Market Commentary for March 05, 2007
Prior to the open, word of the Asian markets taking another large hit had investors and day traders on edge for the direction of the day. The markets were mixed through out the session, bouncing in and out of the red zone with mixed reaction at the close. At the end of the trading day, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved higher today by 19.86 points to end the session at 12133.96; the NYSE (New York Stock Exchange) moved lower by 120.00 points to end at 8837.97; the NASDAQ moved lower by 27.32 points to close at 2340.68; the S&P 500 moved lower by 2.58 points to end at 1384.59 and the RUSSELL 2000 moved lower by 7.47 points to close at 767.97. The FTSE All-World Index ex-US (top Large/Mid Cap aggregate from over 2,700 stocks from the FTSE Global Equity Index Series (GEIS) which covers 90% of the worlds investable market capitalization) no data available, closed at 232.96 and the FTSE RAFI 1000 with no data available, closed at 5817.29.
Chairman of the Federal Reserve, Ben S. Bernanke commented late Friday: globalization's inflation impact limited; globalization may lead to some higher United States prices; globalization hasn't weakened Fed's role; Fed to watch prime mortgage market closely; Fed looks at multiple inflation measures and United States needs to address cost of entitlement programs.
President of the Federal Reserve Bank of St. Louis, William Poole commented today: market correction 'hardly a wiggle' thus far; market turmoil not requiring Fed response; does not see recession on horizon; reaffirms support for inflation target; comfortable with Core PCE Price Index between 1%-2%; wants Fed to aim for inflation at 1.5% mark; true zero inflation likely 1% annual Core CPI gain; housing troubles mostly limited to sector; sees 'little fallout' to United States economy from housing; Fed should respond to sustained inflation gains; need not respond to 'every upward twitch' in prices and low, stable inflation key to economic growth.
Federal Reserve Member of Board of Governors Kevin M. Warsh commented today: very tough for Fed to spot asset bubbles; high liquidity may be flattening yield curve; Monetary Policy not restrictive given liquidity; overall liquidity not `in short supply` and markets working `well` amid higher volatility.
Federal Reserve Member of Board of Governors Randall S. Kroszner commented today: yield curve will be flatter than in the past; 'moderate' growth expected for coming year; housing market seems to be stabilizing and economic outlook not materially changed.
Economic data released for the day:
ISM Non-Manufacturing Survey: Compiled from approximately 400 non-manufacturing firms from 60 sectors across the United States. Included in the survey are retail trade, construction, agriculture, mining, transportation, wholesale trade and communications. United States Institute for Supply Management reported today: ISM February Index Points to 'Continued Economic Growth'; ISM February Non- Manufacturing Business Index came in at 54.3 versus January reading of 59.0; ISM February Non- Manufacturing Business Index Expected 57.5; ISM February Non- Manufacturing Prices Index came in at 53.8 versus January reading of 55.2 and ISM February Non-Manufacturing New Orders Index came in at 54.8 versus January reading of 55.4.
On the commodities markets, the trend was mostly lower across the board today for the Energy sector: Light crude moved lower by $1.57 today to close at $60.07 a barrel; Heating Oil closed lower today by $0.04 at $1.72 a gallon; Natural Gas moved higher by $0.01 today to end at $7.25 per million BTU and Unleaded Gas closed lower by $0.06 today to end the session at $1.84 a gallon.
Metals Market ended the session lower across the board again today: Gold moved lower by $4.90 to close at $639.20 an ounce; Silver closed lower today by $0.21 at $12.75 an ounce; Platinum moved wildly lower today by $31.20 to close at $1,180.00 an ounce and Copper ended the day lower by $0.04 to close at $2.67 per pound.
On the Livestock and Meat Markets, the trend was mostly lower across the board today: Lean Hogs closed lower by 1.35 to close at 65.00 Pork Bellies ended the day higher by 1.58 to close at 106.20; Live Cattle closed lower by 0.30 to end the day at 97.35 and Feeder Cattle ended the day lower by 0.20 to close at 107.03.
Other Commodities: Corn moved began to rebound today by 5.75 points to end at 426.75 and Soybeans moved lower yet again today by 3.00 to close at 750.50.
The end of day results for the CBOT (Chicago Board of Trade) which is comprised of the total Exchange Volume for Futures and Options (EVFO) including Electronic, Open Auction and Cash Exchange ended the day at 4,937,568 Open Interest for Futures moved lower by 237,328 to close at 9,153,972 and the Open Interest for Options moved higher by 261,220 to close at 6,606,919 for a total Open Interest of 15,762,472 for a total gain on the day by 24,023.
Bonds were mixed across the board today: 2 year bond closed at 100 13/32; 5 year bond closed lower by 1/32 at 100 26/32; 10 year bond closed lower by 1/32 at 100 30/32 and the 30 year bond closed higher by 1/32 at 101 25/32.
The mini Dow ended the session today with a loss of 63 to close at 12045. The total Dow Exchange Volume for the day came in at 195,825 which are comprised of Electronic, Open Auction and Cash Exchange. Traders should review workshops available at the CBOT (Chicago Board of Trade) Educational in-person seminars schedules available on CBOT (Chicago Board of Trade) website.
New York Stock Exchange movers for the day: Chicago Mercantile Exchange Holdings (CME) rallied nicely today to tack on a nice gain of 14.15 points to close at $554.40 for the day; iShares Silver Trust (SLV) fell by 3.31 points to end the session at $125.47; Greif Incorporated (GEF) fell by 3.05 points to close at $107.53; New Century Financial Corporation (NEW) plummeted lower by 68.87% to shed 10.09 points for a closing price at $4.56 and Essex Property Trust Incorporated (ESS) plummeted by 6.76 points to end the day at $126.12.
On the NASDAQ today, advancers came in at 575; decliners totaled 2,496; unchanged came in at 121; new highs came in at 17 and new lows came in at 179. Gainers and losers for the day on the NASDAQ: Accredited Home Lenders Holding Company (LEND) fell sharply lower by 5.63 points to end the day at $16.06; Aeroflex Incorporated (ARXX) moved higher by 19.44% for a gain on the day of 2.14 points to close at $133.15 for the day; Wynn Resorts Limited (WYNN) fell by 4.26 points to finish the session at $89.37 and Crocs Incorporated (CROX) moved lower by 3.94 points to close at $45.06.
Thanks for reading.
Millennium-Traders
Chairman of the Federal Reserve, Ben S. Bernanke commented late Friday: globalization's inflation impact limited; globalization may lead to some higher United States prices; globalization hasn't weakened Fed's role; Fed to watch prime mortgage market closely; Fed looks at multiple inflation measures and United States needs to address cost of entitlement programs.
President of the Federal Reserve Bank of St. Louis, William Poole commented today: market correction 'hardly a wiggle' thus far; market turmoil not requiring Fed response; does not see recession on horizon; reaffirms support for inflation target; comfortable with Core PCE Price Index between 1%-2%; wants Fed to aim for inflation at 1.5% mark; true zero inflation likely 1% annual Core CPI gain; housing troubles mostly limited to sector; sees 'little fallout' to United States economy from housing; Fed should respond to sustained inflation gains; need not respond to 'every upward twitch' in prices and low, stable inflation key to economic growth.
Federal Reserve Member of Board of Governors Kevin M. Warsh commented today: very tough for Fed to spot asset bubbles; high liquidity may be flattening yield curve; Monetary Policy not restrictive given liquidity; overall liquidity not `in short supply` and markets working `well` amid higher volatility.
Federal Reserve Member of Board of Governors Randall S. Kroszner commented today: yield curve will be flatter than in the past; 'moderate' growth expected for coming year; housing market seems to be stabilizing and economic outlook not materially changed.
Economic data released for the day:
ISM Non-Manufacturing Survey: Compiled from approximately 400 non-manufacturing firms from 60 sectors across the United States. Included in the survey are retail trade, construction, agriculture, mining, transportation, wholesale trade and communications. United States Institute for Supply Management reported today: ISM February Index Points to 'Continued Economic Growth'; ISM February Non- Manufacturing Business Index came in at 54.3 versus January reading of 59.0; ISM February Non- Manufacturing Business Index Expected 57.5; ISM February Non- Manufacturing Prices Index came in at 53.8 versus January reading of 55.2 and ISM February Non-Manufacturing New Orders Index came in at 54.8 versus January reading of 55.4.
On the commodities markets, the trend was mostly lower across the board today for the Energy sector: Light crude moved lower by $1.57 today to close at $60.07 a barrel; Heating Oil closed lower today by $0.04 at $1.72 a gallon; Natural Gas moved higher by $0.01 today to end at $7.25 per million BTU and Unleaded Gas closed lower by $0.06 today to end the session at $1.84 a gallon.
Metals Market ended the session lower across the board again today: Gold moved lower by $4.90 to close at $639.20 an ounce; Silver closed lower today by $0.21 at $12.75 an ounce; Platinum moved wildly lower today by $31.20 to close at $1,180.00 an ounce and Copper ended the day lower by $0.04 to close at $2.67 per pound.
On the Livestock and Meat Markets, the trend was mostly lower across the board today: Lean Hogs closed lower by 1.35 to close at 65.00 Pork Bellies ended the day higher by 1.58 to close at 106.20; Live Cattle closed lower by 0.30 to end the day at 97.35 and Feeder Cattle ended the day lower by 0.20 to close at 107.03.
Other Commodities: Corn moved began to rebound today by 5.75 points to end at 426.75 and Soybeans moved lower yet again today by 3.00 to close at 750.50.
The end of day results for the CBOT (Chicago Board of Trade) which is comprised of the total Exchange Volume for Futures and Options (EVFO) including Electronic, Open Auction and Cash Exchange ended the day at 4,937,568 Open Interest for Futures moved lower by 237,328 to close at 9,153,972 and the Open Interest for Options moved higher by 261,220 to close at 6,606,919 for a total Open Interest of 15,762,472 for a total gain on the day by 24,023.
Bonds were mixed across the board today: 2 year bond closed at 100 13/32; 5 year bond closed lower by 1/32 at 100 26/32; 10 year bond closed lower by 1/32 at 100 30/32 and the 30 year bond closed higher by 1/32 at 101 25/32.
The mini Dow ended the session today with a loss of 63 to close at 12045. The total Dow Exchange Volume for the day came in at 195,825 which are comprised of Electronic, Open Auction and Cash Exchange. Traders should review workshops available at the CBOT (Chicago Board of Trade) Educational in-person seminars schedules available on CBOT (Chicago Board of Trade) website.
New York Stock Exchange movers for the day: Chicago Mercantile Exchange Holdings (CME) rallied nicely today to tack on a nice gain of 14.15 points to close at $554.40 for the day; iShares Silver Trust (SLV) fell by 3.31 points to end the session at $125.47; Greif Incorporated (GEF) fell by 3.05 points to close at $107.53; New Century Financial Corporation (NEW) plummeted lower by 68.87% to shed 10.09 points for a closing price at $4.56 and Essex Property Trust Incorporated (ESS) plummeted by 6.76 points to end the day at $126.12.
On the NASDAQ today, advancers came in at 575; decliners totaled 2,496; unchanged came in at 121; new highs came in at 17 and new lows came in at 179. Gainers and losers for the day on the NASDAQ: Accredited Home Lenders Holding Company (LEND) fell sharply lower by 5.63 points to end the day at $16.06; Aeroflex Incorporated (ARXX) moved higher by 19.44% for a gain on the day of 2.14 points to close at $133.15 for the day; Wynn Resorts Limited (WYNN) fell by 4.26 points to finish the session at $89.37 and Crocs Incorporated (CROX) moved lower by 3.94 points to close at $45.06.
Thanks for reading.
Millennium-Traders
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