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Market Commentary for June 29, 2007


On this the final Trading Day for the month of June, Trading activity was shared by the Bulls and the Bears. During the morning session, the Bulls held control of the markets while the Bears took over the lead into lower territory for most of the indices in late afternoon trading. Trading volume through out the trading session was moderate with wider trading ranges compliments of a shared atmosphere of the Bulls and the Bears. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a loss of 13.66 points to end the session at 13,408.62; the NYSE (New York Stock Exchange) posted a light gain of 7.25 points to end at 9,873.02; the NASDAQ posted a loss of 5.14 points for a close at 2,603.23; the S&P 500 moved lower by 2.36 points to end at 1,503.35 and the RUSSELL 2000 moved lower by 5.33 points to close at 833.70.

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 1.03 to close at 260.61 and the FTSE RAFI 1000 posted a loss of 9.65 points to close at 6,327.23.

Economic Data:

Personal Income and Outlays: Personal Income, received from all sources by individuals, is the dollar amount of income. Personal Outlays include purchase by consumers for both durable and non-durable goods and services. US Personal Income rose by 0.4% in May compared to consensus of an increase by 0.6%; US Personal Spending rose by 0.5% In May compared to consensus of an increase by 0.7%; May PCE Core Price Index rose by 0.1% rate on the month; May PCE Core Price Index rose by +1.9% on the year; May PCE Price Index rose by 0.5% rate on the month; May PCE Price Index rose by 2.3% on the year; April Personal Income was revised to a drop by 0.2% from a drop of 0.1% and April Spending was left Unrevised at an increase by 0.5%.

NAPM-Chicago: A compilation by The National Association of Purchasing Management of a survey and composite diffusion index of business conditions in the Chicago area. The survey includes both manufacturing and non-manufacturing firms. This data is considered a leading indicator of the ISM Manufacturing Index. U.S. Chicago Purchase Management adjusted June Index came in at 60.2 versus May reading at 61.7; U.S. Chicago Purchase Management June Prices Paid Index came in at 68.1 versus May reading at 70.2; U.S. Chicago Purchase Management June Supplier Deliveries came in at 52.1 versus May reading at 45.3; U.S. Chicago Purchase Management June Employment Index came in at 52.7 versus May reading at 57.3 and U.S. Chicago Purchase Management June New Orders Index came in at 65.7 versus May reading at 71.1.

Construction Spending: New construction activity on residential, non-residential and public projects measured in dollar value which is available in nominal and inflation adjusted dollars. Data released today: U.S. Construction Spending rose by 0.9% in May compared to a consensus of an increase by 0.2% and April Construction Spending was revised to an increase by 0.2% from an increase by 0.1%.

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. The University of Michigan’s Consumer Survey Center data released today: End-June Sentiment came in at 85.3 as compared to reading in May at 88.3; End-June Current Index came in at 101.9 as compared to reading in May at 105.1; End-June Expectations 74.7 as compared to reading in May at 77.6; Preliminary June Sentiment came in at 83.7; 12-Month Inflation Forecast rose by 3.4% as compared to increase by 3.3% in May and 5-Year Inflation Forecast rose by 2.9% as compared to increase by 3.1% in May.

Commodities Markets

The trend was higher across the board today for the Energy Sector: Light crude moved higher by $1.11 today to close at $70.68 a barrel; Heating Oil ended the session higher by $0.02 to close at $2.04 a gallon; Natural Gas moved higher by $0.12 today to close at $6.77 per million BTU and Unleaded Gas moved higher by $0.03 on the session to close at $2.25 a gallon.

Metals Market ended the session mostly higher across the board today: Gold moved higher today for a gain of $0.50 to close at $650.90 an ounce; Silver closed lower today by $0.03 at $12.47 an ounce; Platinum moved higher for a gain today of $0.50 to close at $1,286.50 an ounce and Copper moved higher by $0.02 today to close at $3.45 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day lower by 0.10 to close at 71.55; Pork Bellies ended the day lower by 1.33 to close 92.83; Live Cattle moved higher by 0.90 to close at 90.15 and Feeder Cattle ended the day higher by 1.20 at 109.78.

Other Commodities: Corn moved lower today with a loss of 3.75 for a close at 358.25 and Soybeans moved higher today to post a gain of 4.75 to end the session at 842.25.

The e-mini Dow ended the session today at 13,514. The total Dow Exchange Volume for the day came in at 146,967 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 today: 2 year bond closed higher by 5/32 at 100; 5 year bond closed higher by 11/32 at 99 24/32; 10 year bond closed higher by 18/32 at 95 29/32 and the 30 year bond closed nicely higher by 1 5/32 at 94 10/32.

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 3,854,862728 Open Interest for Futures moved higher by 532 points to close at 9,822,870; the Open Interest for Options moved higher by 175,962 points to close at 7,955,539 and the Open Interest for OTC closed today with no change at 5,775 for a total Open Interest of 17,784,184 for a total gain on the day by 176,494 points.

On the NYSE today, advancers came in at 1,685; decliners totaled 1,550; unchanged came in at 95; new highs came in at 134 and new lows came in at 48. Gainers and losers for the day on the NYSE: Chicago Mercantile Exchange Holdings (CME) fell on the trading day by 6.12 points amidst a whippy session of a high of $545.00 to a low of $531.80 for a final closing price of $534.36; The Bear Stearns Companies Incorporated (BSC) shed 4.00 points as the brokers took their hits again today with a high on the session of $144.51, a low of $138.09 for a final trade price of $140.00; Fluor Corporation (FLR) posted a favorable gain of 5.89 points to close the day at $111.37 and InterOil Corporation (IOC) plummeted today by 23.01% to shed 5.66 points with the high of the day of $25.16, a low on the day of $120.15 for a closing price of $121.27.

On the NASDAQ today, advanced totaled 1,360, decliners totaled 1,704; unchanged came in at 128; new highs came in at 127 and new lows came in at 73. Gainers and losers for the day on the NASDAQ: Research In Motion Limited (RIMM) was clearly the stock of the day bolting sharply for a gain of 35.85 points to rally 21.60% on the session with a trading volume of over 30 billion shares and still moving after the bell, with an end of day closing price at $201.29; Apollo Group Incorporated (APOL) posted a rally today of 15.10% to move higher by 7.67 points for a closing price of $58.45; Priceline.com Incorporated (PCLN) made a nice pick up of 4.47 points for a closing price at $68.74 and Focus Media Holding Limited (FMCN) posted a favorable gain of 3.01 points for a closing price on the trading day of $50.55.

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Millennium-Traders