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Market Commentary for August 07, 2007


The session appeared to be controlled by the Bears for most of the day but, during the late afternoon session, the Bulls took control and moved the markets into higher territory, into the close of the day. Trading volume was moderate with a nice trading range providing a good trading day for day traders.

At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a gain today of 35.52 points to end the session at 13,504.30; the NYSE (New York Stock Exchange) posted a gain of 52.30 points to end the session at 9,606.07; the NASDAQ posted a gain of 14.27 points for a close at 2,561.60; the S&P 500 moved higher by 9.04 points to end at 1,476.81 and the RUSSELL 2000 moved higher by 7.74 points to close at 774.13.

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 gain of 3.90 points to close at 254.71 and the FTSE RAFI 1000 posted a gain of 36.61 points to close at 6,118.31.

NYSE Euronext (NYX) reports record transaction volume for July 2007 and NYSE Euronext average daily volume was 3.1 Billion in July.

NASDAQ (NDAQ) announced July Performance Statistics: NASDAQ July matched market share of all U.S. Equity share volume 29.1%; NASDAQ July matched volume In all U.S. Securities at 38.9 Billion shares, up 52.4% from prior year; NASDAQ handled market share in NASDAQ-listed Securities at 75.8%; NASDAQ July matched market share 29.1% of all U.S. equities; NASDAQ July matched market share In NASDAQ-Listed Securities at 46.3%; NASDAQ July matched market share In NYSE-Listed Securities at 17.5%; NASDAQ July handled market share In NYSE-Listed Securities at 53.9%; NASDAQ July matched market share 17.5% of NYSE-Listed Securities versus 10.8% and NASDAQ July reported market share of U.S. ETF volume 51.3%, 8 Billion shares changed hands.

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. ICSC-UBS Chain Store Sales released today down 0.3% in week of August 4th.

Productivity and Costs: A measure of labor efficiency in producing the economy’s goods and services. Labor costs are determined by unit costs of producing each unit of output. Productivity and Costs are indicators of future inflationary trends. Productivity and Costs data released today: U.S. 2nd Quarter Non-Farm Productivity rose by 1.8% compared to consensus of an increase by 2.0%; U.S. 2nd Quarter Unit Labor Costs rose by 2.1 compared to consensus of an increase by 1.7%; U.S. 1st Quarter Productivity was revised to an increase by 0.7% from an increase by 1%; U.S. 2006 Productivity was revised down to an increase by 1% from an increase by 1.6% and U.S. 2004 - 2005 productivity was also revised lower.

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 rose 0.6% for first 4 weeks of July versus June.

FOMC Announcement: The Federal Open Market Committee released their decision on discount rate today: The Fed voted unanimously today for unchanged Federal Funds Rate to leave the rate at 5.25% but, softens inflation bias. Additional comments included: high 'resource utilization' poses inflation risk; sustained moderation not 'convincingly demonstrated'; Core Inflation readings improved moderately in recent months; economy likely to continue to expand at a moderate pace; housing market correction is 'ongoing'; economic growth moderate during first half of year; predominant risk is inflation won't fall as expected; financial markets have been 'volatile' in recent weeks; credit conditions tighter for households, businesses and downside risks to growth 'have increased somewhat'.

Commodities Markets

The trend was mostly higher across the board today for the Energy Sector: Light crude moved higher by $0.36 today to close at $72.42 a barrel; Heating Oil ended the session higher by $0.02 at $1.96 gallon; Natural Gas moved lower today by $0.01 to close at $6.20 per million BTU and Unleaded Gas moved higher by $0.02 today to close at $1.94 a gallon.

Metals Market ended the session mixed across the board today: Gold moved lower today to post a loss of $1.00 to close at $682.30 an ounce; Silver closed higher today by $0.06 to close at $13.10 per ounce; Platinum moved lower today by $7.70 to close at $1,291.30 an ounce and Copper moved higher on the day by $0.03 to close at $3.51 per pound.

On the Livestock and Meat Markets, the trend was mostly lower across the board today: Lean Hogs ended the day lower by 2.48 to close at 72.58; Pork Bellies ended the day higher by 1.45 to close at 89.00; Live Cattle moved lower by 1.83 to close at 95.88 and Feeder Cattle ended the day lower by 2.13 at 114.40.

Other Commodities: Corn closed nicely higher by 9.00 at 352.00 and Soybeans moved sharply higher today for a gain of 12.75 points to end the session at 862.75.

The e-mini Dow ended the session today at 13,565 with a gain of 94 points on the trading session. The total Dow Exchange Volume for the day came in at 279,154 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 3/32 at 100 3/32; 5 year bond closed lower by 3/32 at 100 3/32; 10 year bond closed lower by 6/32 at 97 29/32 and the 30 year bond closed lower by 9/32 at 97 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 4,006,193; Open Interest for Futures moved lower by 7,574 points to close at 10,267,566; the Open Interest for Options moved higher by 133,054 points to close at 8,747,294 and the Open Interest for OTC closed higher by 120 points at 7,527 for a total Open Interest of 19,022,387 for a total gain on the day of 105,600 points.

On the NYSE today, advancers came in at 1,830; decliners totaled 1,405; unchanged came in at 79; new highs came in at 55 and new lows came in at 304. Gainers and losers for the day on the NYSE which received much attention from many day traders: Chipotle Mexican Grill Incorporated (CMG) bolted higher on the trading day for a gain of 9.10 points with a high on the session of $110.05, a low on the session of $98.61 for a final price on the session of $108.50; AMN Healthcare Services Incorporated (AHS) moved sharply lower on the Big Board today for a loss of 22.54% to shed 4.90 points for a final trading price of $16.84; The Bear Stearns Companies Incorporated (BSC) was very active trading today with a high of $120.77, a low of $110.30 with a gain on the session of 3.08 points for a final trading price of $116.89; National-Oilwell Varco Incorporated (NOV) posted a nice gain on the session of 6.99 points with a high of $118.50, a low of $107.34 to close the trading day at $117.38; Mentor Corporation (MNT) bolted higher on the day for a gain of 16.78% to tack on 6.88 points for a final trading price of $47.87 and MasterCard Incorporated (MA) posted a nice gain on the session of 6.65 points with a high on the session of $145.02, a low of $135.00 for a final trading price on the day of $144.27.

On the NASDAQ today, advanced totaled 1,750; decliners totaled 1,328; unchanged came in at 108, new highs came in at 81 and new lows came in at 254. Gainers and losers for the day on the NASDAQ: Wynn Resorts Limited (WYNN) rallied higher on the session for a nice gain of 11.81% to climb higher by 12.68 points with a trading day high of $123.71, a trading day low of $115.77 for a closing price of $120.07; F5 Networks Incorporated (FFIV) moved sharply lower on the session for a loss of 11.53% to shed 8.35 points with a high on the day of $72.11, a low of $63.09 for a final trading day price at $64.33; Cogent Communications Group Incorporated (CCOI) fell sharply lower on the session for a loss of 20.10% to shed 5.91 points to close the session at $23.48; Mobile Mini Incorporated (MINI) shed 21.78% for a loss of 6.38 points with a final trading price at $22.91; Haynes International Incorporated (HAYN) gave up 5.02 points on the day with a final price on the session of $77.00; Blue Nile Incorporated (NILE) rallied higher on the session by 15.85% for a gain on the day of 13.00 points with a high on the trading day of $96.05, a low of $78.50 to end the day at $95.00 and First Solar Incorporated (FSLR) posted a favorable gain on the session with a high of $107.48, a low of $95.50 to climb 7.30 points for a final trading price on the day of $105.50.

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