# Why my multinomial regression is not showing all coefficients in R?

I want to predict the impact of oil price over a Colombian oil company's stock price. I plan to use a multinomial regression for this with a categorical variable (Up, Down or Neutral given the direction of the stock price). Here is part of my dataset:

Minute  ecopet  profit  sum_profit   direccion  cl1_chg   sum_cl1    direccion_cl1
571     2160     0       10           Up         -0.03     0.00      Down
572     2160     0        0           Neutral     0.07    -0.03      Down
573     2160     0       -5           Down       -0.08     0.04      Up
574     2160     0       -5           Down       -0.07    -0.04      Down
575     2160     5       -5           Down       -0.08    -0.11      Down
576     2165     0       -25          Down        0.00    -0.19      Down
577     2165     0       -25          Down       -0.05    -0.19      Down
578     2165     0       -15          Down       -0.17    -0.24      Down
579     2165     5       -15          Down       -0.06    -0.41      Down
580     2170     0       -20          Down        0.03    -0.47      Down
581     2170    -10       0           Neutral     0.04    -0.44      Down


My dependent variable is 'direccion'. But as you can see it has 3 response classes.the code I am using in R for the multinomial regression is:

glm.fit=multinomial(direccion~direccion_cl1, data=datos)


I am working with intraday information and plan to predict what happens when the oil moves up/ down (in the previous 10 minutes) and how it impacts the stock price in the next 10 minutes.

The problem is that once I run the regression, what I get for glm.fit does not include the Coefficients for the level "Down". Would you know why is that? I get this:

 Call:
multinom(formula = direccion ~ direccion_cl1, data = datos)

Coefficients:
(Intercept) direccion_cl1Up
Neutral   1.0505813       0.1955194
Up       -0.2513035       0.3936570

Residual Deviance: 90752.54
AIC: 90764.54


Additional to this, when I use the function predict to see how well my model works I get this error message:

 log.probs=predict(glm.fit, "probs")


Thanks a lot!

$$\{1,1_{direccion\_cl1Up},1_{direccion\_cl1Down}\}$$ Since : $1-1_{direccion\_cl1Up}-1_{direccion\_cl1Down}=0$.
By default, when R expands factors having $n$ levels, it proposes $n-1$ dummy variables, encoded as $n-1$ columns.