No registration required! (Why?)

Market Commentary for March 16, 2007


For Quadruple witching, trading volume was moderate with very tight trading ranges. With another major winter storm moving toward the North East, traffic could be snarled over the next day or so. At the close, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved lower today by 49.27 points to end the session at 12110.41; the NYSE (New York Stock Exchange) moved lower by 22.24 points to end at 8983.01; the NASDAQ moved lower by 6.04 points to close at 2372.66; the S&P 500 moved lower by 5.33 points to end at 1386.95 and the RUSSELL 2000 moved lower by 4.84 points to close at 778.77. 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) moved lower by 0.32 to close at 236.12 and the FTSE RAFI 1000 moved lower by 26.65 to close at 5825.99.

Economic data released for the day:

Quadruple Witching: Today, all contracts expire for stock index futures, stock index options, stock options and single stock futures.

Consumer Price Index (CPI): The measure of the average price level of a fixed basket of goods and services purchased by consumers; monthly changes represent the rate of inflation. U.S. February Consumer Prices rose by 0.4% versus consensus of an increase by 0.3%; U.S. February CPI Excluding Food and Energy rose by 0.2% versus consensus of an increase by 0.2%; U.S. February CPI Unrounded rose by 0.371%; U.S. February CPI Core rose by 0.241%; U.S. February CPI Energy Prices rose by 0.9%; U.S. February CPI Food Prices rose by 0.8% and U.S. Real Average Weekly Earnings fell by 0.3% in February.

Industrial Production: The physical output of the nation’s factories, utilities and mines. The Industrial sector accounts for less than one fifth of the economy with a mostly cyclical variation. The usage of available resources amount utilities, mines and factories is the capacity utilization rate. A warning sign of inflationary pressure is detected by an increase operating rate. U.S. February Industrial Production rose by 1.0% versus consensus of an increase by 0.3%; U.S. February Capacity Utilization rose by 0.6 points at 82.0% versus consensus of 81.3%; U.S. January Industrial Production was revised down by 0.3% from down by 0.5% and U.S. January Capacity Utilization was revised to 81.4% from 81.2%.

Consumer Sentiment: 500 households are surveyed by The University of Michigan’s Consumer Survey Center, on their financial conditions and attitudes about the economy. The strength of consumer spending is directly related to consumer sentiment. University of Michigan Consumer Survey Report: 12-Month Inflation Forecast rose by 3.0%; February Inflation Forecast rose by 3.0%; 5-Year Inflation Forecast rose by 2.9%; February Inflation Forecast rose by 2.9; Mid-March Sentiment came in at 88.8; February Sentiment came in at 91.3 and Mid-March Current Index came in at 103.6; February Current Index came in at 106.7

On the commodities markets, the trend was mostly lower across the board today for the Energy sector: Light crude moved lower by $0.44 today to close at $57.11 a barrel; Heating Oil had not change today to close at $1.69 a gallon; Natural Gas moved lower by $0.05 today to end at $7.05 per million BTU and Unleaded Gas closed higher by $0.03 at $1.91 a gallon.

Metals Market ended the session higher across the board again today: Gold moved higher by $6.80 to close at $653.90 an ounce; Silver closed the day higher by $0.14 to end the session at $13.22 an ounce; Platinum moved nicely higher today by $5.50 to close at $1,221.20 an ounce and Copper ended the day higher by $0.02 to close at $3.01 per pound.

On the Livestock and Meat Markets, the trend was lower across the board today: Lean Hogs closed lower by 1.33 at 74.58; Pork Bellies ended the day lower by 3.00 today to close at 102.85; Live Cattle moved lower by 1.48 to end the day at 94.28 and Feeder Cattle ended the day lower by 1.13 to close at 107.23.

Other Commodities: Corn moved higher today by 1.75 points to end at 399.50 and Soybeans moved higher today by 3.00 to close at 753.50.

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 3,505,398 Open Interest for Futures moved lower by 41,525 to close at 9,278,925 and the Open Interest for Options moved higher by 97,464 to close at 7,807,563 for a total Open Interest of 17,088,206 for a total gain on the day by 56, 005.

Bonds were lower across the board today: 2 year bond closed lower by 1/32 at 100 9/32; 5 year bond closed lower by 1/32 at 100 22/32; 10 year bond closed lower by 3/32 at 100 19/32 and the 30 year bond closed lower by 26/32 at 100 26/32.

The mini Dow ended the session lower by 49 at 12207. The total Dow Exchange Volume for the day came in at 188,298 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 with the big boys were on the move today: Chicago Mercantile Exchange Holdings (CME) fell today by 5.88 points for a closing price of $527.00; Trina Solar Limited (TSL) fell 5.00 to give up 10.76% to close at $41.49 on the day; CBOT Holdings Incorporated (BOT) gave up 4.95 points to end the session at $190.00 at the closing bell; Pre-Paid Legal Services Incorporated (PPD) fell sharply by 5.90 points to give up 11.04% to close at $47.55 and Manitowoc Company Incorporated (MTW) gained 4.18 points to close at $59.65.

On the NASDAQ today, advancers came in at 1,196; decliners totaled 1,814; unchanged came in at 141; new highs came in at 38 and new lows came in at 74. Gainers and losers for the day on the NASDAQ: Adams Respiratory Therapeutics Incorporated (ARXT) fell sharply by 23.47% to shed 8.84 points for a closing price at $28.82; DXP Enterprises Incorporated (DXPE) rallied higher by 6.10 points to tack on a gain of 18.49% to close at $39.10; Zoltek Companies Incorporated (ZOLT) moved higher by 3.18 points to end the day at $31.69 and Google Incorporated (GOOG) fell by 5.64 points to close at $440.55 for the day.

Thanks for reading
Millennium-Traders