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Market Commentary for August 24, 2007


With a minor negative start to the trading day, the trend was slowly higher, through out the session with the major indices closing the session at or near the highs of the day. Trading volume was light and trading ranges snug through out the session, creating a dismal trading atmosphere for day traders. Since the early part of this year, stocks finished their best week, this week. Overall, day traders and investors were glad to lay the week to rest after the sluggish trading action over the past two trading days.

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 142.99 points on the day to end the session at 13,378.87; the NYSE (New York Stock Exchange) posted a triple digit gain of 128.42 points to end the session at 9,607.04; the NASDAQ posted a gain of 34.99 points for a close at 2,576.69; the S&P 500 moved higher by 16.87 points to end at 1,479.37 and the RUSSELL 2000 moved higher by 10.68 points to close at 798.93. 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 world’s investable market capitalization) posted a gain of 2.41 points to close at 252.99 and the FTSE RAFI 1000 posted a gain of 70.54 points to close at 6,132.66.

Economic Data:

Durable Goods Orders: Reflecting new orders with domestic manufactures for immediate and future delivery of factory hard goods. Durable Goods Orders data released today: U.S. July Durable Goods Orders rose by 5.9% compared to consensus of an increase by 1.0%; July Durable Goods Orders, Excluding Transportation rose by 3.7%; July Durable Goods Orders Excluding Defense rose by 4.9% and July Durable Goods Orders were revised to an increase by 1.9% from an increase by 1.3%.

New Home Sales: Number of newly constructed homes with a committed sale, for the month. The economic momentum and consumer purchases of furniture and appliances helps determine the housing market trends for, new home sales. New Home Sales data released today: U.S. July New Home Sales rose by 2.8% to 870,000 compared to consensus of 822,000 and U.S. June New Home Sales were revised to 846,000 from 834,000.

Commodities Markets

The trend was mostly higher across the board today for the Energy Sector: Light crude moved higher today by $1.26 to close at $71.09 a barrel; Heating Oil ended the session higher by $0.04 today to close at $2.02 a gallon; Natural Gas moved lower today by $0.44 to close at $5.74 per million BTU and Unleaded Gas moved higher by $0.06 today to close at $1.98 a gallon.

Metals Market ended the session higher across the board today: Gold moved sharply higher today by $9.10 to close at $677.50 an ounce; Silver moved higher today by $0.30 to close at $12.10 per ounce; Platinum moved higher today by $1.90 to close at $1,247.00 an ounce and Copper moved higher by $0.07 today to close at $3.35 per pound.

On the Livestock and Meat Markets, the trend was mostly higher across the board today: Lean Hogs ended the day higher by 2.18 to close at 70.65; Pork Bellies ended the day lower by 0.83 at 93.20; Live Cattle moved higher by 0.98 to close at 97.83 and Feeder Cattle ended the day higher by 0.80 at 118.30.

Other Commodities: Corn moved lower on the day with a loss of 3.25 at 358.75 and Soybeans moved higher again today for a gain of 6.75 points to end the session at 865.00.

The e-mini Dow ended the session today at 13,408 with a triple digit gain of 146 points on the trading session. The total Dow Exchange Volume for the day came in at 138,541 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 mixed across the board again today: 2 year bond moved lower by 3/32 today to close at 100 19/32; 5 year bond closed lower by 1/32 at 100 29/32; 10 year bond moved higher by 6/32 today to close at 101 1/32 and the 30 year bond moved higher by 26/32 to close at 101 24/32 for the day.

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 4,272,942; Open Interest for Futures moved lower by 73,874 points to close at 9,637,151; the Open Interest for Options moved higher by 71,743 points to close at 9,810,688 and the Cleared Only moved lower by 60 points to close at 7,907 for a total Open Interest on the day of 19,455,746 with a total Change on the day with a loss of 2,191 points.

On the NYSE today, advancers came in at 2,497; decliners totaled 741; unchanged came in at 70; new highs came in at 33 and new lows came in at 37. Gainers and losers for the day as well as active day trading stocks on the NYSE: Rio Tinto plc (RTP) rallied on the trading day to post a gain of 12.42 points with a high on the day of $274.54, a low of $266.06 for a closing price of $274.02; National-Oilwell Varco Incorporated (NOV) posted a gain on the day of 4.21 points with a high of $121.28, a low of $116.14 for a closing price on the week of $121.00; Southern Copper Corporation (PCU) moved higher on the session by 4.03 points with a high on the day of $104.61, a low of $98.25 with a closing price of $102.46; Aluminum Corporation of China Limited (ACH) bolted higher on the session to post a gain of 11.57% to tack on 5.60 points with a final trading price of $54.02 and ArcelorMittal (MT) moved higher on the session for a gain of 4.74 points with a final trading price of $64.34.

On the NASDAQ today, advanced totaled 2,081; decliners totaled 932; unchanged came in at 128, new highs came in at 49 and new lows came in at 84. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: Apple Incorporated (AAPL) provided nice trading action today with a gain of 4.11 points with a high on the day of $135.37, a low of $129.81 with a final trading price of $135.25; Blue Coat Systems Incorporated (BCSI) moved higher on the trading day to post a gain of 6.28 points with a high on the day of $85.00, a low of $77.60 for a closing price on the week of $84.35; Varian Semiconductor Equipment Associates Incorporated (VSEA) posted a nice gain of 4.59 points for a closing price on the day of $56.62 and Align Technology Incorporated (ALGN) moved lower on the trading day by 1.79 points for a closing price on the week of $24.00.

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