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Mortgage Modifications

Discussion in 'Forex Daily News & Outlook' started by MTnews, Mar 4, 2009.

  1. MTnews

    MTnews Content Contributor

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    Daily Market Commentary for March 4, 2009 from Millennium-Traders.Com

    Mortgage modifications announced today by the Obama Administration played a key role in the Wall Street rally today. (read more)

    Economic data released today:

    MBA (Mortgage Bankers Association) Purchase Applications:
    U.S. MBA Refinance Index fell 15.3% to 3063.4 compared to previous week at 3618; U.S. MBA Purchase Index fell 5.6% to 236.4 compared to previous week at 250.5; U.S. MBA Market Index fell 12.6% to 649.7 compared to previous week at 743.5.

    ADP Employment Report:
    ADP February Private Sector Jobs expected to drop by 630,000; ADP Sees February US Private Sector Jobs down 697,000.

    ISM Non-Manufacturing Index:
    U.S. ISM Feb Non-Manufacturing Composite Index came in at 41.6 versus January reading of 42.9; U.S. ISM Feb Non-Manufacturing Composite Index expected to come in at 41.0; U.S. ISM Feb Non-Manufacturing Business Index 40.2 versus January reading of 44.2; U.S. ISM Feb Non-Manufacturing Employment Index 37.3 versus January reading of 34.4; U.S. ISM Feb Non-Manufacturing Prices Index 48.1 versus January reading of 42.5; U.S. ISM Feb Non-Manufacturing New Orders Index 40.7 versus January reading of 41.6.

    EIA Petroleum Status Report from the Department of Energy:
    U.S. Refineries ran at 83.1% was seen at increase by 0.1 Point at 81.5%; U.S. Distillate Stockpiles rose 1.7 Million Barrels in the week compared to expectations of a drop by 400,000 Barrels; U.S. Gasoline Stockpiles rose 169,000 Barrels in the week compared to expectations of a drop by 600,000; U.S. Crude Oil Stockpiles fell 758,000 Barrels in the week compared to expectations of an increase by 1 Million Barrels; U.S. Refineries Ran At 83.1% versus 81.4% a week ago; U.S. Distillate Stockpiles rose 1.662 Million Barrels at 143.296 Million Barrels; U.S. Gasoline Stockpiles rose 0.168 Million Barrels at 215.51 Million Barrels; U.S. Crude Oil Stockpiles fell 0.757 Million Barrels at 350.59 Million Barrels.

    Beige Book:
    U.S. economy eroded further through late February; economic slump 'broad based,' near-term prospects poor; significant recovery not seen until late 2009, 2010; spending slow; autos 'exceptionally sluggish'; housing mostly 'in the doldrums'; no sign of easing in home price drop; lending down; mortgage demand 'depressed'; unemployment up broadly; wage pressures muted.

    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) triple digit gain of 149.82 points to end the trading session at 6,875.84
    NYSE (New York Stock Exchange) triple digit gain of 130.19 points to end the trading session at 4,464.89
    National Association of Securities Dealers Automated Quotations (NASDAQ) gain of 32.73 points to end the trading session at 1,353.74
    S&P 500 (SPX) gain of 16.54 points to end the trading session at 712.87
    BEL 20 (BEL20) gain of 17.92 points to end the trading session at 1,584.19
    CAC 40 (CAC40) triple digit gain of 121.13 points to end the trading session at 2,675.68
    FTSE100 (UKX100) triple digit gain of 133.78 points to end the trading session at 3,645.87
    NIKKEI 225 (NIK/O) gain of 61.24 points at the end the trading session at 7,290.96

    New York Stock Exchange (NYSE) stock market indicators for the trading session today:
    Advanced stock prices 2,465, declined stock prices 669, unchanged stock prices 76, stock prices hitting new highs 3 and stock prices hitting new lows 298. 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: Rio Tinto plc (NYSE: RTP) stock price gained 10.32 points on the trading session, high on the trading session $106.54, low on the trading session $99.24, with a closing stock price at $103.00; Devon Energy (NYSE: DVN) stock price gained 1.86 points on the trading session, high on the trading session $44.26, low on the trading session $42.00, with a closing stock price at $42.74; McDermott International (NYSE: MDR) stock price gained 1.55 points on the trading session, high on the trading session $11.69, low on the trading session $10.38, with a closing stock price at $11.42; ProShares Ultrashort Real Estate (NYSE: SRS) stock price shed 2.81 points on the trading session, high on the trading session $92.55, low on the trading session $83.03, with a closing stock price at $87.81; ProShares Ultrashort Financials (NYSE: SKF) stock price gained 2.88 points on the trading session, high on the trading session $218.00, low on the trading session $191.95, with a closing stock price at $207.88.

    National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
    Advanced stock prices 1.955, declined stock prices 823, unchanged stock prices 140, stock prices hitting new highs 3 and stock prices hitting new lows 318. 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: Baidu (NasdaqGS: BIDU) stock price gained 14.33 points on the trading session, high on the trading session $163.80, low on the trading session $151.70, with a closing stock price at $158.92; Apollo Group (NasdaqGS: APOL) stock price shed 5.60 points on the trading session, high on the trading session $74.70, low on the trading session $66.23, with a closing stock price at $66.51; Masimo (NasdaqGS: MASI) stock price gained 0.17 points on the trading session, high on the trading session $24.52, low on the trading session $21.00, with a closing stock price at $23.17; First Solar Incorporated (NasdaqGS: FSLR) stock price gained 1.56 points on the trading session, high on the trading session $117.79, low on the trading session $110.82, with a closing stock price at $112.00.

    Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
    Advanced stock prices 348, declined stock prices 227, unchanged stock prices 61, stock prices hitting new highs 1 and stock prices hitting new lows 35.

    Chicago Board of Trade Futures Market for the day, at time of this posting:
    E-mini S&P 500 (ES) Mar 09: End of trading session price 709; Change for the trading session 19.50
    E-mini NASDAQ-100 (NQ) Mar 09: End of trading session price 1,102.25; Change for the trading session 30.25
    E-mini DOW $5 (YM) Mar 09: End of trading session price 6,834; Change for the trading session 165
    E-mini S&P MidCap 400 (MF) Mar 09: End of trading session price 427.90; Change for the trading session 13.60
    E-mini S&P Small Cap 600 (HS) Mar 09: End of trading session price 7,375; Change for the trading session 325

    World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
    Euro 0.7915 to U.S. Dollars 1.2634
    Japanese Yen 99.040 to U.S. Dollars 0.0101
    British Pound 0.7064 to U.S. Dollars 1.4157
    Canadian Dollar 1.2743 to U.S. Dollars 0.7847
    Swiss Franc 1.1712 to U.S. Dollars 0.8538

    COMMODITY MARKETS:

    Energy Sector - Nymex:
    Light Crude (April 09) gained $3.73 on the trading session for a closing price of $45.38 per barrel ($US per barrel)
    Heating Oil (April 09) gained $0.03 on the trading session for a closing price of $1.21 a gallon ($US per gallon)
    Natural Gas (April 09) gained $0.05 on the trading session for a closing price of $4.34 per million BTU ($US per mmbtu.)
    Unleaded Gas (March 09) gained $0.06 on the trading session for a closing price of $1.38 a gallon ($US per gallon)

    Metals Markets - Comex:
    Gold (April 09) shed $6.90 on the trading session for a closing price of $906.70 ($US per Troy ounce)
    Silver (May 09) gained $0.20 on the trading session for a closing price of $12.92 ($US per Troy ounce)
    Platinum (April 09) gained $8.50 on the trading session for a closing price of $1,049.90 ($US per Troy ounce)
    Copper (May 09) gained $0.09 on the trading session for a closing price of $1.69 ($US per pound)

    Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
    Lean Hogs (April 09) gained 1.48 on the trading session for a closing price of 62.33
    Pork Bellies (May 09) gained 3.00 on the trading session for a closing price of 81.55
    Live Cattle (April 09) gained 0.43 on the trading session for a closing price of 84.65
    Feeder Cattle (April 09) gained 1.05 on the trading session for a closing price of 93.85

    Other Commodities - Chicago Board of Trade (cents per bushel):
    Corn (May 09) gained 13.00 on the trading session for a closing price of 363.50
    Soybeans (May 09) gained 15.00 on the trading session for a closing price of 868.50

    BOND MARKET:
    2 year Bond Closing price 99 27/32, change -4/32, Yield 0.95, Yield change 0.07
    5 year Bond closing price of 99 20/32, change -9/32, Yield 1.95, Yield change 0.06
    10 year Bond closing price 97 31/32, change -27/32, Yield 2.98, Yield change 0.10
    30 year Bond closing price 96 26/32, change -1 5/32, Yield 3.67, Yield change 0.06

    Thanks for reading
    Millennium-Traders.Com
     
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