Crude Oil Prices

The Bulls had their chance at the market reins today, with the DOW hosting a nice triple digit gain early into the afternoon trading session. Major U.S. Indices shared in the gains with positive moves higher, across the board. Crude oil sank lower today, losing 7.3 percent for the week amidst the surge in the Stock Markets. Crude has not see such a one day dollar amount decline in 17 years. The loss for Crude was attributed to the DOE report today on inventories which showed an increase by 3 million barrels last week compared to expectations from analysts of a drop by 3 billion barrels. The Organization of Petroleum Exporting Countries lowered its demand forecast for 2008 Tuesday to an increase of 1.2 percent from a previous forecast of a 1.28 percent increase for the year. Across the board, energy stocks followed crude oil, lower. In no way is the credit markets crisis over either. Fed Chairman Ben Bernanke said today to the House Financial Services Committee, "inflation currently is too high." Trading volume was heavy, although slightly lower then yesterdays market selloff, across the board amidst the market rally. Gains could be partially attributed to short sellers covering, on the heals of the positive market trend today.

Todays top stock pick for the trading session was Cleveland-Cliffs Incorporated (NYSE: CLF) with a posted loss at the closing bell of over 7 points. Cleveland-Cliffs announced they would be acquiring all outstanding shares of Alpha Natural Resources Incorporated (NYSE: ANR) in a cash and stock transaction valued at approximately $10 Billion. Alpha stockholders would receive 0.95 Cleveland-Cliffs common shares plus, $22.23 in cash. Based on the closing price for Cleveland-Cliffs stock price on July 15, 2008, Alpha stockholders would receive $128.12 per share at a premium of 35 percent of Alpha's closing stock price on July 15, 2008. At the close of the deal, the combined company will be renamed, Cliffs Natural Resources and will become one of the largest U.S. mining companies including 60 coal mines and nine iron ore facilities across North America, South America and Australia. With these resources, Cliffs will be a major supplier to the global steel industry. It will also provide a platform for further diversification in terms of the mineral and resource products it sells, geographically.

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 world market as well as the emerging markets including the stock market closing price:
DOW (Dow Jones Industrial Average) triple digit gain of 276.01 points on the day to end the trading session at 11,238.55
NYSE (New York Stock Exchange) triple digit gain of 174.91 points to end the trading session at 8,332.71
NASDAQ gain of 69.14 points to end the trading session at 2,284.85
S&P 500 gain of 30.08 points to end the trading session at 1,244.99
FTSE All-World ex-U.S. gain of 2.07 points to end the trading session at 220.43
FTSE RAFI 1000 triple digit gain of 151.90 points to end the trading session at 4,801.38
BEL 20 (BEL20) gain of 41.96 points to end the trading session at 2,905.40
CAC 40 (CAC40) gain of 51.3 points to end the trading session at 4,112.45
FTSE100 (UKX100) loss of 21.3 points to end the trading session at 5,150.6
NIKKEI 225 (NIK/O) gain of 6.24 points to end the trading session at 12,760.8

Market trends on the New York Stock Exchange (NYSE) today: advanced stocks 2,385; declined stocks 849; unchanged stocks 69; stocks hitting new highs 17; stocks hitting new lows 310. List of volatile stocks 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: CONSOL Energy Incorporated (NYSE: CNX) shed 5.26 points on the trading session, high on the trading session $100.79, low on the trading session $89.24 for a closing stock price at $90.7 6; Chicago Bridge & Iron Company (NYSE: CBI) shed 5.74 points on the trading session, high on the trading session $31.04, low on the trading session $27.50 for a closing stock price at $30.65;  Wells Fargo & Company (NYSE: WFC) gained 6.72 points on the trading session, high on the trading session $27.32, low on the trading session $23.20 for a closing stock price at $27.23;  United States Steel Corporation (NYSE: X) shed 1.04 points on the trading session, high on the trading session $157.30, low on the trading session $146.41 for a closing stock price at $154.01; Cleveland-Cliffs Incorporated (NYSE: CLF) shed 7.44 points on the trading session, high on the trading session $106.89, low on the trading session $97.36 for a closing stock price at $104.02; Occidental Petroleum Corporation (NYSE: OXY) shed 3.20 points on the trading session, high on the trading session $80.13, low on the trading session $75.25 for a closing stock price at $77.00; Alpha Natural Resources Incorporated (NYSE: ANR) gained 10.01 points on the trading session, high on the trading session $119.30, low on the trading session $102.89 for a closing stock price at $104.93; Entergy Corporation (NYSE: ETR) shed 2.67 points on the trading session, high on the trading session $118.94, low on the trading session $114.94 for a closing stock price at $115.61; CME Group Incorporated (NYSE: CME) gained 8.93 points on the trading session, high on the trading session $331.02, low on the trading session $300.86 for a closing stock price at $317.48; CF Industries Holdings Incorporated (NYSE: CF) shed 0.23 points on the trading session, high on the trading session $159.98, low on the trading session $151.00 for a closing stock price at $158.81; Walter Industries Incorporated (NYSE: WLT) gained 8.37 points on the trading session, high on the trading session $103.90, low on the trading session $92.33 for a closing stock price at $100.83; Devon Energy Corporation (NYSE: DVN) shed 4.81 points on the trading session, high on the trading session $106.94, low on the trading session $99.96 for a closing stock price at $101.38; Rio Tinto plc (NYSE: RTP) shed 8.45 points on the trading session, high on the trading session $407.62, low on the trading session $397.14 for a closing stock price at $407.25; Ultrashort Financial (NYSE: SKF) shed 45.58 points on the trading session, high on the trading session $198.38, low on the trading session $157.09 for a closing stock price at $158.33; Fannie Mae (NYSE: FNM) gained 2.18 points on the trading session, high on the trading session $9.68 low on the trading session $7.50 for a closing stock price at $9.25; Potash Corporation Saskatchewan (NYSE: POT) shed 1.71 points on the trading session, high on the trading session $224.81, low on the trading session $215.91 for a closing stock price at $222.93; MasterCard Incorporated (NYSE: MA) gained 20.83 points on the trading session, high on the trading session $271.20, low on the trading session $250.82 for a closing stock price at $271.20.

Market trends on the NASDAQ today: advanced stocks 2,252; declined stocks 723; unchanged stocks 105; stocks hitting new highs 33; stocks hitting new lows 226.
List of volatile stocks 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: Orion Energy Systems Incorporated (NasdaqGS: OESX) shed 3.35 points on the trading session, high on the trading session $6.00, low on the trading session $4.48 for a closing stock price at $5.24; Navigators Group Incorporated (NasdaqGS: NAVG) shed 3.25 points on the trading session, high on the trading session $48.27, low on the trading session $43.46 for a closing stock price at $45.36; First Solar Incorporated (NasdaqGS: FSLR) gained 13.47 points on the trading session, high on the trading session $291.04, low on the trading session $282.00 for a closing stock price at $290.47.

Market trends on the American Stock Exchange (AMEX) today: advanced stocks 713; declined stocks 513; unchanged stocks 83; stocks hitting new highs 16; stocks hitting new lows 98.

Chicago Board of Trade Futures Market activity for the day, September 2008 Contracts, at time of this posting:
E-mini S&P 500 (ES) end of day price 1,244.25, change  32.25
E-mini NASDAQ-100 (NQ) end of day price 1,846.25, change 47.25
E-mini S&P SmallCap 600 (SMP) end of day price 359.30, change 12.60
$5 DJIA (YM) end of day price 11,213, change 295

World Currencies at time of this posting:
Euro 0.6324 to U.S. Dollars 1.5813
Japanese Yen 105.16 to U.S. Dollars 0.0095
British Pound 0.5003 to U.S. Dollars 1.9988
Canadian Dollar 1.021 to U.S. Dollars 0.9979
Swiss Franc 1.0179 to U.S. Dollars 0.9824

Commodities Markets:
Energy Sector: Light Crude (NYM) shed $4.598 on the day for a closing price of the range of $134.15 a gallon ($US per bbl.); Heating Oil (NYM) shed $0.08 on the day for a closing price of $3.87 a gallon ($US per gal.); Natural Gas (NYM) shed $0.08 on the day for a closing price of $11.49 per million BTU ($US per mmbtu.); Unleaded Gas (NYM) shed $0.11 on the day for a closing price of $3.27 a gallon ($US per gal.). 

Metals Markets:
Gold Market Price (CMX) shed $16.00 on the day for a closing price of $962.70 ($US per Troy oz.); Silver (CMX) shed $0.21 on the day for a closing price of $18.81 ($US per Troy oz.); Platinum (NYM) shed $43.50 on the day for a closing price of $1,938.40 ($US per Troy oz.) and Copper (CMX) shed $0.05 on the day for a closing price of $3.65 ($US per lb.). 

Livestock and Meat Markets (cents per lb.): Lean Hogs (CME) gained 1.55 on the day for a closing price of 73.75; Pork Bellies (CME) gained 0.65 on the day for a closing price of 66.38; Live Cattle (CME) shed 0.53 on the day for a closing price of 106.35; Feeder Cattle (CME) shed 0.33 on the day for a closing price of 111.13. 

Other Commodities (cents per bu.): Corn (CBT) gained 10.50 on the day for a closing price of 677.25 and Soybeans (CBT) gained 32.00 on the day for a closing price of 1,548.00.

Bond action for the day: 2 year bond shed 4/32 on the day for a closing price of 100 26/32 with a Yield of 2.44, Yield Change+0.08; 5 year bond shed 19/32 on the day for a closing price of 100 22/32 with a Yield of 3.21, Yield Change +0.12; 10 year bond shed 1 4/32 on the day for a closing price of 99 9/32 with a Yield of 3.96, Yield Change +0.14; the 30 year bond shed 2 7/32 on the day for a closing price of 96 11/32 with a Yield of 4.60, Yield Change +0.14.

Department Of Energy released crude oil inventories today: U.S. Gasoline Stockpiles  increased by 2.4 Million Barrels to 214.2 Million Barrels; U.S. Distillate Stockpiles increased by 3.2 Million Barrels to 125.7 Million Barrels;  U.S. Refineries ran at 89.5% versus 89.2% week ago; U.S. Gasoline Stockpiles increased by 2.4 Million Barrels in the week compared to expectations of a drop by 200,000 Million Barrels; U.S. Distillate Stockpiles increased by 3.2 Million Barrels in the week compared to expectations of an increase by 1.5 Million Barrels; U.S. Refineries ran at 89.5% capacity seen unchanged at 89.2%.

U.S. June Industrial Production rose 0.5% compared to consensus of an increase by 0.2%; U.S. June Capacity Utilization rose 0.3 percent at 79.9% compared to consensus of  79.4%; U.S. May Capacity Use revised to 79.6% from 79.4%; U.S. May Industrial Production unrevised at a drop by 0.2%.

U.S. June Consumer Prices rose 1.1%  compared to consensus of an increase by 0.7%; U.S. June CPI Ex-Food & Energy rose 0.3% compared to consensus of an increase by 0.2%; U.S. June CPI Unrounded rose 1.056%; U.S. June CPI Core rose 0.323%; U.S. June CPI Energy Prices rose 6.6%; U.S. June CPI Food Prices rose 0.7%; U.S. Real Average Weekly Earnings fell 0.9% in June; U.S. CPI rise largest since June 1982; U.S. CPI rose 5% on the year resulting in the largest increase since May 1991.

Federal Open Market Committee Minutes: sees `modest` 1h growth, `slight slowdown` in second half 2008; growth risks diminishing, inflation risks rising; still sees `significant downside risks` to growth; sees next policy change likely to be rate hike; minutes signal no change in rates in near term.

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