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Market Commentary for April 19, 2007

The markets were mixed through most of the session, with a push and pull from the Bulls and the Bears even into the closing bell. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved higher today by 4.79 points to end the session at 12808.63; the NYSE (New York Stock Exchange) posted a loss today of 9.94 points to end at 9601.69; the NASDAQ moved lower by 5.15 points today for a close at 2505.35; the S&P 500 moved lower by 1.77 points to end at 1470.73 and the RUSSELL 2000 moved lower by 5.06 points to close at 819.32. 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 0.58 to close at 252.82 and the FTSE RAFI 1000 closed lower by 10.69 at 6,173.89.

Economic data released for the day:

Jobless Claims: A weekly compilation of new unemployment claims to show the number of individuals who filed for unemployment insurance for the first time. The condition of the labor market is determined by an increase of the number of claims which suggests a deteriorating labor market. U.S. Jobless Claims fell by 4K to 339K for week of April 14th compared to survey of a drop by 22K and U.S. Continuing Claims for week of April 7th rose by 6K to 2,531,000.

Leading Indicators: Ten economic indicators are compiled by the Conference Board that should lead overall economic activity. In the past 30 years the data has been revised many times especially when it has not done a good job of predicting turning points in the economy. U.S. Conference Board data released today: March Lagging Index rose by 0.1%; March Leading Index rose by 0.1% and March Coincident Index rose by 0.1%.

EIA Natural Gas Report: Weekly information provided by the EIA (Energy Information Administration) on natural gas stock piles in underground storage in the United States and three regions of the country. Prices for natural gas products are determined by the level of inventories. Weekly change in Natural Gas Inventories for week of April 14th came in with a drop by 46 Bcf.

Philadelphia Fed Survey: Philadelphia Federal Reserve district releases general conditions index from the business outlook survey which is a diffusion index of manufacturing conditions in the district. As released today for the Philadelphia Fed: April New Orders came in at 2.8 versus March reading of 1.9; April Business Index came in at 0.2 versus March reading of 0.2; April Business Index was expected to come in at 2.5; April Price Paid came in at 24.3 versus March reading of 21.8; April Price Received came in at 5.2 versus March reading of 16.3 and April Employment came in at 2.5 versus March reading of 2.3.

On the commodities markets, the trend was mostly lower across the board today for the Energy sector: Light crude moved lower by $1.03 today to close at $61.83 a barrel; Heating Oil moved lower by $0.01 to close at $1.81 a gallon; Natural Gas closed with no change at $7.63 per million BTU and Unleaded Gas closed higher by $0.01 today at $2.09 a gallon.

Metals Market ended the session mixed across the board again today: Gold moved lower by $5.00 to close at $688.30 an ounce; Silver moved lower today by $0.24 to end the session at $13.74 an ounce; Platinum moved higher today by $2.90 to close at $1,309.80 an ounce and Copper ended the day lower by $0.03 to end at $3.60 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board again today: Lean Hogs moved higher today by 1.00 at 77.60; Pork Bellies ended the day higher by 1.68 to close at 104.88 Live Cattle moved lower by 0.10 to end the day at 92.73 and Feeder Cattle ended the day lower by 0.13 to close at 111.15.

Other Commodities: Corn moved higher today with a gain of 7.00 points to end at 382.25 and Soybeans moved higher today by 2.75 to close at 735.00.

Bonds were lower across the board today: 2 year bond closed lower by 1/32 at 99 23/32; 5 year bond closed lower by 1/32 at 99 22/32; 10 year bond closed lower by 5/32 at 99 20/32 and the 30 year bond closed lower by 10/32 at 98 20/32.

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 3,202,089; Open Interest for Futures moved lower by 47,952 points to close at 9,697,823; the Open Interest for Options moved higher by 66,462 points to close at 8,012,357 and the Open Interest for OTC moved lower by 48 points to close at 4,443 for a total Open Interest of 17,714,623 for a total gain on the day by 18,462.

The e-mini Dow ended the session higher by 10 at 12868. The total Dow Exchange Volume for the day came in at 131,470 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 1,393; decliners totaled 1,802; unchanged came in at 166; new highs came in at 261 and new lows came in at 9 New York Stock Exchange movers for the day today: Imation Corporation (IMN) fell sharply on the Big Board by 12.33% for a loss on the day of 5.09 points to end the session at $36.20; PPG Industries Incorporated (PPG) climbed higher by 4.58 points to close the day at $75.50; Textron Incorporated (TXT) gained 4.80 points for a closing price of $100.57; WEXCO International Incorporated (WCC) fell by 5.09 points to end the session at $61.20; Trina Solar Limited American Depository (TSL) fell by 12.03% for a loss on the day by 7.66 points to close at $56.02.

On the NASDAQ today, advancers came in at 1,085; decliners totaled 1,919; unchanged came in at 157 new highs came in at 81 and new lows came in at 54. Gainers and losers for the day on the NASDAQ: AVANIR Pharmaceuticals (AVNR) fell by 23.41% to shed 1.21 points for a closing price at $3.97; I-Flow Corporation (IFLO) gained a nice 14.13% for a rise on the day by 2.05 points for a closing price of $16.63; Avici Systems Incorporated (AVCI) shed a large 27.92% for a loss on the day of 3.78 points to end the trading session at $9.76; Spansion Incorporated (SPSN) gave up 19.60% for a loss of 2.44 points to end at $10.04 and Smith Micro Software Incorporated (SMSI) plummeted by 16.73% to give up 3.30 points to end the session at $16.42.

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