Market Commentary for April 11, 2007


The markets were controlled by the Bears today, with no glimmer of the green zone, through out the session. Trading ranges were generally tight with moderate volume on the selling spree of the markets session. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved lower today by 89.23 points to end the session at 12484.6285; the NYSE (New York Stock Exchange) moved lower by 55.07 points to end at 9413.63; the NASDAQ moved lower by 18.30 points today for a close at 2459.31; the S&P 500 moved lower by 9.52 points to end at 1438.87 and the RUSSELL 2000 moved lower by 6.27 points to close at 808.24. 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 0.82 to close at 249.03 and the FTSE RAFI 1000 moved lower by 35.36 to close at 6056.99.

Federal Open Market Committee minutes were released today: More Rate Hikes 'might prove necessary'; downside economic risks increased between January and March; agreed statement shouldn't cite only chance of hikes; data have cast doubt whether inflation on down path; some officials think inflation risks have grown; investment surprisingly weak, important downside risk; productivity should pick up, but 'might be limited'; labor markets tight, consumer spending supported; housing demand 'leveling out,' no sub-prime spillover; keeping current rates to spur growth, lower inflation and "Further policy firming might prove necessary to foster lower inflation," the Fed said in the minutes of its March 20-21 meeting, released today.

U.S. Government Posted a $96.27 Billion Total Budget Deficit in the month of March and U.S. Government February Budget Deficit was left unrevised at $120.00 Billion.

Economic data released for the day:

MBA Purchase Applications: Compilation from the Mortgage Bankers’ Association of various mortgage loan indexes. This data is the leading indicator for single-family home sales as well as, housing construction. Purchase Index for week of April 6th came in at 413.8.

EIA Petroleum Status Report: EIA (Energy Information Administration) provides weekly petroleum inventories in the United States whether they are produced here or abroad. Prices for petroleum products are determined by the level of inventories. Department of Energy reported Petroleum Status Report today: U.S. Refineries ran at 88.4% capacity compared to estimates of an increase by 0.7% at 87.7%; U.S. Distillate Stockpiles increased by 100,000 Barrels for the week compared to estimates of a decrease by 900,000 Barrels; U.S. Gasoline Stockpiles fell by 5.5 Million Barrels for the week compared to estimates of a decrease by 1.3 Million Barrels and U.S. Crude Oil Stockpiles increased by 700,000 Barrels for the week compared to estimates of an increase by 1.6 Million Barrels.

On the commodities markets, the trend was mostly higher across the board today for the Energy sector: Light crude moved higher by $0.12 today to close at $62.01 a barrel; Heating Oil moved higher by $0.02 to close at $1.87 a gallon; Natural Gas moved lower by $0.01 today to end at $7.86 per million BTU and Unleaded Gas closed higher by $0.03 at $2.11 a gallon.

Metals Market ended the session mixed across the board today: Gold moved higher by $0.20 to close at $681.70 an ounce; Silver moved lower today by $0.04 to end the session at $13.89 an ounce; Platinum moved higher today by $7.70 to close at $1,281.30 an ounce and Copper ended the day higher by $0.06 to end at $3.58 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board again today: Lean Hogs moved higher today by 0.48 at 76.40; Pork Bellies ended the day higher by 0.10 to close at 101.85 Live Cattle moved lower by 1.18 to end the day at 94.63 and Feeder Cattle ended the day lower by 0.75 to close at 111.20.

Other Commodities: Corn moved lower today by 6.75 points to end at 387.75 and Soybeans moved higher today by 4.00 to close at 746.50.

Bonds were lower across the board today: 2 year bond closed lower by 232 at 99 18/32; 5 year bond closed lower by 2/32 at 99 11/32; 10 year bond closed lower by 3/32 at 99 4/32 and the 30 year bond closed lower by 2/32 at 97 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 2,729,230 Open Interest for Futures moved higher by 40,142 to close at 9,738,479; the Open Interest for Options moved higher by 91,744 to close at 7,644,931 and the Open Interest for OTC moved higher by 471 to close at 3,661 for a total Open Interest of 17,387,071 for a total gain on the day by 132,071.

The e-mini Dow ended the session lower by 77 at 12555. The total Dow Exchange Volume for the day came in at 73,656 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 1,052; decliners totaled 2,175; unchanged came in at 134; new highs came in at 208 and new lows came in at 1725 New York Stock Exchange movers for the day today: Manor Care Incorporated (HCR) climbed higher on the big board by 10.64% to tack on 5.93 points to end the day at $61.68; Western Refining Incorporated (WNR) fell by 2.89 points for a closing price at $34.97; Big Lots Incorporated (BIG) shed 2.07 points on the listed trading session to end the day at $32.19; Potash Corporation/ Saskatchewan USA (POT) gained 4.50 points for a closing price at $174.69 and NVR Incorporated (NVR) fell by 15.00 points to close at $681.00.

On the NASDAQ today, advancers came in at 1,055; decliners totaled 1,951; unchanged came in at 142 new highs came in at 82 and new lows came in at 68. Gainers and losers for the day on the NASDAQ: Dendreon Corporation (DNDN) fell sharply by 18.51% to shed 4.10 points on the day for a closing price at $18.05; Tractor Supply Company (TSCO) climbed higher by 5.19 points for a gain on the day of 10.15% to close at $56.30; Methode Electronics Incorporated (METH) gave up 14.62% for a loss of 2.33 points to end the trading session at $13.61; American Medical Systems Holdings Incorporated (AMMD) shed 13.67% to lose 2.93 points on the day to close at $18.50 and First Solar Incorporated (FSLR) moved higher by 1.91 points to end the day at $62.06.

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Millennium-Traders