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Market Commentary for July 24, 2007


The Bears were firmly in control today with no sign of positive territory from the major indices. Trading volume was heavy with much wider trading ranges amidst the strong sell off. Triple digit losses by the major indices were created by worries in the housing markets as well as, disappointing earnings reports. At the closing bell, here is how the major indices ended the session: the DOW
(Dow Jones Industrial Average) posted a substantial triple digit loss of 226.47 points, to record its second loss of over 140 points in three trading sessions plus, its worst point loss since March 13th, to end the session at 13,716.95; the NYSE (New York Stock Exchange) posted also posted a triple digit loss of 211.63 points to end at 9,909.95 the NASDAQ posted a heavy loss of 50.72 points for a close at 2,639.86; the S&P 500 moved sharply lower with a loss of 30.53 points to end at 1,511.04 and the RUSSELL 2000 moved sharply lower by 23.76 points to close at 811.86. 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) posted a loss of 3.77 points to close at 265.72 and the FTSE RAFI 1000 posted a triple digit loss of 134.22 points to close at 6,606.01.

Chicago Fed National Activity Index rose by 0.11 in June versus a drop by 0.32 in May and Chicago Fed Index 3-Month average fell by 0.15 in June versus a drop by 0.17 in May.

Richmond Fed: July Manufacturing Index came in at 4 versus reading of 4 for June; July Manufacturing Shipments Index came in at 5 versus reading of 7 for June; July Services Revenues Index came in at 6 versus reading of 14 for June and July Retail Revenues Index came in at 3 versus reading of 16 for June.

Economic Data:

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. Data released today: ICSC-UBS Chain Store Sales were down 0.2% for week of July 21st.

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 up 0.5% for first 2 weeks in July versus June.

State Street Investor Confidence Index: A measure of confidence created by looking at actual levels of risk in investment portfolios. Index released today came in at 87.0.

Commodities Markets

The trend was lower across the board again today for the Energy Sector: Light crude moved lower by $1.33 today to close at $73.56 a barrel; Heating Oil ended the session lower by $0.03 at $2.05 a gallon; Natural Gas moved lower today by $0.17 to close at $5.95 per million BTU and Unleaded Gas moved lower today by $0.06 again to close at $2.05 a gallon.

Metals Market ended the session mixed across the board today: Gold moved higher today for a gain of $3.30 to close at $684.80 an ounce; Silver closed higher today by $0.11 at $13.44 an ounce; Platinum moved sharply lower today for loss of $8.30 to close at $1,333.60 an ounce and Copper closed the day lower by $0.04 at $3.62 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day lower by 0.83 to close at 71.35; Pork Bellies ended the day higher by 0.45 points to close at 90.15; Live Cattle moved higher by 0.30 to close at 97.48 and Feeder Cattle ended the day lower by 0.25 at 117.58.

Other Commodities: Corn moved higher today for a gain of 1.25 points for a close at 326.75 and Soybeans moved higher today for a gain of 4.50 points to end the session at 845.50.

The e-mini Dow ended the session today at 13,790 with a sharp loss of 221 points on the trading session. The total Dow Exchange Volume for the day came in at 122,129 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 3/32 at 100 7/32; 5 year bond closed higher by 6/32 at 100 9/32; 10 year bond closed higher by 8/32 at 96 23/32 and the 30 year bond closed higher by 7/32 at 95 16/32.

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 2,873,712. Open Interest for Futures moved lower by 37,493 points to close at 9,967,337; the Open Interest for Options moved higher by 38,633 points to close at 9,296,203 and the Open Interest for OTC moved higher by 252 points to close at 7,290 for a total Open Interest of 19,270,830 for a total gain on the day by 1,392 points.

On the NYSE today, advancers came in at 245; decliners totaled 1,981; unchanged came in at 54; new highs came in at 62 and new lows came in at 253. Gainers and losers for the day on the NYSE: New Oriental Education & Tech Group Incorporated (EDU) fell sharply lower on the trading session to shed 11.25% for a loss of 6.60 points with a high on the session of $54.82, a low of $48.36 to end the trading day at $52.06; Anixter International Incorporated (AXE) posted a favorable gain of 4.32 points for a final price on the trading session of $86.11; Rio Tinto plc (RTP) fell hard on the trading day to shed 12.38 points to end the trading day at $303.68; CME Group Incorporated (CME) moved sharply lower on the Big Board today for a loss of 10.60 points with a high on the trading day of $559.84, a low of $546.06 for a final trading price of $549.00; Precision Castparts Corporation (PCP) shed 3.35 points to end the trading day at $132.00 and Terra Nitrogen Company L.P. (TNH) gave up 4.39 points with a high on the session of $118.27, a low of $108.05 for a final trading price on the day of $111.71.

On the NASDAQ today, advanced totaled 538; decliners totaled 2,538; unchanged came in at 104, new highs came in at 48 and new lows came in at 269. Gainers and losers for the day on the NASDAQ: Millicom International Cellular SA (MICC) plummeted on the trading day by 11.60% to give up 11.25 points with a high of $89.49, a low of $81.78 to close on the session at $85.74; Research In Motion Limited (RIMM) moved strongly lower on the session by 7.24 points with a high of $227.09, a low of $219.32 to end the day at $222.01; Apple Incorporated (AAPL) fell out of the tree today to post a loss of 8.81 points with a high on the day of $141.00, a low of $134.15 to end the session at $135.25 and Ceradyne Incorporated (CRDN) moved lower by 6.58 points to end the trading day at $76.24.

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Millennium-Traders