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Market Commentary for June 12, 2007


The Bears controlled trading action today, with the major indices moving sharply lower, through out the trading session. Trading volume was heavy amidst the sell off seen, across the board. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a triple digit loss by 129.95 points to end the session at 13,295.01; the NYSE (New York Stock Exchange) posted a triple digit loss of 117.24 points to end at 9,724.49 the NASDAQ posted a loss of 22.38 points today for a close at 2,549.77; the S&P 500 moved lower by 16.12 points to end at 1,493.00 and the RUSSELL 2000 moved lower by 11.46 points to close at 821.72 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 2.10 to close at 255.70 and the FTSE RAFI 1000 posted a loss by 67.46 points to close at 6,271.42.

Treasury Secretary Henry M. Paulson, Jr. commented today: U.S. Treasury Paulson announces plan to help Latin America; plan would help small businesses get loans and Latin America moving toward huge potential.

Former Federal Reserve Chairman Alan Greenspan commented today: current wash of liquidity will likely subside; end of cold war driving global liquidity; U.S. 10 Year Yield will rise in future; unsure when global liquidity will subside; not worried foreigners will sell Treasury holdings and no sign China selling off Dollar assets.

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. ICSC-UBS Chain Store Sales data released today: higher by 1.0% for week of June 9th.

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. Redbook data released today: U.S. Retail Sales were down 1.0% for first Week of June versus May.

Commodities Markets

The trend was mostly lower across the board today for the Energy Sector: Light crude moved lower by $0.62 today to close at $65.35 a barrel; Heating Oil moved lower by $0.02 to close at $1.91 a gallon; Natural Gas moved higher by $0.07 to close at $7.68 million BTU and Unleaded Gas moved lower by $0.02 again today to close at $2.14 a gallon.

Metals Market ended the session lower across the board today: Gold moved lower today for a loss of $5.90 to close at $653.10 an ounce; Silver closed lower by $0.19 at $13.09 an ounce; Platinum moved lower today by $1.60 to close at $1,296.40 an ounce and Copper moved lower today by $0.07 to end at $3.29 per pound.

On the Livestock and Meat Markets, the trend was higher across the board today: Lean Hogs ended the day higher by 1.28 to close at 75.68; Pork Bellies ended the day higher by 1.20 to close 97.25; Live Cattle moved higher by 0.30 to close at 90.30 and Feeder Cattle ended the higher by 0.58 again today to close at 108.13.

Other Commodities: Corn moved lower today for a loss of 0.50 to close at 405.50 and Soybeans moved lower for a loss of 3.50 points to end the day at 826.50.

The e-mini Dow ended the session strongly lower today with a loss of 135 points to close at 13,402. The total Dow Exchange Volume for the day came in at 192,361 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 today: 2 year bond closed lower by 6/32 at 99 18/32; 5 year bond closed lower by 18/32 at 98 1/32; 10 year bond closed lower by 1 2/32 at 93 29/32 and the 30 year bond closed lower by 1 5/32 at 91 9/32.

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 4,115,977; Open Interest for Futures moved higher by 61,090 points to close at 10,097,890; the Open Interest for Options moved higher by 82,525 points to close at 7,894,561 and the Open Interest for OTC closed with no change at 5,119 for a total Open Interest of 17,997,570 for a total gain on the day by 143,615.

On the NYSE today, advancers came in at 463; decliners totaled 2,790; unchanged came in at 73; new highs came in at 47 and new lows came in at 135. Gainers and losers for the day on the NYSE: Chicago Mercantile Exchange Holdings (CME) shed 8.57 points on the session to end the trading day at $548.50; United States Steel Corporation (X) moved lower on the trading day by 3.59 points to close at $112.61; Terra Nitrogen Company L.P. (TNH) gave up 4.40 points on the session to close the day at $92.66 and Allegheny Technologies Incorporated (ATI) gave up 3.00 points to end the trading day at $106.70.

On the NASDAQ today, advanced totaled 763 decliners totaled 2,266; unchanged came in at 148; new highs came in at 47 and new lows came in at 85. Gainers and losers for the day on the NASDAQ: American Commercial Lines Incorporated (ACLI) moved lower by 2.63 points to end the trading day at $26.27; Haynes International Incorporated (HAYN) gave up 3.39 points for a closing price at $82.50; RBC Bearings Incorporated (ROLL) a very active day trade stock with a trading range on the day from $35.68 to a high of $41.89 shed 2.92 points on the trading session for an end of day price at $39.39 and Magellan Health Services Incorporated (MGLN) tacked on a gain of 3.90 points with a trading range from $42.68 to $47.98 to close the day at $47.00.

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Millennium-Traders