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Market Commentary for June 25, 2007


As worries continue over Hedge Funds, the market direction continues its south bound trend. Shortly after the open, the Bulls were firmly in control of the market action, moving major indices nicely in positive territory. As the day moved on and into the mid afternoon session, the Bears stepped up to the plate and created a strong down draft with the major indices caught in the red drag. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a loss of 8.21 points to end the session at 13,352.05; the NYSE (New York Stock Exchange) posted a loss of 41.76 points to end at 9,807.21; the NASDAQ posted a loss of 11.88 points for a close at 2,577.08; the S&P 500 moved lower by 4.82 points to end at 1,497.74 and the RUSSELL 2000 moved lower by 7.28 points to close at 827.46. 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 1.61 to close at 259.04 and the FTSE RAFI 1000 posted a loss of 22.27 points to close at 6,297.91.

Dallas Fed June Manufacturing Production Index came in at 14.0 versus May reading at 25.0 and Dallas Fed June Business Activity 10.8 Vs May 20.9.

Chicago Fed National Activity Index fell by 0.22 in May versus a drop by 0.30 in April and Chicago Fed Index 3-Month average fell by 0.20 in May versus a drop by 0.22 in April.

U.S. Senate reported June 24th: CFTC Ill equipped to block 'excessive speculation'; Congress should boost Energy Market oversight; U.S. Senate report on Amaranth calls for more Energy Market oversight; Amaranth dominated U.S. Gas Market in 2006 and 'excessive' speculation distorted gas prices.

Existing Home Sales: Previously constructed homes, co-ops and condominiums closed during the month are tallied as Existing Home sales as reported by the National Association of Realtors. Existing Home Sales account for a large share of the market compared to new home sales plus, indicates the trend in housing markets. Data released today by the NAR: U.S. Inventory of Unsold U.S. Homes came at 8.9 Months Supply; U.S. May Existing Home Sales fell by 0.3% to 5.99 Million rate; U.S. May Existing Home Sales Consensus came in at 5.99 Million rate and U.S. May Median Existing Home Price fell by 2.1% on the year to $223,700.

Commodities Markets

The trend was mostly higher across the board today for the Energy Sector: Light crude moved higher by $0.04 today to close at $69.189 a barrel; Heating Oil ended the session with no change at $2.05 a gallon; Natural Gas moved lower by $0.18 today to close at $7.08 per million BTU and Unleaded Gas moved higher by $0.02 on the session to close at $2.30 a gallon.

Metals Market ended the session mostly lower across the board today: Gold moved lower today for a loss of $2.30 to close at $654.70 an ounce; Silver closed lower today by $0.14 at $12.88 an ounce; Platinum moved sharply lower today by $16.30 to close at $1,291.70 an ounce and Copper moved higher by $0.01 today to close at $3.40 per pound.

On the Livestock and Meat Markets, the trend was mostly higher across the board today: Lean Hogs ended the day higher by 0.20 to close at 72.58; Pork Bellies ended the day higher by 1.75 to close 94.45; Live Cattle moved lower by 0.40 to close at 89.25 and Feeder Cattle ended the day higher by 0.15 at 108.40.

Other Commodities: Corn moved lower again today with a loss of 7.50 for a close at 374.00 and Soybeans moved higher today to post a gain of 7.75 to end the session at 838.50.

The e-mini Dow ended the session lower today, with a loss of 26 points to close at 13,480. The total Dow Exchange Volume for the day came in at 205,281 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 2/32 at 99 31/32; 5 year bond closed higher by 7/32 at 99 2/32; 10 year bond closed higher by 11/32 today at 95 15/32 and the 30 year bond closed higher by 22/32 at 93 6/32.

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 4,238,227; Open Interest for Futures moved lower by 133,745 points to close at 9,890,030; the Open Interest for Options moved lower by 806,316 points to close at 7,383,527 and the Open Interest for OTC closed with no change at 5,787 for a total Open Interest of 17,279,344 for a total loss on the day by 940,061 points.

On the NYSE today, advancers came in at 1,096; decliners totaled 2,137; unchanged came in at 113; new highs came in at 78 and new lows came in at 92. Gainers and losers for the day on the NYSE: Chicago Mercantile Holdings (CME) shed 6.55 points on the Big Board today with a high of $544.45, a low of $530.68 to close the session at $533.40; Terra Nitrogen Company LP (TNH) posted a gain on the trading day with a high of $127.70, a low of $120.76 to tack on 4.38 points for an end of trading day price at $126.33; The Bear Stearns Companies Incorporated (BSC) fell sharply lower on the trading session, with a high of $143.25, a low of $136.13 for a loss of 4.65 points to close the day at $139.10; FMC Corporation (FMC) moved higher on the session to tack on 3.11 points to close at $88.12; Intercontinental Exchange Incorporated (ICE) plummeted lower on the trading session with a high of $158.20, a low of $148.30 for a loss of 6.28 points on the day for a closing price at $149.24; MasterCard Incorporated (MA) gave up 6.54 points with a high of $169.00, a low of $160.65 to end the trading day at $161.89 and Goldman Sachs Group Incorporated (GS) moved sharply lower on the trading day for a loss of 5.65 points, with a higher of $223.17, a low of $215.05 to end the session at $216.75.

On the NASDAQ today, advanced totaled 1,037, decliners totaled 2,009; unchanged came in at 134; new highs came in at 80 and new lows came in at 85. Gainers and losers for the day on the NASDAQ: Research In Motion Limited (RIMM) moved lower on the trading session by 4.88 points with a high of $171.20, a low of $165.00 to end the day at $167.45 and Golden Telecom Incorporated (GLDN) gained 2.62 points on the day to end the trading day at $53.53.

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