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Market Commentary for March 30, 2007


As we put to rest the month of March as well as, the first quarter of the year, the trading session was lack luster with the major indices going no where, real fast. Trading ranges were flat and trading volume for the market session was moderate. At the close, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved higher today by 5.60 points to end the session at 12354.35; the NYSE (New York Stock Exchange) moved lower by 17.26 points to end at 9261.82; the NASDAQ moved higher by 3.76 points today for a close at 2421.64; the S&P 500 moved lower by 1.67 points to end at 1420.86 and the RUSSELL 2000 moved higher by 1.77 points to close at 800.71. 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 higher by 0.44 to close at 243.72 and the FTSE RAFI 1000 closed at 5986.09.

Chairman of the Federal Reserve Ben S. Bernanke commented today: challenges in future for bank community invest law and determining `good` from `bad` lending ongoing test.

Economic data released for the day:

Personal Income and Outlays: Personal Income, received from all sources by individuals, is the dollar amount of income. Personal Outlays include purchase by consumers for both durable and non-durable goods and services. U.S. Personal Income rose by 0.6% in February compared to consensus of an increase by 0.3%; U.S. Personal Spending rose by 0.6% in February compared to consensus of an increase by 0.3%; January Personal Income was unrevised at an increase by 1.0%; January Spending was unrevised at an increase by 0.5%; February PCE Price Index Excluding Food, Excluding Energy rose at a rate of 0.3% versus a month ago and February PCE Price Index Excluding Food, Excluding Energy rose at a rate of 2.4% versus a year ago.

NAPM-Chicago: A compilation by The National Association of Purchasing Management of a survey and composite diffusion index of business conditions in the Chicago area. The survey includes both manufacturing and non-manufacturing firms. This data is considered a leading indicator of the ISM Manufacturing Index. U.S. Chicago Purchasing Management March New Orders Index came in at 72.2 versus February reading at 48.7; March Employment Index came in at 45.0 versus February reading at 50.6; March Supplier Deliveries came in at 45.8; February reading 46.5; March Prices Paid Index came in at 59.1 versus February reading at 63.2; adjusted March Index came in at 61.7 versus February reading at 47.9 and Chicago PMI Hits highest level in two years and marks the largest one-month movement in the history of the index 61.7.

Construction Spending: New construction activity on residential, non-residential and public projects measured in dollar value which is available in nominal and inflation adjusted dollars. U.S. Construction Spending rose by 0.3% in February compared to consensus of a drop by 0.5% and January Construction Spending was revised to a drop by 0.5% from a drop by 0.8%.

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 End of March Sentiment came in at 88.4 compared to February reading of 91.3; Preliminary March Sentiment was 88.8;

End of March Current Index came in at 103.5 compared to February reading of 106.7 and End of March expectations came in at 78.7 compared to February reading of 81.5.

On the commodities markets, the trend was mostly lower across the board today for the Energy sector: Light crude moved lower by $0.16 today to close at $65.87 a barrel; Heating Oil closed with no change at $1.88 a gallon; Natural Gas moved higher by $0.12 today to end at $7.73 per million BTU and Unleaded Gas closed lower by $0.01 at $2.04 a gallon.

Metals Market ended the session higher across the board today: Gold moved higher by $1.40 to close at $669.00 an ounce; Silver moved higher today by $0.11 to end the session at $13.45 an ounce; Platinum moved higher today by $7.20 to close at $1,254.80 an ounce and Copper ended the day higher by $0.06 to end at $3.15 per pound.

On the Livestock and Meat Markets, the trend was mostly higher across the board today: Lean Hogs closed higher by 1.33 at 75.40; Pork Bellies ended the day lower by 0.63 to close at 100.40; Live Cattle moved higher by 0.93 to end the day at 94.88 and Feeder Cattle ended the day higher by 2.68 to close at 109.98.

Other Commodities: Corn moved sharply lower today by 20.00 points to end at 374.50 and Soybeans moved sharply lower today by 17.00 to close at 761.25.

Bonds were mixed across the board today: 2 year bond closed higher by 1/32 at 99 27/32; 5 year bond closed lower by 1/32 at 99 26/32; 10 year bond closed with no change at 99 26/32 and the 30 year bond closed lower by 1/32 at 98 16/32.

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 3,473,965 Open Interest for Futures moved higher by 93,804 to close at 9,669,460; the Open Interest for Options moved higher by 137,805 to close at 7,293,541 and the Open Interest for OTC moved higher by 168 at 1,876 for a total Open Interest of 16,964,877 for a total gain on the day by 231, 777.

The mini Dow ended the session higher by 25 at 12441. The total Dow Exchange Volume for the day came in at 166,865 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 1,793; decliners totaled 1,436; unchanged came in at 140; new highs came in at 167 and new lows came in at 15. New York Stock Exchange movers for the day today: Global Payments Incorporated (GPN) gave up 13.05% for a loss on the day by 5.11 points for a closing price at $34.06; Marathon Oil Corporation (MRO) shed 3.03 points for a market closing price at $98.83; AvalonBay Communities (AVB) moved higher by 4.18 points to end the market session at $130.00 and Potash Corporation/Saskatchewan (POT) moved higher by 2.88 points for an ending day price at $159.50.

On the NASDAQ today, advancers came in at 1,721; decliners totaled 1,313; unchanged came in at 142; new highs came in at 90 and new lows came in at 55. Gainers and losers for the day on the NASDAQ: Dendreon Corporation (DNDN) spiraled higher today by 16.71 points to close at $16.71 on the day; ICT Group Incorporated (ICTG) plummeted lower by 29.09% for a loss on the day by 7.11 points to end the session at $17.33; Sanderson Farms Incorporated (SAFM) moved higher by 1.92 points for a closing price at 36.54 and USANA Health Sciences Incorporated (USNA) fell by 3.52 points to close at 46.87 at the close.

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Millennium-Traders