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Market Commentary for May 18, 2007


Slow moving action as we had the final trading day of the week. Trading volume was moderate and trading ranges were snug. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved higher by 79.81 points to end the session at 13,556.53; the NYSE (New York Stock Exchange) gained 74.76 points to end at 9,893.74; the NASDAQ posted a gain of 19.07 points today for a close at 2,558.45; the S&P 500 moved higher by 10.00 points to end at 1,522.75 and the RUSSELL 2000 moved higher by 8.02 points to close at 823.66. 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 1.67 to close at 259.30 and the FTSE RAFI 1000 moved higher by 34.47 to close at 6,386.38.

Economic data released for the day:

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’s Consumer Survey released today: 12 month Inflation Forecast came in at 3.2 % as compared to April reading of an increase by 3.3%; Mid-May Expectations came in at 79.0 as compared to April reading of 75.9; Mid-May Current Index came in at 103.8 as compared to April reading of 104.6 and Mid-May Sentiment came in at 88.7 as compared to April reading of 87.1.

Commodities Markets

The trend was mostly lower across the board today for the Energy Sector: Light crude moved higher by $0.08 today to close at $64.94 a barrel; Heating Oil moved lower by $0.02 today to close at $1.92 a gallon; Natural Gas moved lower by $0.11 at $8.13 per million BTU and Unleaded Gas moved lower by $0.03 to close at $2.41 a gallon.

Metals Market ended the session higher across the board today: Gold moved higher by $4.80 to close at $662.00 an ounce; Silver moved higher by $0.12 to close at $13.00 an ounce; Platinum moved higher today by $8.30 to close at $1,326.20 an ounce and Copper ended the day higher by $0.02 today to end at $3.32 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs closed lower by 0.30 to close at 74.68; Pork Bellies ended the day lower by 0.60 to close at 102.65; Live Cattle moved higher by 0.60 to end the day at 92.40 and Feeder Cattle ended the day higher by 0.78 today to close at 113.73.

Other Commodities: Corn moved lower today for a loss of 1.75 points to end at 371.25 and Soybeans moved lower today for a loss of 0.25 points to end at 792.50.

The e-mini Dow ended the session higher by 87 points to close at 13,593. The total Dow Exchange Volume for the day came in at 134,178 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.

Bonds were lower across the board again today: 2 year bond closed lower by 3/32 at 99 12/32; 5 year bond closed lower by 8/32 at 98 31/32; 10 year bond closed lower by 13/32 at 97 18/32 and the 30 year bond closed lower by 24/32 at 96 22/32.

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 4,046,523; Open Interest for Futures moved higher by 44,364 points to close at 10,394,637; the Open Interest for Options moved higher by 194,137 points to close at 7,790,131 and the Open Interest for OTC moved higher by 5 points to close at 4,939 for a total Open Interest of 18,189,707 for a total gain on the day by 89,316.

On the NYSE today, advancers came in at 1,988; decliners totaled 1,222; unchanged came in at 157; new highs came in at 292 and new lows came in at 27. Gainers and losers for the day on the NYSE: Terra Nitrogen Company L.P. (TNH) moved lower on the trading session to shed 4.22 points for a closing price at $84.28; National-Oilwell Varco Incorporated (NOV) tacked on a gain of 2.38 points on the Big Board today to close at $94.28 and Trina Solar Limited American (TSL) fell 4.31 points to close at $51.43.

On the NASDAQ today, advanced totaled 1,927 decliners totaled 1,095; unchanged came in at 168, new highs came in at 111 and new lows came in at 86. Gainers and losers for the day on the NASDAQ: Hurco Companies Incorporated (HURC) fell by 12.22% for a loss of 5.75 points to close the trading session at $41.36; Intuit Incorporated (INTU) moved higher by 12.80% for a gain on the day of 3.54 points to end at $31.26; Focus Media Holding Limited (FMCN) climbed higher on the trading day for a gain a 3.19 points to close at $43.05; aQuantive Incorporated (AQNT) rallied higher with a whopping gain of 77.55% to tack on 27.81 points for a close of trading day price of $27.81 and Omniture Incorporated (OMTR) gained 12.82% to move higher by 2.02 points for a closing price of $17.79..

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Millennium-Traders