Market Trends

It's contract expiration day for the month as it's the third Friday in November and the market is anything but psyched. The Dow Jones Industrial Average is trading slightly down from its new high close yesterday, and I don't anticipate much excitement in the market.

In retail news, Federated Department Stores Inc. (FD:NYSE) reported that it's cutting 200 jobs in Chicago, mainly to prepare for outside delivery and transportation contractors. The 200 jobs being cut are deliver and customer service positions.

The Retail Service HOLDRs (RTH) is topping out on the monthly chart at $100. As I said in the beginning of the week, watch your retail stocks for corrections going into 2007, until first-quarter earnings for the holiday season are announced.

Material Profits

Oil's broken a key support line. It'd been trading range-bound between $57 and $61 or so for the past month, and today's action breaks all the way to $55 and change.

Why did this happen, and what does this mean for oil producers and the oil service companies I've been profiling this week? I'll discuss in Market Report this evening.

Trading Tactics

The IPO of NYMEX is off to a roaring start. This morning, the shares opened the trading day at $120, a 100% gain from the IPO opening price of $59.00.

That's incredible news for NYMEX seat holders, since each of them got upwards of 9,000 shares, now worth over $1 million. Not a bad day.

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