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USA stock market daily report by Millenium Traders (July 2, 2009, Thursday, 10.30 p.m. GMT) 2 July 2009 Economists thought that job losses would be around 360,000 for the month of June, but when jobs report came in today they plummeted to a staggering 467,000. This just goes to prove that the road to recovery is going to be a long bumpy one, even though all signs pointed towards a turnaround. Job losses took a toll on the market today, "There's more and more evidence mounting against this rally continuing," said Doug De Groote, a managing director at United Wealth Management. Consumers are likely to lead the nation out of the ongoing recession, but that won't happen if more people are losing their jobs, De Groote added. Jobs aren't just suffering here in the U.S., Europe reported their biggest job loss in 10 years, experts say this is part of the market recovery, and expect the unemployment rate to reach 11% before we start to see any kind of improvement. "It is definitely the big elephant in the room," Phil Flynn, vice president at PFG BEST Research, said to Market Watch about the jobs data. "It's confirming what we saw earlier in the week with the dropping consumer confidence. (It's) another sign that the optimism of an economic recovery was a bit ahead of itself." The markets will be closed on Friday due to the 4th of July holiday. USA stock market daily report by Millenium Traders (July 1, 2009, Wednesday, 10.30 p.m. GMT) 1 July 2009 Reports say Ford Motor (F), Honda (HMC), and Nissan (NSANY) show a smaller decline in sales than expected for the month of June, giving positive signs that maybe the worst for the auto industry is over. Toyota (TM), General Motors (GM), and Chrysler however show sales fell more than the experts expected. Chrysler who is in the process of filing bankruptcy, posted a 42% drop in sales for the month of June, with GM right behind them with a 36.3% drop from last year, coming in third Toyota with a 35% decline in sales since last year. Ford, the only automaker to not receive some kind of government bail out saw only a decline of 10.9% more positive than the 24% decrease in May. Shares of Ford rose today by 8 cents in what some investors like to call a bullish trading day. Sales to fleet buyers are down because those customers are wary about doing business with a company in court protection, Henderson said in bankruptcy court in New York. USA stock market daily report by Millenium Traders (June 30, 2009, Tuesday, 10.30 p.m. GMT) 30 June 2009 Stocks plummeted today after new data shows an unexpected decrease in consumer confidence for the month of June. Housing sector also on the downside, foreclosure rate leaped in the first quarter from the previous one, due to consumers with good credit losing jobs. After endless positive economic data released in the months prior investors thought we'd seen the worst, but now they aren't expecting the rebound to be quite as strong. Investors pay a lot of attention to consumer confidence because consumer spending accounts for more than two-thirds of economic activity, so this isn't the news analysts were looking for, the news release made for an interesting trading day, with little action in the afternoon. USA stock market daily report by Millenium Traders (June 29, 2009, Monday, 10.30 p.m. GMT) 29 June 2009 With crude oil up to $71 a barrel at the end of the trading day, energy and financial stocks got the boost they needed perhaps due to the Movement for the Emancipation of the Niger Delta, a Nigerian military group that attacked a Royal Dutch Shell platform today. Dow Jones Industrial Average (DOW) finished the day with a gain of 90 points, the second quarter of 2009 will end on a positive note, and the Standard & Poor's 500 Index (INX) had it's best quarter since 1998. "You have a combination of quarter-end markups and a holiday weekend that has historically been bullish in the past. When you apply that to a directionless tape, it bodes well for the markets," Madison Prop Trading's Chris Conefry said. Investors seem to be putting their money into specific areas that would greatly benefit from an economic recovery, on the other hand some investors are still waiting on economic datato see how the economy is pulling out of it's recession before they go investing in the market again. USA stock market daily report by Millenium Traders (June 26, 2009, Friday, 10.30 p.m. GMT) 26 June 2009 Despite the troubling economy, the U.S. Commerce Department reported consumer spending was up 0.3% today, the highest it's been in nearly 3 months. Does this mean the economy isn't as bad as everyone thought, not necessarily, consumers are in the mind frame that the worst is over and things can only get better from here on out. This month marks the 5th straight month for these spending increases, however, more and more people have seen their financial situations steeply disintegrate, with income losses 3 times more than income gains. "Such a sizable gain has usually indicated that an end to the economic downturn is on the horizon, as consumers begin to increase their spending on houses, vehicles, and large household durables," the Reuters/University of Michigan Surveys of Consumers said in a statement. USA stock market daily report by Millenium Traders (June 25, 2009, Thursday, 10.30 p.m. GMT) 25 June 2009 Inflation, something we can't avoid but something we can't afford in the times we're in. Inflation is the word on everyone's minds, are they going to raise prices, or are they going to let everything alone. "Inflation will remain subdued for some time," the central bank said in a written statement. Investors on the other hand are putting their money in commodities such as gold and platinum because they hold their value during inflation. In the economic strain we're in inflation would do nothing but hurt the average American, the dollar wouldn't stretch very far and peoples income would not increase, making it harder for them to retire. Other than the obvious reasons, it would decrease the amount of the dollar, making it harder for Americans to travel abroad and would also make it harder to buy imports. Inflation may not happen right now, but it a serious problem that everyone should be afraid of. USA stock market daily report by Millenium Traders (June 24, 2009, Wednesday, 10.30 p.m. GMT) 24 June 2009 In the middle of an economic slow down Citi Bank (C) announced Tuesday that they were going to raise employee base salary by up to 50% in an effort to keep employees content with their smaller bonuses. Just in case a 50% raise isn't good enough they are also giving top employees stock options, shares of Citi Group were up to $3.05 midday. Within the past year the banking giant has received 45 billion dollars in government loans, making the government have a 34% stake in the company. "Citi continues to examine ways to ensure its employee compensation practices are competitive in this very challenging market environment," Citi stated today, "Any salary adjustments are not intended to increase total annual compensation, rather to adjust the balance between fixed and variable compensation." Government appointed help has no power over what compensation employees receive, they will get paid whatever the group wants to pay them. USA stock market daily report by Millenium Traders (June 23, 2009, Tuesday, 10.30 p.m. GMT) 23 June 2009 After delaying it's first flight for the Boeing Dreamliner 5 times, shares of Boeing (BA) were down $3.85 (8.2%) to 43.05 this afternoon, reinforcement on the side- of -body is the reason for the delay. "Structural modifications like these are not uncommon in the development of new airplanes, and this is not an issue related to our choice of materials or the assembly and installation work of our team," said head of Boeing's commercial- plane business, Scott Carson. On June 16th at the Paris Air Show Carson went on record stating that the 787 Dreamliner " could fly today", but was sure the plane would be in air by the end of the month. Dreamliner was built with a lightweight carbon part for better fuel efficiency, and will seat 250 people. Original scheduled first flight was supposed to take place in September 2007. Boeing has not yet released the new date for the Dreamliner's first flight, however there are 865 orders for the aircraft. In other news the stock market was rather bouncy today. It seemed as though the Fed's decision on interest rates, set to come out tomorrow, may have played a roll in the inconsistency. USA stock market daily report by Millenium Traders (June 22, 2009, Monday, 10.30 p.m. GMT) 22 June 2009 Treasuries gathered Monday as grim growth forecast from the World Bank lowered enthusiasm about an economic recovery. Many market participants expect the Fed to refrain from lifting the size of its Treasury purchase program in Wednesday's statement. Comments from Fed policymakers over the past couple of weeks suggest the central bank possibly considered the recent rise in Treasury yields to reflect hope on an economic recovery. The FOMC meeting is the key meeting of the week. Investors will zero in on theFed's latest assessment of the economy and inflation in the accompanying statement due Wednesday afternoon. Focus will also be on any tweaks on the Fed's stance on the zero-0.25% fed-funds target rate and the central bank's $300 billion Treasury purchases program. USA stock market daily report by Millenium Traders (June 19, 2009, Friday, 10.30 p.m. GMT) 19 June 2009 Stanford Group is under fire from the Department of Justice. Sir R. Allen Stanford was indicted early Friday on charges of fraud and obstruction of justice. A criminal complaint was filed against Stanford Groups' chief investment officer Laura Pendergest-Holt in addition to Mark Kuhrt and Gilberto Lopenz, the firms accountants. USA stock market daily report by Millenium Traders (June 18, 2009, Thursday, 10.30 p.m. GMT) 18 June 2009 Markets got a boost from economic data released today with jobless claims falling for the first time since January. The Labor Department reported continuing claims for unemployment dropped by 148k, hitting the largest weekly decline since November 2001. The news moved the markets into positive territory where they were holding, into the early afternoon trading session. Trading action was generally flat for the session, ahead of quadruple witching tomorrow. USA stock market daily report by Millenium Traders (June 17, 2009, Wednesday, 10.30 p.m. GMT) 17 June 2009 President Obama to Announce Comprehensive Plan for Regulatory Reform: President Obama will lay out a comprehensive regulatory reform plan this afternoon to modernize and protect the integrity of our financial system. While this crisis has had many causes, it is clear now that the government could have done more to prevent these problems from growing out of control and threatening our overall economy. The President will be joined by Treasury Secretary Tim Geithner, representatives from the regulatory community, consumer groups, the financial industry and members of Congress for an event in the East Room later this afternoon. The President's plan will: Require that all financial firms that pose a significant risk to the financial system at large are subjected to strong consolidated supervision and regulation; Increase market discipline and transparency to make our markets strong enough to withstand system-wide stress and the potential failure of one or more large financial institutions; Rebuild trust in our markets by creating the Consumer Financial Protection Agency to focus exclusively on protecting consumers in credit, savings, and payment markets; Provide the government with the tools needed to manage financial crises so it is not forced to choose between bailouts and financial collapse; Raise international regulatory standards and improve international coordination. USA stock market daily report by Millenium Traders (June 16, 2009, Tuesday, 10.30 p.m. GMT) 16 June 2009 Markets were firmly in negative territory during the market session today. Triple digit losses hit on the major U.S, indices once again today. Again, economic data played a key role in the negative market sentiment. Positive news on the housing sector didn't provide enough strength for the markets to move to the green side. Stocks in the homebuilder sector showed slight gains, as a result of the positive housing market news. Even though Best Buy reported better than expected earnings, the results were not good enough for investors. USA stock market daily report by Millenium Traders (June 15, 2009, Monday, 10.30 p.m. GMT) 15 June 2009 Trading action in the stock market today was very stagnant during the entire trading session. Little trading activity plagued traders as we started a fresh new week of trading, most of the day's losses occurred by 11 AM. Blue-chip index regained all of its losses from March, however the major indexes had their worst losses in over a month. Dow Jones had its worst single day point loss since April 20th, with the Nasdaq and S&P reporting their worst losses since May 13th. U.S. stocks and commodities suffered sharp and steady declines on Monday, investors also swallowed sluggish economic data today. USA stock market daily report by Millenium Traders (June 12, 2009, Friday, 10.30 p.m. GMT) 12 June 2009 Slow motion market activity throughout the trading session made for difficult trading activity for day traders today. Economic data released early in the session set the markets in motion, for a southbound trend. Traders scrambled to lock on to stocks that could lead toward a potentially profitable trade today. Consumer sentiment however, did show that consumers are beginning to feel better about the economy but, that news gave little toward the market turn around. Sentiment reading was the highest seen in nine months as well as being the fourth consecutive month of an increase. USA stock market daily report by Millenium Traders (June 11, 2009, Thursday, 10.30 p.m. GMT) 11 June 2009 Economic data released today shows better than expected retails sales with the Commerce Department reporting the first gain in over three months. Initial unemployment claims came in lower than expected. Treasury auction of 30-year bonds reached highest yield since August 2007. Bank of America (BAC) CEO Kenneth Lewis told members of the House Committee on Oversight and Government Reform that he had no contact with U.S. President Barack Obama's top economic lieutenants at the end of last year. He implied that he had no contact with Treasury Secretary Timothy Geithner after his nomination either. He also said he had no contact with National Economic Council Chair Larry Summers during tenuous negotiations with the federal government last December over BoAs deal for Merrill Lynch & Company. USA stock market daily report by Millenium Traders (June 10, 2009, Wednesday, 10.30 p.m. GMT) 10 June 2009 Light trading action followed throughout the entire trading session. The DOW was down by triple digits during the session but, closed the session down only double digits. A slight upturn at the opening bell, quickly faded as the markets slowly drifted lower as the trading day moved forward. Day traders and investors stand confused, no knowing which way the markets want to move. The positive note to the slow market, its generally known to be a safe market as long as you as a smart trader and don't try to force trades. The slow market action has been giving traders the opportunity to try and analyze a stocks trading activity. Obama administration aide commented today that the government will exit General Motors (GM) investment as quickly as is practicable. The Obama administration has not been involved in decisions on dealer closings, by GM. USA stock market daily report by Millenium Traders (June 9, 2009, Tuesday, 10.30 p.m. GMT) 9 June 2009 Trading activity was light today, as investors await further news on banks prepared to repay money received from TARP funds. The list of potential banks to begin their repayments to the government consist of: American Express (AXP), BB&T (BBT), Capital One Financial (COF), Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan Stanley (MS) and U.S. Bancorp (USB). They have proved that they can sell shares as well as debt not guaranteed by the Federal Deposit Insurance Corporation (FDIC) to satisfy the governments requirement that they are able to raise funds, without additional federal assistance. "These repayments are an encouraging sign of financial repair, but we still have work to do," Treasury Secretary Tim Geithner said in a statement. The U.S. Treasury Department has yet to determine how to value warrants it received as part of the initial investment in the financial companies. The warrants give the government the right to purchase common stock at a specific price for a period of 10 years. Congressional Oversight Panel indicates their concern that the stress tests are not stringent enough and call for more transparency. "The employment numbers for 2009 have already exceeded the harshest scenario considered so far, suggesting that the stress tests should be repeated," a report from the Congressional Oversight Panel said. USA stock market daily report by Millenium Traders (June 8, 2009, Monday, 10.30 p.m. GMT) 8 June 2009 Trading activity was slow on the session with major U.S. indices holding in the red zone for most of the day. Into the final hour of trading, day traders and investors watched as the markets posted a slight rebound into the green zone. Profit taking was all but inevitable after recent gains seen across the board. It appears that investors are once again concerned over the potential of an interest rate hike, in the near term future. USA stock market daily report by Millenium Traders (June 5, 2009, Friday, 10.30 p.m. GMT) 5 June 2009 Unemployment data and jobs numbers from the Labor Department were hot on the front of the mind of traders on Wall Street today. Data released shows highest unemployment rate since August 1983. The major U.S. indices were higher through most of the day before they showed signs of reversal during the afternoon trading session. Number of jobs lost during the month of May was lower than was expected, giving the markets the slight boost needed. Health care appeared to be the winner for last month, adding over 30,000 jobs. USA stock market daily report by Millenium Traders (June 4, 2009, Thursday, 10.30 p.m. GMT) 4 June 2009 Rio Tinto provided nice trading action for the active day traders today with double digit losses during the morning session. Into the afternoon trading session, Rio was successful at re-cooping some of the loss amidst active trading. Reason for the major move is that Rio Tinto is considering scrapping the on the table deal with Aluminum Corporation of China, Chinalco. Potential plans consist of Rio raising $15 billion by selling stock versus accepting over $12 billion from Chinalco for stakes in various assets. In the event the deal is tossed, Rio faces a breakup fee of around $195 million. USA stock market daily report by Millenium Traders (May 29, 2009, Friday, 10.30 p.m. GMT) 29 May 2009 General Motors (GM) is set to file for bankruptcy, on Monday. Shareholders will be left out in the cold. United Auto Workers (UAW) union members approved a new labor agreement with GM, just this afternoon with approval by 74% of the member. The UAW will own over 17% of GM and the remaining approximate of 10% will be owned by bondholders. The U.S. government will own over 72% of the new General Motors and plan to provide GM with an additional $30 Billion. Companies associated with GM, such as parts suppliers, are likely to follow suit in filing for bankruptcy as well, following the demise of GM. Crude oil continues its rise as consumers plan their summer get-away and plan for higher prices at the pump. USA stock market daily report by Millenium Traders (May 28, 2009, Thursday, 10.30 p.m. GMT) 28 May 2009 U.S. job losses reportedly pushing up mortgage defaults, something that would not take a rocket scientist to calculate. Trading activity during the session today provided both ample opportunity for potential profitable trades for traders as well as, ample opportunity to fall asleep. The afternoon trading session was flat. Major U.S. indices shrugged off the negative territory to close positive, at the closing bell. USA stock market daily report by Millenium Traders (May 27, 2009, Wednesday, 10.30 p.m. GMT) 27 May 2009 Treasury's Secretary Timothy Geithner commented today that the U.S. economy is showing 'Signs Of Stability'. Crude oil climbed higher again today over $63 a barrel. Ali al-Naimi, Saudi Arabia's oil minister said crude oil may hit $75 a barrel but, it won't hurt the global economy. What rock has this guy been under? Bond holders rejected General Motors (GM) debt-for-equity swap, an offer to convert $27 Billion of unsecured debt into GM common stock, moving the automobile giant even closer to filing for bankruptcy. GM has only a few days remaining before the U.S. government imposed deadline to obtain bond holders approval. Should General Motors file bankruptcy it would make it the largest industrial bankruptcy filing in U.S. history. USA stock market daily report by Millenium Traders (May 26, 2009, Tuesday, 10.30 p.m. GMT) 26 May 2009 Nymex Crude settled at $62.45 a barrel, setting a new record high for 2009. Thursday is the scheduled meeting in Vienna, Austria for OPEC (Organization of Petroleum Exporting Countries). Saudi Arabian Oil Minister Ali al-Naimi indicated that OPEC would "probably stay the course" regarding oil production although, al-Naimi anticipates the demand for oil to increase, possibly pushing prices up to $75 a barrel. French President Nicolas Sarkozy today said he wants oil-rich countries and the world's biggest powers to work together to help stabilize oil prices. Since February oil has moved higher by approximately 81% where it was trading at around $34 a barrel. Last July oil was trading at its record high of $147.27 a barrel. USA stock market daily report by Millenium Traders (May 21, 2009, Thursday, 10.30 p.m. GMT) 21 May 2009 Comments from former Federal Reserve Chairman Alan Greenspan: "There is still a very large unfunded capital requirement in the commercial banking system in the United States and that's got to be funded," Greenspan said in an interview Wednesday in Washington. Greenspan indicated that he believes banks need to raise more capital than the government's stress tests required. He added however, that the situation is not all doom and gloom: "Things have unquestionably improved" across the economy and financial markets, he said. "They've improved everywhere in the world. It's remarkable." USA stock market daily report by Millenium Traders (May 20, 2009, Wednesday, 10.30 p.m. GMT) 20 May 2009 Wall Street was focused on comments from U. S. Secretary of the Treasury, Timothy Geithner before the Senate Banking Committee today. Full details of his statement are lower in this Daily Commentary. Moving nicely higher early in the session the major U.S. indices pulled back in the afternoon and moved into negative territory. His comments didn't provide much help for the markets however. Traders watched crude oil climb today reaching a high not seen in over 6 months. Surprising, just ahead of the extended Memorial Day holiday weekend. USA stock market daily report by Millenium Traders (May 19, 2009, Tuesday, 10.30 p.m. GMT) 19 May 2009 Economic data released early on in the day showed the housing market has hit an all new record low. Since records were kept in 1959, housing starts have not been lower. Over the past year, housing starts are down over 54%. U.S. Senate voted 90-5 to prohibit credit-card companies from arbitrarily raising interest rates on existing balances and charging certain fees. House of Representatives is expected to consider the legislation tomorrow and President Barack Obama could sign the bill into law as early as the end of this week. USA stock market daily report by Millenium Traders (May 18 2009, Monday, 10.30 p.m. GMT) 18 May 2009 Ahead of the Memorial Day holiday, drivers are watching gas prices slowly increase, so much for the cheap gas prices we've experienced. During the past three weeks the price at the pump has risen 25 cents a gallon. Its amazing how gas prices always rise ahead of and during, major U.S. holidays. Just another way for the consumer to be gouged at the gas pump to make the fat cats in the oil industry, even fatter. To top it off, then we start to hear stories of problems in Nigeria (didn't we know of some problem weeks ago before the price at the pump started to surge?!?) and of course refinery fires at a Sunoco refinery (have there not been any refinery fires in the past few months as the price at the pump sank?!?). USA stock market daily report by Millenium Traders (May 15, 2009, Friday, 10.30 p.m. GMT) 15 May 2009 News and comments regarding General Motors (GM) plan to cut dealer network is referred to by some as 'drastic, far-reaching' as the plan will impact more than 63,000 dealership employees. GM does intend to honor current obligations to affected dealers. "Long term, GM should have fewer, healthier dealers, maintaining GM's current high customer satisfaction ratings, with more sales per outlet," said Mark LaNeve, GM's vice president of sales service and marketing. USA stock market daily report by Millenium Traders (May 14, 2009, Thursday, 10.30 p.m. GMT) 14 May 2009 Major U.S. indices closed higher on the session today, with another nice trading session for day traders, with plenty of price action trading. Trading activity has shown substantial improvement this week, providing much more opportunity for profit potential for day traders and investors, for that matter. Activity has improved for both the long and short selling traders. Don't know if it could be called a rally but, merely improved trading action. Even though jobless claims climbed when anticipation was for them to move lower, traders shrugged off the bad news and enjoyed the trading activity. Chrysler reported today that almost 800 dealerships will be eliminated, across the U.S.A. in wake of the bankruptcy filings. General Motors (GM) is expected to hand pink slips to approximately 1,200 dealerships that their trend with GM has come to an end. USA stock market daily report by Millenium Traders (May 13, 2009, Wednesday, 10.30 p.m. GMT) 13 May 2009 Weak retail sales set the stage early on as the government reported that consumers continue to spend 'grudgingly'. Trading activity was to the down side for the major U.S. indices, beginning during the pre-market trading session. Triple digit losses were seen by the DOW and the NYSE. The report of retail sales was the seventh consecutive drop which is the longest stretch in seven years. Selling pressure was strong across the board raising eyebrows as to whether the bottom has been tapped, or not. Day three of the week and today was the second loss by the DOW of over 150 points. During the month of April, one out of every 374 households in the United States were issued a foreclosure notice. The number of foreclosure notices in April was in excess of 342,000. Household repossessions reached a peak of 63,903 during the month of April. Since the housing crisis began last fall, over 1.3 million homeowners lost their homes to foreclosure. The highest foreclosure rate was felt in Nevada with one out of every 68 receiving a foreclosure filing. The city of Las Vega toped the mark of foreclosures with one in every 56 households receiving a foreclosure filing. Next highest metro area was in Florida, Cape Coral - Fort Myers with one in every 57 households receiving a foreclosure filing. Florida filings were one in every 135 households receiving foreclosure filings. California had one in every 138 households received a foreclosure filing. As investors looked for a safe haven, they reached toward the Treasury note which fell to 3.105% from 3.175% yesterday. USA stock market daily report by Millenium Traders (May 12, 2009, Tuesday, 10.30 p.m. GMT) 12 May 2009 Its always been difficult to figure out how to read the stock market as you never know from one day to the next, what the market is going to bring you as a trader. Trading activity was not only spunky during the morning trading session but the active trading followed through into the afternoon. Day traders were able to capitalize on the afternoon trading session, something that has provided slim pickins as of late. Many traders were heard to be almost rejoicing in the action during the afternoon, raking in the change on both the long and short selling end of the market. During most of the trading session stocks and major U.S. indices were held firmly controlled by the Bears. Into the final hour, the DOW perked up, kicked up a little dust and ended the day positive along with the NYSE which posted a very slight gain. The NASDAQ fell short and ended the day with a slight loss. Selling pressure was clearly evident today. There were increased talks today of a possible bankruptcy filing by General Motors (GM). Ford Motor (F) announced late Monday the will sell 300 Million shares of stock to assist in improving their capital position as well as to pay off health care obligations to the United Auto Workers Union. Financial stocks continued to take their hits on the day with dilution of holdings by Wells Fargo (WFC), BB&T (BBT) as well as Bank of America (BAC). USA stock market daily report by Millenium Traders (May 11, 2009, Monday, 10.30 p.m. GMT) 11 May 2009 Markets held in deep negative territory today with major U.S. indices posting triple digit losses at the closing bell. Financial stocks took the hardest hit as market viewers felt that todays southbound trend initiated by profit taking, which is very possible. Traders saw hits taken by Citigroup (C), JPMorgan Chase (JPM), Bank of America (BAC) and American Express (AXP). The second worst DOW stock today was wielded by American Express (AXP). BB&T (BBT), Capital One Financial (COF) and Bancorp (USB) were all lower as well. News from BB&T (BBT) cut its dividend by 68% and will issue common shares to the tune of $1.5 billion. USA stock market daily report by Millenium Traders (May 8, 2009, Friday, 10.30 p.m. GMT) 8 May 2009 Surprisingly, unemployment rate or job losses hit a new 26 year high and, we saw the markets move higher on the news. The release of the April unemployment data offers a glimmer of hope that employment conditions may be starting to stabilize. The number of jobs lost during April was the smallest decline seen since October jobs loss report of 380,000 jobs. Since December 2007 when the recession began, we've seen a loss of 5.7 million jobs. Sectors adding jobs include health care and the government. We saw triple digit gains at the closing bell, possibly signaling a rebound is beginning in the financial markets. USA stock market daily report by Millenium Traders (May 7, 2009, Thursday, 10.30 p.m. GMT) 7 May 2009 The markets were higher at the open but, the update for the stock markets is that the gains, faded quickly. Triple digit loss hit the DOW and other major U.S. indices once again moved in a general tight trading range. Day traders experienced quite a bit of whip-o-tile trading action. Day traders with patience continue to reap in the profit benefits of these recent trading sessions. Earnings season tends to create increased market action therefore, action for those patient day traders. USA stock market daily report by Millenium Traders (May 6, 2009, Wednesday, 10.30 p.m. GMT) 6 May 2009 Trading action was very whip-o-tile ahead of the stress test results from the government tomorrow. Major U.S. indices posted triple digit gains at the closing bell, after a mixed trading session during the day. A few results leaked out early. Its been reported that JPMorgan Chase & Corporation (JPM), American Express Corporation (AXP) and Bank of New York Mellon (BK) need no additional capital. Those needing capital from the leaked source include Citigroup (C) which has been told it needs to raise $5 billion to $6 billion, Bank of America Corporation (BAC) needs to raise $34 billion in new capital although its expected that some of that can be taken care of by converting the government's $45 billion investment into common equity, Wells Fargo (WFC) and Regions Financial Corporation (RF) also have told that they need to raise more capital. Apparently Goldman Sachs Group (GS), Morgan Stanley (MS) and MetLife (MET) are all good to go with no need to raise additional capital. USA stock market daily report by Millenium Traders (May 5, 2009, Tuesday, 10.30 p.m. GMT) 5 May 2009 Trading activity was controlled by the Bears today amidst very tight trading ranges, especially those involved in online stock trading during these questionable trading times. Major U.S. indices posted slight losses at the ringing of the closing bell. Stocks sluggishly moved lower, through out the trading session. Federal Reserve Chairman Ben Bernanke testified in front of the Joint Economic Committee in Washington, D.C. today, providing optimistic comments as well as cautious guidance. "Conditions in a number of financial markets have improved in recent weeks, reflecting in part the somewhat more encouraging economic data. However, financial markets and financial institutions remain under considerable stress, and cumulative declines in asset prices, tight credit conditions and high levels of risk aversion continue to weigh on the economy." He also added that 10 of the 19 banks that have been tested are going to need to raise additional capital. Details of the stress test are scheduled for release Thursday. USA stock market daily report by Millenium Traders (May 4, 2009, Monday, 10.30 p.m. GMT) 4 May 2009 The markets held firmly in positive territory today at the hands of the angry Bulls, steering to move the markets higher. Trading action was mostly to the upside, with gains seen across the board. At the closing bell, the major U.S. indices posted a triple digit gain on the first Monday of the month of May. the gains were mostly attributed to the jump in pending home sales data. "This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit," said Lawrence Yun, chief economist for the National Association of Realtors. Throughout the trading session, Standard & Poor continuously hosted watch negative alerts on many banks today, well over 20 banks got the slash. Stress test results are expected out on banks, come Thursday. They were originally expected out today but, bank executives negotiations with the Treasury Department about preliminary findings prompted the delay until Thursday. President Barack Obama worked diligently today on making it more difficult for U.S. multinational companies to use overseas tax havens. USA stock market daily report by Millenium Traders (May 1, 2009, Friday, 10.30 p.m. GMT) 1 May 2009 Vehicle sales data for April were released today and as was expected, they were far from good. More details of car makers sales data are available lower in this commentary. Markets provided quite the whip today, bouncing in and out of negative territory throughout the trading session. At the closing bell, the major U.S. indices closed positive for the day. The swine flu continues to spread as the government tries to prevent the country from moving into a panic mode. Chrysler forced to shut down 4 plants as suppliers stop shipments. |
