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Market Commentary for December 6, 2007


The markets had a slow and steady road into higher territory today with light trading volume and rather snug trading ranges. The positive range was a good sign for the long investor however; day traders had a difficult time trading with the sluggish movement throughout the trading session. It appears that help from the government to assist homeowners from facing imminent foreclosures gave the market a much needed boost today.

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 174.93 points on the day to end the session at 13,619.89; the NYSE (New York Stock Exchange) posted a triple digit gain of 142.55 points to end the session at 10,030.15; the NASDAQ posted a gain of 42.67 points for a close at 2,709.03; the S&P 500 moved higher by 22.33 points to end at 1,507.34 and the RUSSELL 2000 moved higher by 21.31 points to close at 786.95. 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 1.93 points to close at 269.90 and the FTSE RAFI 1000 posted a gain of 91.02 points to close at 6,157.22.

U.S. Jobless Claims fell by 15K to 338K during week of December 1 compared to estimated drop by 17K; U.S. Continuing Claims for week of November 24 fell 59K to 2,599,000 and U.S. Jobless Claims 4-Week Average is highest Since October 2005.

Treasury Secretary Henry M. Paulson Jr. comments today: Welcomes Streamlined Mortgage Refinancing Procedures; no Perfect Solution to Mortgage Market Trouble; 1.2 Million Subprime Mortgages could get fast-tracked and Urges Mortgage Servicers to Adopt new Procedures.

Federal Reserve Member Randall S. Kroszner comments today: Must Ensure Mortgage Resets don't Hurt Economy and to Propose Mortgage Rules in Next 2 Weeks.

Federal Reserve Chairman, Ben S. Bernanke commented regarding mortgage bailout announced today: Process for Modifying Mortgages 'Welcome Step'.

Jean-Claude Trichet President of the European Central Bank comments today: "Will Not Tolerate" Second-Round Effects; Anchoring CPI Expectations Key During Uncertainty; CPI Stability is only Needle to ECB's Compass; Crucial that Second Round Effects are Avoided; Downward Risks to Economic Growth; ECB Staff sees 2008 GDP between an increase of 1.5% and an increase of 2.5%; ECB Staff sees 2008 GDP CPI between an increase of 2.0% and an increase of 3.0%; ECB to Act in a "Firm and Timely Manner"; Euro Zone Economic Fundamentals Remain Sound; Expects Growth Around Potential; Flight to Safety Hasn't Yet Affected Money Dynamics; Growth Assessment Surrounded by Uncertainty; Growth in Profit Margins will Moderate; HICP to Remain above 2.0% in Coming Months; High M3 "Likely" Affected by Portfolio Shifts; Higher Inflation Hump To Be More Protracted; Higher Staff CPI Projections Reflect Food, Oil; Latest Data Confirm Upside HICP Pressure; Latest Econ Data Suggest Growth Moderated in fourth quarter; Monetary Development Require Very Careful Monitoring; Money, Credit Growth Very Vigorous; No Second-Round Effects "Decisive" for Government Council; Oil, Food Price Jumps Reflect Higher Global Demand; Policy Stands Ready to Counter Upside CPI Risks; Staff GDP Projections in Line Gov Council Sentiment; To Monitor "Very Closely" all Developments; To Pay Great Attention to Financial Market Developments; Uncertainty Remains High in Financial Market; Underlying Money Supply Growth Rate Still Strong; Upward Risks to Price Stability Over Medium Term and We are Alert on Wage Developments.

Commodities Markets
The trend was higher across the board today for the Energy Sector: Light crude moved higher today by $2.74 to close at $90.23 a barrel; Heating Oil moved higher today by $0.06 to close at $2.55 a gallon; Natural Gas moved higher today by $0.15 to close at $7.33 per million BTU and Unleaded Gas moved higher today by $0.08 to close at $2.30 a gallon.

Metals Market ended the session higher across the board today: Gold moved higher today by $3.40 to close at $807.10 a Troy ounce; Silver moved higher by $0.17 today to close at $14.63 per Troy ounce; Platinum moved higher today by $1.90 to close at $1,470.20 per Troy ounce and Copper moved higher by $0.01 to close at $3.05 per pound.

On the Livestock and Meat Markets, the trend was higher across the board today: Lean Hogs ended the day higher by $0.10 to close at $61.20; Pork Bellies ended the day higher by $0.08 at $90.25; Live Cattle ended the day higher by $0.23 at $96.18 and Feeder Cattle ended the day higher by $0.10 at $106.35.

Other Commodities: Corn ended the day higher by $0.75 at $412.00 and Soybeans moved lower today by $0.75 to end the session at $1,098.50.

Bonds were lower across the board again today: 2 year bond moved lower by 6/32 at 100 5/32; 5 year bond moved lower by 12/32 at 99 12/32 today; 10 year bond moved lower by 19/32 at 101 27/32 and the 30 year bond moved lower by 1 at 108 10/32 for the day.

The e-mini Dow ended the session today at 13,618 with a gain of 162 points on the trading session. The total Dow Exchange Volume for the day came in at 168,636 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.

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 4,466,944; Open Interest for Futures moved lower by 18,514 points to close at 9,831,573; the Open Interest for Options moved higher by 144,632 points to close at 6,257,200 and the Cleared Only closed lower by 28 points to close at 16,026 for a total Open Interest on the day of 16,104,799 for a total Change on the day with a gain of 126,090 points.

On the NYSE today, advancers came in at 2,504; decliners totaled 700; unchanged came in at 82; new highs came in at 116 and new lows came in at 75.
Momentum stocks traded by active day traders on the NYSE today: CME Group Incorporated (CME) gained 2.55 points with a high on the day of $699.80, a low of $689.26 for a close at the high of $699.80; MasterCard Incorporated (MA) gained 5.95 points with a high on the day of $208.32, a low of $199.00 for a closing price at $206.02; Suntech Power Holdings Company Limited (STP) shed 1.78 points on the day with a high of $77.37, a low of $73.50 for a closing price at $75.40; Goldman Sachs Group Incorporated (GS) gained 4.25 points with a high on the day of $223.25, a low of $214.29 for a closing price at $222.51; Transocean Incorporated (RIG) gained 6.85 points with a high of $134.22, a low of $126.75 for a closing price at $134.10; Flowserve Corporation (FLS) gained 6.20 points with a high of $101.58, a low of $92.54 for a closing price at $98.59; The Mosaic Company (MOS) gained 1.99 points with a high of $77.50, a low of $75.38 for a closing price at $77.45; Petroleo Brasileiro S.A. (PBR) gained 4.04 points with a high of $106.97, a low of $103.34 for a closing price at $106.68; L-3 Communications Holdings Incorporated (LLL) shed 1.40 points with a high of $115.29, a low of $99.25 for a closing price of $113.29 and Rio Tinto plc (RTP) gained 4.97 points with a high of $463.47, a low of $439.63 for a closing price at $463.47.

On the NASDAQ today, advanced totaled 2,149; decliners totaled 847; unchanged came in at 119; new highs came in at 75 and new lows came in at 138.
Momentum stocks on the NASDAQ today: China Resources Incorporated (CHNR) shed 4.80 points with a high of $32.85, a low of $26.26 for a closing price at $26.70; Research In Motion Limited (RIMM) gained 2.92 points with a high of $104.76, a low of $98.83 for a closing price at $103.88; Solarfun Power Holdings Corporation Limited (SOLF) shed 1.00 point with a high of $24.95, a low of $21.65 for a closing price of $22.95; First Solar Incorporated (FSLR) shed 7.53 points with a high of $226.49, a low of $211.00 for a closing price of $218.40; Baidu.com Incorporated (BIDU) gained 0.71 points with a high of $394.60, a low of $379.01 for a closing price at $392.88; Google Incorporated (GOOG) gained 16.75 points with a high of $716.56, a low of $697.01 for a closing price at $715.26; Zumiez Incorporated (ZUMZ) shed 4.22 points with a high of $27.16, a low of $24.95 for a closing price of $25.13; UTI Worldwide Incorporated (UTIW) shed 4.95 points with a high of $24.06, a low of $18.40 for a closing price of $18.52; Dealer Track Holdings Incorporated (TRAK) shed 2.44 points with a high of $39.60, a low of $32.92 for a closing price of $36.01; Intuitive Surgical Incorporated (ISRG) gained 11.86 points with a high of $347.58, a low of $330.51 for a closing price of $344.79 and SunPower Corporation (SPWR) shed 5.06 points with a high of $132.70, a low of $123.92 for a closing price at $125.44.


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