No registration required! (Why?)

Market Commentary for April 10, 2007


The markets were quiet, yet again today. Trading ranges were very tight with moderate trading volume.

At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved higher today by 4.71 points to end the session at 12573.85; the NYSE (New York Stock Exchange) moved higher by a 39.49 points to end at 9468.70; the NASDAQ gained 8.43 points today for a close at 2477.61; the S&P 500 moved higher by 3.78 points to end at 1448.39 and the RUSSELL 2000 moved higher by 2.87 points to close at 814.51.

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 1.04 to close at 249.79 and the FTSE RAFI 1000 moved higher by 15.96 to close at 6092.36.

President of the Federal Reserve Bank of Dallas, Richard W. Fisher commented today: inflation not as low as some would like; U.S. economy has been growing 'handsomely'; U.S. economy is in a bit of a slowdown; Fed has more work to do to control inflation; Fed to be 'especially vigilant' on inflation; Fed Policy appears close to being right and March Jobs Data was 'rather strong'.

Frederic S. Mishkin, Member of the Federal Reserve Board, commented today: need `eclectic` approach to gauging GDP potential; potential growth has moved around `substantially`; inflation `has now been falling back again`; inflation expectations `well anchored`; Fed has sought `low and predictable` inflation; returning to price stability shouldn't harm economy; must be aggressive when GDP far below trend; important to consider asset prices, exchange rate; Fed shouldn't focus too much on exchange rates and inflation higher than would like to see.

IMF: leveraged buyouts leaving more firms deeply indebted; U.S. Sub-prime mortgage woes may infect other credit markets; global economic growth more broad-based than 6 months ago; low financial market volatility is likely temporary; low volatility has encouraged widespread carry trades; economic risks from global trade imbalances receding and cheap credit continues to encourage risky investment.

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 0.9% and Store Sales year over year came in at 4.0%.

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. Store Sales year over year change for week of April 7th came in at 4.9%.

On the commodities markets, the trend was higher across the board today for the Energy sector: Light crude moved higher by $0.38 today to close at $61.89 a barrel; Heating Oil moved higher by $0.04 to close at $1.86 a gallon; Natural Gas moved higher by $0.32 today to end at $7.87 per million BTU and Unleaded Gas closed higher by $0.02 at $2.09 a gallon.

Metals Market ended the session higher across the board today: Gold moved higher by $4.60 to close at $681.50 an ounce; Silver moved higher today by $0.12 to end the session at $13.93 an ounce; Platinum moved higher today by $9.30 to close at $1,273.60 an ounce and Copper ended the day higher by $0.02 to end at $3.53 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs moved higher today by 0.10 at 75.93; Pork Bellies ended the day higher by 1.88 to close at 101.75 Live Cattle moved lower by 0.90 to end the day at 95.80 and Feeder Cattle ended the day lower by 0.80 to close at 111.95.

Other Commodities: Corn moved higher today by 8.00 points to end at 394.50 and Soybeans moved lower today by 6.50 to close at 742.50.

Bonds were higher across the board today: 2 year bond closed higher by 3/32 at 99 20/32; 5 year bond closed higher by 4/32 at 99 13/32; 10 year bond closed higher by 6/32 at 99 7/32 and the 30 year bond closed higher by 6/32 at 97 17/32.

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 2,026,940 Open Interest for Futures moved higher by 57,184 to close at 9,698,337; the Open Interest for Options moved higher by 42,193 to close at 7,553,187 and the Open Interest for OTC had no change at 3,190 for a total Open Interest of 17,254,714 for a total gain on the day by 99,377.

The e-mini Dow ended the session lower by 7 at 12632. The total Dow Exchange Volume for the day came in at 62,970 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 1,964; decliners totaled 1,272; unchanged came in at 135; new highs came in at 300 and new lows came in at 17. New York Stock Exchange movers for the day today: United Rentals Incorporated (URI) ramped higher on the listed market by 17.46% to move higher by 4.81 points for a closing price of $32.36; Rio Tinto plc (RTP) gained 4.98 points for an end of day price at $245.54; Fairfax Financial Holdings Limited (FFH) gave up 4.04 points for an ending price on the big board of $230.38; Rinker Group Limited (RIN) climbed higher by 3.25 points to end the session at $78.55 and BlackRock Incorporated (BLK) moved higher by 3.22 points to close at $158.59.

On the NASDAQ today, advancers came in at 1,670; decliners totaled 1,359; unchanged came in at 154 new highs came in at 110 and new lows came in at 45. Gainers and losers for the day on the NASDAQ: First Solar Incorporated (FSLR) gained 2.64 points to end at $60.15 on the day; Adolor Corporation (ADLR) plummeted by 58.72% for a loss of 5.12 points to end the session at $3.60; DivX Incorporated (DIVX) moved higher by 11.49% for a gain on the day of 2.31 points to close at $22.50 and Sears Holdings Corporation (SHLD) climbed higher by 3.37 points for an ending price on the day of $190.27.

Thanks for reading
Millennium-Traders