ended the day higher by $7.75 to end the session at $1,402.75.

Bonds were mostly lower across the board today: 2 year bond closed higher by 1/32 at 100 24/32; 5 year bond moved lower by 4/32 to close at 101 5/32 today; 10 year bond moved lower by 15/32 to close at 99 24/32 and the 30 year bond moved lower by 22/32 to close at 98 24/32 on the day.

The e-mini Dow ended the session today at 12,160 with a gain of 36 points on the trading session. The total Dow Exchange Volume for the day came in at 215,447 which are comprised of Electronic, Open Auction and Cash Exchange. Traders should review workshops available at the CBOT (Chicago Board of Trade) Educational in-person seminars schedules available on CBOT (Chicago Board of Trade) website.

The end of day results for the CBOT (Chicago Board of Trade) which is comprised of the total Exchange Volume for Futures and Options (EVFO) including Electronic, Open Auction and Cash Exchange ended the day at 4,253,229; Open Interest for Futures moved lower by 68,432 points to close at 9,754,100; the Open Interest for Options moved higher by 132,652 points to close at 8,215,942 and the Cleared Only moved lower by 3 points to close at 28,123 for a total Open Interest on the day of 17,998,165 for a total Change on the day with a gain of 64,217 points.

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Posted by: okosh

A week b4 Easter when the winter season is about to start and I'm buying stock a lower US$ is music to my ears


Posted by: golddust

Quote:
Gold hits $1,000 for first time

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The price of gold reached a record, trading at $1,000 an ounce for the first time, pushed higher by a weak US dollar and fears about the US economy. Concerns about a possible US recession are seeing investors buy up commodities such as gold as an alternative to company shares and the US dollar.

Since the beginning of the year the value of gold has increased by about 20%, after it rose 32% in 2007.

Gold eventually settled for the day at $993.80, up $13.30 an ounce.

Analysts say gold will stay high as long as dollar and growth fears remain.

"Every bit of bad US economic data boosts gold in two ways," said Fortis Bank.

"First because it reinforces the return of its role as a safe-haven asset, and second because the dollar falls on expectations of further Federal Reserve rate cuts."

Gold is measured and sold in troy ounces. One troy ounce equals 31.1035 grams or 480 grains. One troy ounce is equal to 1.09711 avoirdupois ounce - those widely used to measure weights in the US and UK.

Short term fix?

The dollar fell further on Thursday against key currencies, including the euro and Japanese yen.

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At one point, it was worth less than 100 yen for the first time since 1995, while it plumbed new depths against the euro at $1.5645.

Analysts are predicting that it could fall further as more details emerge of the losses suffered by banks and hedge funds due to investments centred on the troubled US housing market.

Already many companies have unveiled billions of dollars of losses which has caused credit markets to freeze and has created an environment where there is less money available for consumers and businesses to borrow.

At the same time, there are increasing signs that the US is on the brink of recession.

Official data out on Wednesday showed disappointing retail sales in February.

This has added to the recent drum beat of bad news, including a shrinking of the service sector in January and February, and an unemployment rate that is at its the highest level for five years.

'Cut and inflate'

Despite aggressive interest rate cuts and White House measures to stimulate consumer spending, it is expected that US rates - currently at 3% - will have to come down further.

Analysts said this will weaken the dollar further and accelerate inflation.

"The Federal Reserve is going to cut and inflate our way out of this credit mess and the implications are going to be higher and sustained inflation," said Ichael Darda, of MKM Partners.

"That's been signalled by not just gold but by virtually every commodity and the dollar."

The oil price surged to a fresh high above $110 a barrel earlier, while agricultural commodities, including cocoa and coffee, also rose.


I like gold coins at this point.


Posted by: okosh

Quote:
Originally Posted by golddust
I like gold coins at this point.


There is no reason for the price of gold to fall....Gold coins is a great investment even at US$1000 per ounce..


Posted by: golddust

Very true, just fluctuations on the upward trend.

...Most people do not know the 'secrets' of collecting gold and silver coins. Some are valuable for their weight, others for their historical significance. Put the two together, and some are worth much more than their weight.



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