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Market Commentary for June 19, 2007


The trading session was quietly erratic today, moving in and out of the red zone through out the trading day before deciding to settle slightly higher, at the closing bell. Trading ranges were generally firm with modest trading volume across the board for today’s session. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a gain of 22.44 points to end the session at 13,635.42; the NYSE (New York Stock Exchange) posted a gain of 21.05 points to end at 10,026.52 the NASDAQ posted a gain of 0.16 points today for a close at 2,626.76; the S&P 500 moved higher by 2.65 points to end at 1,533.70 and the RUSSELL 2000 moved higher by 2.06 points to close at 848.34. 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 0.56 to close at 262.53 and the FTSE RAFI 1000 posted a gain of 9.94 points to close at 6,435.49.

President of the Federal Reserve Bank of Boston, Cathy E. Minehan commented today: labor market key economic challenge; labor market key issue for economy; concerned about falling labor participation; output key factor affecting living standards; tech advances have hit low-skill employment and no comment on economic, monetary developments.

International Energy Agency Nobuo Tanaka commented today: must strengthen natural gas response mechanism; OPEC 'not that positive' on output hike call; Nigeria output hike 'still up in the air' and gas cartel would increase energy concerns.

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 released today were down 0.1% for week of June 16th.

Housing Starts: A monthly measure of initial construction of new homes, single family residential units and multi family units as released by the Commerce Department. A rising trend indicates an increase in demand for home furnishings, appliances and furniture. Data released today by the Commerce Department: U.S. May Housing Starts fell by 2.1% to 1.474 Million compared to consensus of a drop by 3.5%; Building Permits rose by 3.0% to 1.501 Million rate in May and April Housing Starts were revised to an increase by 1.0% from an increase by 2.5%.

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 0.8% for the first two weeks of June versus May.

State Street Investor Confidence Index: A measure of confidence created by looking at actual levels of risk in investment portfolios. Data released today for June 2007 came in at 97.2.

Commodities Markets

The trend was mostly lower across the board today for the Energy Sector: Light crude moved higher by $0.01 today to close at $69.10 a barrel; Heating Oil moved lower by $0.01 on the session to close at $2.04 a gallon; Natural Gas moved lower by $0.19 today to close at $7.72 per million BTU and Unleaded Gas moved lower by $0.03 on the session to close at $2.23 a gallon.

Metals Market ended the session mixed across the board today: Gold moved higher today for a gain of $4.80 to close at $664.70 an ounce; Silver closed higher today by $0.09 at $13.33 an ounce; Platinum moved lower today by $1.00 to close at $1,298.50 an ounce and Copper moved lower today by $0.02 to close at $3.40 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day lower by 0.78 to close at 74.35; Pork Bellies ended the day lower by 0.13 to close 97.05; Live Cattle moved higher by 0.05 to close at 91.30 and Feeder Cattle ended the higher by 1.73 today to close at 108.45.

Other Commodities: Corn moved sharply lower today for a loss of 20.00 to close at 403.50 and Soybeans moved sharply lower today to post a loss of 25.00 points to end the session at 864.00.

The e-mini Dow ended the session lower today, with a gain of 28 points to close at 13,758. The total Dow Exchange Volume for the day came in at 95,979 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 higher across the board again today: 2 year bond closed higher by 4/32 at 99 28/32; 5 year bond closed higher by 9/32 at 98 29/32; 10 year bond closed higher by 14/32 at 95 16/32 and the 30 year bond closed higher by 26/32 at 93 7/32.

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 3,108,870; Open Interest for Futures moved lower by 62,065 points to close at 9,971,671; the Open Interest for Options moved higher by 8,027 points to close at 8,703,210 and the Open Interest for OTC closed with a gain of 168 points to close at 5,289 for a total Open Interest of 18,680,170 for a total loss on the day by 53,870 points.

On the NYSE today, advancers came in at 1,867; decliners totaled 1,326; unchanged came in at 147; new highs came in at 212 and new lows came in at 33. Gainers and losers for the day on the NYSE: FactSet Research Systems Incorporated (FDS) bolted higher on the trading day for a gain of 4.22 points to end the session at $68.09; General Cable Corporation (BGC) posted a favorable gain on the Big Board of 4.57 points to close the day at $76.57; J. Crew Group Incorporated (JCG) posted a gain of 3.97 points to end the trading day at $56.88 and Rio Tinto plc (RTP) moved higher on the trading day by 5.25 points to end the trading session at $311.50.

On the NASDAQ today, advanced totaled 1,619 decliners totaled 1,397; unchanged came in at 150; new highs came in at 133 and new lows came in at 38. Gainers and losers for the day on the NASDAQ: Microchip Technology Incorporated (MCHP) fell sharply on the day for a loss of 3.76 points to close the trading session at $37.89; Color Kinetics Incorporated (CLRK) posted a nice gain on the trading day of 3.86 points to move higher by 12.96% for an end of trading day price at $33.65; Expedia Incorporated (EXPE) moved nicely higher by 14.51% to tack on 3.70 points for a closing price on the trading day of $29.20; e-Future Information Technology Incorporated (EFUT) rallied higher for a gain of 35.42%, with a high of $20.80 a low of $14.89 to tack on 5.31 points for an end of trading day price at $20.30 and Regency Energy Partners LP (RGNC) rallied higher on the trading day for a gain of 18.91% to climb higher by 4.77 points to end the trading session at $30.00.

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Millennium-Traders