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Market Commentary for July 06, 2007


After the initial dip into negative territory from the opening bell, the Bulls regained control of the market action moving the major indices into higher territory amidst light trading volume. Many day traders and investors remain on vacation from the 4th of July holiday this week. The upcoming trading week is expected to produce light trading action as many traders and Investors take advantage of the holiday and enjoy their summer vacation.

At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a gain of 46.01 points to end the session at 13,611.85; the NYSE (New York Stock Exchange) posted a gain of 49.15 points to end at 10,075.39; the NASDAQ posted a gain of 9.86 points for a close at 2,666.51; the S&P 500 moved higher by 5.05 points to end at 1,530.45 and the RUSSELL 2000 moved higher by 2.14 points to close at 852.27. 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 1.51 to close at 265.68 and the FTSE RAFI 1000 posted a gain of 23.79 points to close at 6,431.59.

Economic Data:

Employment Situation: A set of labor market indicators provide what is known as the Employment Situation. A measure in percentage of the labor force creates the unemployment rate measurement of the number of unemployed. The number of paid employees working part or full time in businesses across the nation as well as government agencies is the non-farm payroll. The number of hours worked is the average workweek in the non-farm sector. The basic hourly rate is the average hourly earning for major industries as indicated in non-farm payrolls. Employment Situation as reported today: U.S. June Overall Workweek rose by 0.1 Hour to 33.9 Hours; U.S. June Manufacturing Payrolls fell by 18K; U.S. June Service-Producing Payrolls rose by 135K; U.S. June Average Hourly Earnings rose by $0.06 to $17.38; U.S. June Unemployment Rate came in at 4.5% as compared to consensus of 4.5%; U.S. June Non-farm Payrolls rose by 132K as compared to consensus of an increase by 128K; U.S. May Unemployment was left unrevised at 4.5% and U.S. May Payrolls were revised to an increase by 190K from an increase by 157K.

EIA Natural Gas Report: Weekly information provided by the EIA (Energy Information Administration) on natural gas stock piles in underground storage in the United States and three regions of the country. Prices for natural gas products are determined by the level of inventories. Released by the Energy Information Administration today: Weekly change for week of June 30th came in at 78 Bcf.

Commodities Markets

The trend was mostly higher across the board yet again today for the Energy Sector: Light crude moved higher by $0.69 today to close at $72.50 a barrel; Heating Oil ended the session at $2.09 a gallon; Natural Gas moved lower again today by $0.14 today to close at $6.59 per million BTU and Unleaded Gas moved higher by $0.01 today on the session to close at $2.30 a gallon.

Metals Market ended the session higher across the board today: Gold moved higher today for a gain of $4.60 to close at $655.20 an ounce; Silver closed higher today by $0.18 at $12.76 an ounce; Platinum moved higher again today for a gain of $7.30 to close at $1,311.10 an ounce and Copper closed at $3.59 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day lower by 0.55 to close at 70.05; Pork Bellies ended the day lower by 1.68 to close 88.50; Live Cattle moved higher by 1.85 to close at 92.55 and Feeder Cattle ended the day higher by 2.43 at 114.60.

Other Commodities: Corn moved higher today with a nice gain of 9.00 points for a close at 351.50 and Soybeans moved nicely higher today to post gain of 10.50 points to end the session at 897.00.

The e-mini Dow ended the session today at 13,706 with a gain of 56 points on the trading session. The total Dow Exchange Volume for the day came in at 98,975 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 again today: 2 year bond closed lower by 1/32 at 99 25/32; 5 year bond closed lower by 6/32 at 99 1/32; 10 year bond closed lower by 10/32 at 94 24/32 and the 30 year bond closed lower by 19/32 at 92 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 3,395,060. Open Interest for Futures moved higher by 79,081 points to close at 9,761,011; the Open Interest for Options moved higher by 156,009 points to close at 8,191,007 and the Open Interest for OTC closed higher today by 290 points at 5,890 for a total Open Interest of 17,957,908 for a total gain on the day by 235,380 points.

On the NYSE today, advancers came in at 1,243; decliners totaled 1,480; unchanged came in at 98; new highs came in at 232 and new lows came in at 43. Gainers and losers for the day on the NYSE: CBOT Holdings Incorporated (BOT) rallied higher on the Big Board today for a favorable gain of 17.85 points to end the session at $224.00; Wimm-Bill-Dann Foods OJSC (WBD) moved nicely higher today with a low of $101.58, a high of $110.50 for a gain of 6.73 points to close at $109.57; Chicago Mercantile Exchange Holdings (CME) posted a super nice gain on the trading session with a substantial trading range with a low of $544.15, a high of $577.50 for a gain on the trading session of 19.11 points to end the trading week at $574.80 and POSCO (PKX) moved higher on the trading day for a gain of 6.15 points to close at $132.98.

On the NASDAQ today, advanced totaled 1,491, decliners totaled 1,505; unchanged came in at 142, new highs came in at 212 and new lows came in at 78. Gainers and losers for the day on the NASDAQ: Mannatech Incorporated (MTEX) fell sharply on the trading day to post a loss of 20.92% to shed 3.34 points to close the session at $12.65; Parametric Technology Corporation (PMTC) posted a substantial loss on the trading day by shedding 20.15% for a loss of 4.34 points to end the session at $17.22; Healthways Incorporated (HWAY) gave up 3.07 points on the day to close at $46.56; Baidu.com Incorporated (BIDU) rallied higher on the trading session to post a nice gain of 9.45 points with a high of $199.88, a low of $187.65 for a final trading price of $194.43; Sears Holdings Corporation (SHLD) plowed ahead on the market session to tack on 4.23 points to end the week at $172.61 and Genzyme Corporation (GENZ) gave up 4.02 points on the session to close the day at $60.85.

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Millennium-Traders