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Market Commentary for July 02, 2007


Ahead of the Independence Day holiday on Wednesday, trading activity was quiet on this the first Monday of July. The major indices were clearly controlled by the Bulls as they moving into the green zone at the open and closed higher, at the closing bell. Trading volume was light but, trading ranges were high for the trading session. Tomorrows trading session is a shorted one with the markets closing at 1:00 pm Eastern Time ahead of the 4th of July holiday on Wednesday. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a triple digit gain of 126.81 points to end the session at 13,535.43; the NYSE (New York Stock Exchange) posted a triple digit gain of 124.41 points to end at 9,997.0243 the NASDAQ posted a gain of 29.07 points for a close at 2,632.30; the S&P 500 moved higher by 16.08 points to end at 1,519.43 and the RUSSELL 2000 moved higher by 11.36 points to close at 845.06. 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 1.60 to close at 262.83 and the FTSE RAFI 1000 posted a gain of 71.06 points to close at 6,398.29.

Economic Data:

ISM Manufacturing Survey: Compiled from approximately 400 manufacturing firms on inventories, employment, production supplier deliveries and new orders by the Institute of Supply Management. Includes export orders, import orders backlog orders as well as, prices paid for raw and unfinished materials. Institute of Supply Management released data for today: U.S. ISM June Manufacturing Business Index came in at 56.0 compared to expectations of reading at 55.0; U.S. ISM June Prices Index came in at 68.0 versus May reading at 71.0; U.S. ISM June Employment Index came in at 51.1 versus May reading at 51.9; U.S. ISM June New Orders Index came in at 60.3 versus May reading at 59.6; U.S. ISM June Production Index came in at 62.9 versus May reading at 58.3; U.S. ISM June Inventories Index came in at 45.3 versus May reading at 46.1 and U.S. ISM June Index showed fastest gain since April 2006.

Commodities Markets

The trend was mostly higher across the board today for the Energy Sector: Light crude moved higher by $0.41 today to close at $71.09 a barrel; Heating Oil ended the session higher by $0.02 again today to close at $2.06 a gallon; Natural Gas moved lower by $0.01 today to close at $6.76 per million BTU and Unleaded Gas moved higher by $0.01on the session to close at $2.25 a gallon.

Metals Market ended the session higher across the board today: Gold moved higher today for a substantial gain of $8.30 to close at $659.20 an ounce; Silver closed higher today by $0.27 at $12.74 an ounce; Platinum moved nicely higher today for a gain of $8.60 to close at $1,295.10 an ounce and Copper moved higher by $0.08 today to close at $3.53 per pound.

On the Livestock and Meat Markets, the trend was lower across the board today: Lean Hogs ended the day lower by 0.80 to close at 69.88; Pork Bellies ended the day lower by 3.00 to close 89.15; Live Cattle moved lower by 0.60 to close at 89.68 and Feeder Cattle ended the day lower by 0.60 at 110.95.

Other Commodities: Corn moved lower today with a loss of 0.75 for a close at 350.00 and Soybeans moved higher today to post substantial gain of 16.00 to end the session at 897.75.

Bonds were higher across the board again today: 2 year bond closed higher by 1/32 at 100 1/32; 5 year bond closed higher by 5/32 at 99 29/32; 10 year bond closed higher by 9/32 at 96 6/32 and the 30 year bond closed higher by 15/32 at 94 25/32.

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 4,214,985 Open Interest for Futures lower by 1,050 points to close at 9,821,820; the Open Interest for Options moved higher by 88,523 points to close at 8,035,372 and the Open Interest for OTC closed today with no change at 5,775 for a total Open Interest of 17,862,967 for a total gain on the day by 87,473 points.

On the NYSE today, advancers came in at 1,731; decliners totaled 490; unchanged came in at 74; new highs came in at 134 and new lows came in at 30. Gainers and losers for the day on the NYSE: Rio Tinto PLC (RTP) bolted higher on the Big Board to post a favorable gain on the trading session of 15.36 points with a high of $323.18, a low of $313.73 to end the day at $321.48; InterOil Corporation (IOC) rebounded on the trading day from Friday to tack on a gain of 5.17 points to rise by 27.30% for an end of trading day price of $24.11; Wimm-Bill-Dann Foods OJSC (WBD) posted a moderate gain on the day with a high of $109.15, a low of $101.38 for an end of day closing price of $108.64; BlackRock Incorporated (BLK) provided a nice day trade with a low of $157.65, a high of $166.23 to move higher on the trading day by 8.90 points to close the session at $165.49 and Terra Nitrogen Company L.P. (TNH) moved nicely higher on the session by 7.57 points with a high of $135.43, a low of $128.07 for a closing price at $134.64.

On the NASDAQ today, advanced totaled 2,000, decliners totaled 1,028; unchanged came in at 132; new highs came in at 181 and new lows came in at 63. Gainers and losers for the day on the NASDAQ: Virgin Media Incorporated (VMED) rallied higher on the trading day for a gain of 19.00% to tack on 4.63 points to end the trading day at $29.00; Penford Corporation (PENX) moved nicely higher on the trading session to tack on a gain of 11.36% to climb higher by the close of 3.10 points to end the session at $30.39; Baidu.com Incorporated (BIDU) rallied higher on the session with a low of $170.26, a high of $187.00 for a gain of 18.02 points to climb by 10.73% to end the session at $186.00; Research In Motion Limited (RIMM) had a follow through into yet higher territory today with a low of $199.07, a high of $215.40 with a gain of 14.86 point to end the session at $214.85 and First Solar Incorporated (FSLR) provided a nice trading range for day traders with a low of $88.60, a high of $94.33 with a gain of 4.46 points to close the session at $93.75.

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