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Market Commentary for May 3, 2007


The trading session was almost listless today with moderate trading volume and tight trading ranges. The Bulls did manage to control the trend into the close. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved higher by 29.50 points to end the session at 13,241.38; the NYSE (New York Stock Exchange) posted a gain today of 35.94 points to end at 9,725.48; the NASDAQ posted a gain of 7.62 points today for a close at 2,565.46; the S&P 500 moved higher by 6.47 points to end at 1,502.39 and the RUSSELL 2000 moved higher by 0.41 points to close at 828.87. 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 0.60 to close at 256.42 and the FTSE RAFI 1000 closed higher by 20.40 at 6,297.50.

Economic data released for the day:

Monster Employment Index: Job postings from 1,500 web sites create an index of job availability. This index is similar to The Conference Board’s help wanted index however; Monster Employment Index is not seasonally adjusted. For April, Monster Employment Index came in at 186.

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 21K to 305K for week of April 28th compared to survey of an increase by 1K; U.S. Jobless Claims at lowest level since January 13, 2007; Week of April 21st U.S. Continuing Claims fell by 93K to 2,495,000 and Week of April 21st U.S. Jobless Claims revised to 326K from 321K.

Productivity and Costs: A measure of labor efficiency in producing the economy’s goods and services. Labor costs are determined by unit costs of producing each unit of output. Productivity and Costs are indicators of future inflationary trends. U.S. First Quarter Non-Farm Productivity rose by 1.7% compared to consensus of an increase by 0.8%; U.S. First Quarter Hours Worked fell by 0.3% as the largest drop since 2003 and U.S. First Quarter Unit Labor Costs rose by 0.6% compared to consensus of an increase by 3.5%.

ISM Non-Manufacturing Survey: Compiled from approximately 400 non-manufacturing firms from 60 sectors across the United States. Included in the survey are retail trade, construction, agriculture, mining, transportation, wholesale trade and communications by the Institute of Supply Management. Institute of Supply Management released this data today: April Non-Manufacturing Prices Index came in at 63.5 versus March reading at 63.3; April Non-Manufacturing Business Index was expected to come in at 53.5; April Non-Manufacturing Business Index came in at 56.0 versus March reading at 52.4; 'continued concern' surrounds fuel, energy costs; member's comments on business conditions 'mixed'; April Non-Manufacturing New Orders Index 55.5 versus March reading at 53.8 and April Non-Manufacturing Employment Index 51.9 versus March reading at 50.8.

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. For week of April 28th, Energy Information Administration reported weekly change of 87 Bcf.

The e-mini Dow ended the session higher by 27 points to close at 13275. The total Dow Exchange Volume for the day came in at 124,797 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.

Commodities Markets

The trend was mixed across the board today for the Energy Sector: Light crude moved lower by $0.49 today to close at $63.19 a barrel; Heating Oil moved lower by $0.01 to close at $1.85 a gallon; Natural Gas closed higher by $0.22 at $7.95 per million BTU and Unleaded Gas closed higher by $0.02 at $2.25 a gallon.

Metals Market ended the session higher across the board today: Gold moved nicely higher by $9.30 to close at $684.40 an ounce; Silver moved higher by $0.18 to close at $13.51 an ounce; Platinum moved sharply higher by $11.70 to close at $1,310.80 an ounce and Copper ended the day higher by $0.08 today to end at $3.73 per pound.

On the Livestock and Meat Markets, the trend was lower across the board today: Lean Hogs moved lower today by 0.68 today to close at 73.53; Pork Bellies ended the day lower by 1.08 to close at 100.25; Live Cattle moved lower by 2.13 to end the day at 91.73 and Feeder Cattle ended the day lower by 3.00 to close at 109.65.

Other Commodities: Corn moved higher today with a gain of 7.25 points to end at 389.25 and Soybeans posted a loss today of 0.75 to close at 747.75.

Bonds were lower across the board today: 2 year bond closed lower by 3/32 at 99 20/32; 5 year bond closed lower by 6/32 at 99 19/32; 10 year bond closed lower by 7/32 at 99 19/32 and the 30 year bond closed lower by 9/32 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 2,711,716; Open Interest for Futures moved lower by 115,375 points to close at 9,912,049; the Open Interest for Options moved higher by 49,244 points to close at 6,856,295 and the Open Interest for OTC closed higher by 84 points at 4,412 for a total Open Interest of 16,772,756 for a total loss on the day by 66,047.

On the NYSE today, advancers came in at 1,823; decliners totaled 1,378; unchanged came in at 158; new highs came in at 295 and new lows came in at 12. New York Stock Exchange movers for the day today: Hanson plc Holding Company (HAN) plowed higher today by 17.74 points to post a gain of 20.94% to end the trading day at $102.46; AMREP Corporation (AXR) moved nicely higher by 12.78% on the day for a gain of 7.46 points for a closing price at $65.85; OM Group Incorporated (OMG) posted a nice gain on the trading day of 11.51% to climb higher by 6.10 points to end the day at $59.11; International Flavors and Fragrances Incorporated (IFF) tacked on a favorable gain on the trading session by 4.25 points to end the trading day at $52.75; OfficeMax Incorporated (OMX) plummeted lower today by 15.51% for a loss of 7.67 points to close at $41.79; MasterCard International (MA) rallied higher on the Big Board today for a gain of 8.47 points to close at $134.82 and Tesoro Petroleum Corporation (TSO) moved sharply lower by 8.88 points to close the session at $114.95.

On the NASDAQ today, advanced totaled 1,511, decliners totaled 1,501; unchanged came in at 153, new highs came in at 140 and new lows came in at 43. Gainers and losers for the day on the NASDAQ: JDS Uniphase Corporation (JDSU) fell sharply today by 13.88% for a loss of 2.31 points for a final close at $14.33; Hansen Medical Incorporated (HNSN) rallied higher on the trading day by 19.64% to climb higher on the session by 3.71 points for a closing price of $22.60; PharmaNet Development Group Incorporated (PDGI) moved nicely higher by 13.39% for a gain of 3.75 points to end at $31.76; ProCentury Corporation (PROS) fell sharply today by 14.58% to shed 3.21 points on the trading day to end at $18.81 and Monster Worldwide Incorporated (MNST) posted a gain today of 3.73 points to close at $47.76.

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Millennium-Traders