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Market Commentary for March 27, 2007


The Bears held the market reins today with the major indices holding firmly in the red zone, even into the close. A rather bewildering trading atmosphere over the last few market sessions has created a dull trading mood for both investors and day traders. Trading action appears wishy-washy with no real directional guidance. Trading volume was light and trading ranges fluctuated amongst the mucky market waters.

At the close, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved lower today by 71.78 points to end the session at 12397.29; the NYSE (New York Stock Exchange) moved lower by a 52.57 points to end at 9288.79; the NASDAQ moved lower by 18.20 points today for a close at 2437.43; the S&P 500 moved lower by 8.89 points to end at 1428.60 and the RUSSELL 2000 moved lower by 6.58 points to close at 802.36. 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 0.59 to close at 244.34 and the FTSE RAFI 1000 moved lower by 34.95 to close at 6008.57.

Fed defends sub-prime oversight but, will review regulations.

President of the Federal Reserve Bank of Cleveland, Sandra Pianalto commented today: can take 18 months to see break in inflation; recent economic indicators mixed; expects inflation to moderate and inflation risks to upside.

From late yesterday through today, President of the Federal Reserve Bank of Chicago, Michael H. Moskow released the following comments: inflation risks greater than economic growth risks and no sign of spillover from sub-prime mortgage market woes.

Richmond Fed: March Manufacturing Index fell by 10 versus February drop by 10; Richmond Fed: March Manufacturing Shipments Index fell by 10 versus February drop by 15; Richmond Fed: March Services Revenues Index came in at 9 versus February 12 and Richmond Fed: March Retail Revenues Index came in flat versus February drop by 25.

Economic data released for the day:

ICSC-UBS Store Sales: Weekly measure of comparable store sales at major retail chains which is related to the general merchandise portion of retail sales, as reported by the International Council of Shopping Centers. This date accounts for approximately 10% of total retail sales. Store Sales Week over Week change came in at 0.2% and Store Sales Year over Year change came in at 4.6%.

Redbook: General merchandise portion of retail sales covering only approximately 10% of total retail sales, this data is a weekly measure of sales at department stores, chain stores and discounters. U.S. Retail Sales rose by 0.7% for first 3 weeks in March versus February.

Consumer Confidence: A compilation by the Conference Board of a survey of five thousand consumer attitudes, across the country, on present economic conditions and expectations of future conditions. Conference Board March Expectations Index came in at 86.9 versus February reading at 93.8; U.S. Conference Board March Consumer Confidence came in at 107.2 versus February reading at 111.2 and Conf Board March Present Situation Index came in at 137.6 versus February reading at 137.1.

On the commodities markets, the trend was higher across the board today for the Energy sector: Light crude moved higher by $0.02 today to close at $62.93 a barrel; Heating Oil moved higher today by $0.01 to close at $1.79 a gallon; Natural Gas moved higher by $0.23 today to end at $7.62 per million BTU and Unleaded Gas closed higher by $0.01 at $2.07 a gallon.

Metals Market ended the session mostly lower across the board today: Gold moved lower by $1.40 to close at $662.50 an ounce; Silver closed the day lower by $0.13 to end the session at $13.28 an ounce; Platinum moved higher today by $5.50 to close at $1,242.00 an ounce and Copper ended the day lower by $0.08 to end at $3.06 per pound.

On the Livestock and Meat Markets, the trend was lower across the board today: Lean Hogs closed lower by 0.48 at 73.78; Pork Bellies ended the day lower by 0.68 to close at 101.60; Live Cattle moved lower by 1.78 to end the day at 93.35 and Feeder Cattle ended the day lower by 1.0 to close at 106.95.

Other Commodities: Corn moved higher today by 1.50 points to end at 392.50 and Soybeans moved lower today by 1.50 to close at 757.00.

Bonds were mostly lower across the board today: 2 year bond closed with no change at 100 9/32; 5 year bond closed lower by 1/32 at 100 17/32; 10 year bond closed lower by 2/32 at 100 3/32 and the 30 year bond closed lower by 4/32 at 99 2/32.

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 3,015,175 Open Interest for Futures moved higher by 98,926 to close at 9,508,254; the Open Interest for Options moved higher by 85,530 to close at 6,958,990 and the Open Interest for OTC moved higher by 30 to close at 1,708 for a total Open Interest of 16,468,952 for a total gain on the day by 184, 486.

The mini Dow ended the session lower by 47 at 12486. The total Dow Exchange Volume for the day came in at 147,081 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.

On the NYSE today, advancers came in at 997; decliners totaled 2,233; unchanged came in at 157; new highs came in at 140 and new lows came in at 17. New York Stock Exchange movers for the day today: Valhi Incorporated (VHI) plummeted by 17.04 points to shed 57.91% on the day to end at $12.39; GameStop Corporation (GME) rallied higher by 11.41% for a gain on the day of 3.19 points to end the session at $31.16; IntercontinentalExchange Incorporated (ICE) moved higher by 2.09 points for a close of the day at $122.94; Las Vegas Sands Corporation (LVS) gave up 3.15 points to end at $88.13 and IPSCO Incorporated (IPS) gained 2.23 points on the session to close at $119.57.

On the NASDAQ today, advancers came in at 1,016; decliners totaled 2,018; unchanged came in at 140; new highs came in at 67 and new lows came in at 48. Gainers and losers for the day on the NASDAQ: Equinix Incorporated (EQIX) gave up 3.82 points to end the day at $86.18; Regeneron Pharmaceuticals Incorporated (REGN) rallied higher by 14.88% to gain 2.85 points for a close at $22.00; Wynn Resorts Limited (WYNN) lost 2.92 points to close at $98.01 and Huron Consulting Group Incorporated (HURN) shed 3.27 points to close the day at $62.72.

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Millennium-Traders