Market Commentary for March 09, 2007
Through out the session, the major indices were mixed on their direction for the day with light to modest trading volume. Trading ranges were generally firm creating a not so friendly atmosphere for day traders and investors. Into the close, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved higher today by 15.62 points to end the session at 12276.32; the NYSE (New York Stock Exchange) moved higher by 16.34 points to end at 9094.99; the NASDAQ moved lower by 0.18 points to close at 2387.55; the S&P 500 moved higher by 0.96 points to end at 1402.85 and the RUSSELL 2000 moved higher by 3.98 points to close at 785.12. 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 0.11 to close at 238.64 and the FTSE RAFI 1000 moved higher by 6.50 to close at 5900.67.
President and Chief Executive Officer of the Federal Reserve Bank of Minneapolis, Gary H. Stern commented today: Globalization doesn't greatly complicate policy; Fed should keep focus on Dual Mandate; problems at big banks may still pose systemic risk; Regulators must be watchful of bank risks; spread of Financial Institutions, products adds flexibility and bank balance sheets may have grown more risky.
President of the Federal Reserve Bank of Richmond, Jeffrey M. Lacker commented today: More rapid inflation drop may mean tighter policy; price expectations less stable than surveys suggest; small inflation changes add up over time; markets don't see inflation coming back to 1.5%; markets likely see Core PCE staying at 2.25% and inflation expectations not anchored enough.
Member of the Federal Reserve Board of Governors, Donald L. Kohn commented today: inflation expectations critical for policy and measures of inflation expectations are uncertain.
President of the Federal Reserve Bank of San Francisco, Janet L. Yellen commented today: China believes not ready for Free-Floating Forex; more flexible Yuan would improve Monetary Policy options; China Forex intervention undercuts bank reforms; CNY appreciation won't much impact trade balance; China will likely allow gradual Yuan appreciation; China investment rates may not pose risk to banks;China's monetary tools may have limited impact and China would benefit if raises domestic consumption.
Member of the Federal Reserve Board of Governors, Randall S. Kroszner commented today: With open markets, flat yield dynamic will persist and global yields reflect savings, currency markets.
Member of the Federal Reserve Board of Governors, Susan Schmidt Bies commented today: Financial Markets have performed well; Volatility always a function of Markets; paying a lot of attention to Sub-prime Lending; Sub-prime problem may be just starting; the U.S. economy is strong and U.S. job creation is 'incredible'.
Eurodollar Futures sold off as the odds drop for a rate cut in 2007; June Eurodollar sees 60% chance for 5% in second quarter versus 100% change before; December Eurodollar still fully priced for 4.75% rate by year-end and Futures reduce 2007 Rate Cut odds after strong payrolls.
Economic data released for the day:
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. U.S. February Non-farm Payrolls rose by 97K compared to consensus of an increase by 100K; U.S. February Unemployment Rate came in at 4.5% compared to consensus of 4.6%; U.S. February Average Hourly Earnings rose by $0.06 to $17.16; U.S. February Manufacturing Payrolls fell by 14K; U.S. February Service-Producing Payrolls rose by 168K; U.S. February Overall Workweek fell by 0.1 Hour to 33.7 Hours; U.S. February Construction Payrolls fell by 62K which was its steepest drop since January 1991; U.S. January Payrolls was revised to an increase by 146K from an increase by 111K and U.S. January Unemployment was left unrevised at 4.6%.
International Trade: Details of International trade measures the difference between imports and exports of tangible goods and services. As Imports may apply a draw on the economy, they also increase competitive pressure among domestic producers while Exports give a boost to domestic production. U.S. January Trade Deficit came in at $59.12 Billion compared to consensus of $59.50 Billion; January Exports came in at $126.67 Billion with an increase by 1.1%; January Imports came in at $185.79 Billion with a drop by 0.5% and December Trade Gap was revised to $61.45 Billion from $61.18 Billion.
Wholesale Trade: The dollar value of sales made and inventories held by merchant wholesalers is a measurement referred to as, wholesale trade. U.S. Wholesale Inventories rose by 0.7% in January.
On the commodities markets, the trend was lower across the board today for the Energy sector: Light crude moved lower by $1.59 today to close at $60.05 a barrel; Heating Oil moved lower by $0.05 to close at $1.71 a gallon; Natural Gas moved lower by $0.14 today to end at $7.23 per million BTU and Unleaded Gas closed lower by $0.02 today to end the session at $1.90 a gallon.
Metals Market ended the session lower across the board today: Gold moved lower by $3.50 to close at $652.00 an ounce; Silver closed lower today by $0.15 to end the session at $12.97 an ounce; Platinum moved lower today by $10.80 to close at $1,203.70 an ounce and Copper ended the day lower by $0.05 again today to close at $2.78 per pound.
On the Livestock and Meat Markets, the trend was higher across the board again today: Lean Hogs moved higher by 0.20 to close at 67.95; Pork Bellies ended the day higher by 1.70 to close at 106.40; Live Cattle moved higher by 0.43 to end the day at 101.45 and Feeder Cattle ended the day higher by 0.13 to close at 108.80.
Other Commodities: Corn moved lower today by 4.00 points to end at 417.50 and Soybeans moved higher today by 0.75 to close at 759.75.
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 3,256,577 Open Interest for Futures moved lower by 4,813 to close at 9,126,021 and the Open Interest for Options moved higher by 147,632 to close at 7,197,413 for a total Open Interest of 16,325,093 for a total gain on the day by 142, 819.
Bonds were lower across the board again today: 2 year bond closed lower by 7/32 at 100 4/32; 5 year bond closed lower by 13/32 at 100 11/32; 10 year bond closed lower by 19/32 at 100 9/32 and the 30 year bond closed lower by 1 2/32 at 100 14/32.
The mini Dow ended the session today with a gain of 12 to close at 12388. The total Dow Exchange Volume for the day came in at 158,581 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.
New York Stock Exchange movers for the day: Big Lots Incorporated (BIG) made a nice run today for a gain of 4.09 points to tack on 16.53% for a closing price of $28.84; NYMEX Holdings Incorporated (NMX) gained 6.98 points on the day to close at $125.87; Trina Solar Limited (TSL) moved higher by 4.58 points to end the day at $43.94 with a gain of 11.64% and Cummins Incorporated (CMI) moved higher by 2.74 points to close at $139.94.
On the NASDAQ today, advancers came in at 1,644; decliners totaled 1,332; unchanged came in at 168; new highs came in at 50 and new lows came in at 68. Gainers and losers for the day on the NASDAQ: PeopleSupport Incorporated (PSPT) plummeted by 39.28% to shed 8.83 points to close at $13.65 for the day; Blue Coat Systems Incorporated (BCSI) gained 3.78 points on the day to end at $35.95;
Omrix Biopharmaceuticals Incorporated (OMRI) gained 2.65 points to close at $37.86; Gmarket Incorporated (GMKT) fell by 17.80% to shed 3.54 points with a closing price of $16.35 and The Middleby Corporation (MIDD) rallied by 12.68 points to end the day at $123.96 with a gain of 11.39%.
Thanks for reading
Millennium-Traders
President and Chief Executive Officer of the Federal Reserve Bank of Minneapolis, Gary H. Stern commented today: Globalization doesn't greatly complicate policy; Fed should keep focus on Dual Mandate; problems at big banks may still pose systemic risk; Regulators must be watchful of bank risks; spread of Financial Institutions, products adds flexibility and bank balance sheets may have grown more risky.
President of the Federal Reserve Bank of Richmond, Jeffrey M. Lacker commented today: More rapid inflation drop may mean tighter policy; price expectations less stable than surveys suggest; small inflation changes add up over time; markets don't see inflation coming back to 1.5%; markets likely see Core PCE staying at 2.25% and inflation expectations not anchored enough.
Member of the Federal Reserve Board of Governors, Donald L. Kohn commented today: inflation expectations critical for policy and measures of inflation expectations are uncertain.
President of the Federal Reserve Bank of San Francisco, Janet L. Yellen commented today: China believes not ready for Free-Floating Forex; more flexible Yuan would improve Monetary Policy options; China Forex intervention undercuts bank reforms; CNY appreciation won't much impact trade balance; China will likely allow gradual Yuan appreciation; China investment rates may not pose risk to banks;China's monetary tools may have limited impact and China would benefit if raises domestic consumption.
Member of the Federal Reserve Board of Governors, Randall S. Kroszner commented today: With open markets, flat yield dynamic will persist and global yields reflect savings, currency markets.
Member of the Federal Reserve Board of Governors, Susan Schmidt Bies commented today: Financial Markets have performed well; Volatility always a function of Markets; paying a lot of attention to Sub-prime Lending; Sub-prime problem may be just starting; the U.S. economy is strong and U.S. job creation is 'incredible'.
Eurodollar Futures sold off as the odds drop for a rate cut in 2007; June Eurodollar sees 60% chance for 5% in second quarter versus 100% change before; December Eurodollar still fully priced for 4.75% rate by year-end and Futures reduce 2007 Rate Cut odds after strong payrolls.
Economic data released for the day:
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. U.S. February Non-farm Payrolls rose by 97K compared to consensus of an increase by 100K; U.S. February Unemployment Rate came in at 4.5% compared to consensus of 4.6%; U.S. February Average Hourly Earnings rose by $0.06 to $17.16; U.S. February Manufacturing Payrolls fell by 14K; U.S. February Service-Producing Payrolls rose by 168K; U.S. February Overall Workweek fell by 0.1 Hour to 33.7 Hours; U.S. February Construction Payrolls fell by 62K which was its steepest drop since January 1991; U.S. January Payrolls was revised to an increase by 146K from an increase by 111K and U.S. January Unemployment was left unrevised at 4.6%.
International Trade: Details of International trade measures the difference between imports and exports of tangible goods and services. As Imports may apply a draw on the economy, they also increase competitive pressure among domestic producers while Exports give a boost to domestic production. U.S. January Trade Deficit came in at $59.12 Billion compared to consensus of $59.50 Billion; January Exports came in at $126.67 Billion with an increase by 1.1%; January Imports came in at $185.79 Billion with a drop by 0.5% and December Trade Gap was revised to $61.45 Billion from $61.18 Billion.
Wholesale Trade: The dollar value of sales made and inventories held by merchant wholesalers is a measurement referred to as, wholesale trade. U.S. Wholesale Inventories rose by 0.7% in January.
On the commodities markets, the trend was lower across the board today for the Energy sector: Light crude moved lower by $1.59 today to close at $60.05 a barrel; Heating Oil moved lower by $0.05 to close at $1.71 a gallon; Natural Gas moved lower by $0.14 today to end at $7.23 per million BTU and Unleaded Gas closed lower by $0.02 today to end the session at $1.90 a gallon.
Metals Market ended the session lower across the board today: Gold moved lower by $3.50 to close at $652.00 an ounce; Silver closed lower today by $0.15 to end the session at $12.97 an ounce; Platinum moved lower today by $10.80 to close at $1,203.70 an ounce and Copper ended the day lower by $0.05 again today to close at $2.78 per pound.
On the Livestock and Meat Markets, the trend was higher across the board again today: Lean Hogs moved higher by 0.20 to close at 67.95; Pork Bellies ended the day higher by 1.70 to close at 106.40; Live Cattle moved higher by 0.43 to end the day at 101.45 and Feeder Cattle ended the day higher by 0.13 to close at 108.80.
Other Commodities: Corn moved lower today by 4.00 points to end at 417.50 and Soybeans moved higher today by 0.75 to close at 759.75.
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 3,256,577 Open Interest for Futures moved lower by 4,813 to close at 9,126,021 and the Open Interest for Options moved higher by 147,632 to close at 7,197,413 for a total Open Interest of 16,325,093 for a total gain on the day by 142, 819.
Bonds were lower across the board again today: 2 year bond closed lower by 7/32 at 100 4/32; 5 year bond closed lower by 13/32 at 100 11/32; 10 year bond closed lower by 19/32 at 100 9/32 and the 30 year bond closed lower by 1 2/32 at 100 14/32.
The mini Dow ended the session today with a gain of 12 to close at 12388. The total Dow Exchange Volume for the day came in at 158,581 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.
New York Stock Exchange movers for the day: Big Lots Incorporated (BIG) made a nice run today for a gain of 4.09 points to tack on 16.53% for a closing price of $28.84; NYMEX Holdings Incorporated (NMX) gained 6.98 points on the day to close at $125.87; Trina Solar Limited (TSL) moved higher by 4.58 points to end the day at $43.94 with a gain of 11.64% and Cummins Incorporated (CMI) moved higher by 2.74 points to close at $139.94.
On the NASDAQ today, advancers came in at 1,644; decliners totaled 1,332; unchanged came in at 168; new highs came in at 50 and new lows came in at 68. Gainers and losers for the day on the NASDAQ: PeopleSupport Incorporated (PSPT) plummeted by 39.28% to shed 8.83 points to close at $13.65 for the day; Blue Coat Systems Incorporated (BCSI) gained 3.78 points on the day to end at $35.95;
Omrix Biopharmaceuticals Incorporated (OMRI) gained 2.65 points to close at $37.86; Gmarket Incorporated (GMKT) fell by 17.80% to shed 3.54 points with a closing price of $16.35 and The Middleby Corporation (MIDD) rallied by 12.68 points to end the day at $123.96 with a gain of 11.39%.
Thanks for reading
Millennium-Traders
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