Market Commentary for May 11, 2007


The Bulls held the market firmly in control today with no sign of the Bears today. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved higher with a nice triple digit gain of 111.09 points to end the session at 13,326.1322; the NYSE
(New York Stock Exchange) posted a triple gain on the trading session of 117.66 points to end at 9,787.03; the NASDAQ posted a gain of 28.48 points today for a close at 2,562.22; the S&P 500 moved higher by 14.38 points to end at 1,505.85 and the RUSSELL 2000 moved higher by 10.91 points to close at 829.54. 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 1.91 to close at 257.29 and the FTSE RAFI 1000 closed higher by 56.71 at 6,314.56.

Economic data released for the day:

Producer Price Index: A measure of the average price level for a fixed basket of consumer and capital goods paid by producers is the PPI. U.S. April Producer Prices rose by 0.7% compared to consensus of an increase by 0.6%; U.S. April PPI Excluding Food & Energy came in at 0.0% compared to consensus of an increase by 0.2%; U.S. April PPI Intermediate Goods rose by 0.9%; U.S. April PPI Intermediate Goods Core rose by 0.8%; U.S. April PPI Crude Goods fell by 1.5%; U.S. April PPI Crude Goods Core rose by 0.4%; U.S. April PPI Energy Prices rose by 3.4% and U.S. March PPI was left unrevised at an increase by 1.0%.

Retail Sales: A measure of retail sales consisting of total receipts at stores that sell durable and non-durable goods. This data is a key element in economic growth since consumer spending accounts for two-thirds of the national Gross Domestic Products (GDP). U.S. April Passenger Car Prices fell by 1.0%; U.S. April Retail & Food Sales fell by 0.2% compared to consensus of an increase by 0.4%; U.S. April Retail & Food Sales Excluding Autos came in unchanged and March Retail & Food Sales was revised to an increase by 1.0% from an increase by 0.7%.

Business Inventories: Dollar amount of business inventories held by manufacturers, retailers and wholesalers. Near-term direction of production activity is related to the level of inventories in relation to sales. U.S. March Business Inventories fell by 0.1% compared to expectations of an increase by 0.3%.

Commodities Markets

The trend was higher across the board today for the Energy Sector: Light crude moved higher by $0.56 today to close at $62.37 a barrel; Heating Oil moved higher by $0.02 today to close at $1.89 a gallon; Natural Gas moved higher by $0.17 to close at $8.05 per million BTU and Unleaded Gas moved higher by $0.03 to close at $2.35 a gallon.

Metals Market ended the session higher across the board today: Gold moved higher by $5.30 to close at $672.30 an ounce; Silver moved higher by $0.17 to close at $13.31 an ounce; Platinum moved sharply higher today by $17.50 to close at $1,341.70 an ounce and Copper ended the day higher by $0.04 today to end at $3.60 per pound.

On the Livestock and Meat Markets, the trend was higher across the board today: Lean Hogs moved higher today by 0.33 today to close at 74.98; Pork Bellies ended the day higher by 0.25 to close at 104.70; Live Cattle moved higher by 0.55 to end the day at 92.95 and Feeder Cattle ended the day higher by 0.10 to close at 112.85.

Other Commodities: Corn moved nicely higher today for a gain of 14.75 points to end at 369.25 and Soybeans posted a favorable gain today of 15.50 to close at 761.75.

The e-mini Dow ended the session higher by 110 points to close at 13377. The total Dow Exchange Volume for the day came in at 161,932 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 today: 2 year bond closed lower by 2/32 at 99 19/32; 5 year bond closed lower by 5/32 at 99 19/32; 10 year bond closed lower by 9/32 at 98 19/32 and the 30 year bond closed lower by 5/32 at 98 14/32.

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 3,282,809; Open Interest for Futures moved higher by 58,155 points to close at 10,042,496; the Open Interest for Options moved higher by 87,823 points to close at 7,340,262 and the Open Interest for OTC moved lower by 171 to close at 4,574 for a total Open Interest of 17,387,332 for a total gain on the day by 145,807.

On the NYSE today, advancers came in at 2,494; decliners totaled 759; unchanged came in at 103; new highs came in at 154 and new lows came in at 24. Gainers and losers for the day on the NYSE: Chicago Mercantile Exchange Holdings (CME) rallied higher on the Big Board today for a gain of 38.35 points for a closing price of $536.30; FTSE/Xinhua China 25 (FXI) moved nicely higher today by 6.00 points to close the trading session at $115.00; China Petroleum & Chemical Corporation (SNP) made a nice run higher on the trading session for a gain of 7.50 points to close at $100.00; World Fuel Services Corporation (INT) fell sharply today for a loss on the trading day of 14.45% to shed 6.73 points for a closing price of $39.85; SIFCO Industries Incorporated (SIF) ramped higher for a whopping gain of 82.26% to tack on 7.98 points for an end of day closing price of $17.70 and CBOT Holdings Incorporated (BOT) ramped higher for a gain on the trading day of 7.35 points to close at $201.35.

On the NASDAQ today, advanced totaled 2,118 decliners totaled 902; unchanged came in at 142, new highs came in at 99 and new lows came in at 78. Gainers and losers for the day on the NASDAQ: Ueps Technologies Incorporated (UEPS) posted a favorable gain on the trading session of 2.24 points for a closing price of $27.00; Helen of Troy Limited (HELE) posted a nice gain on the trading day by 11.47% to move higher by 2.55 points to close at $24.78 and NVIDIA Corporation (NVDA) moved higher on the session by 2.31 points to close the day at $35.13.

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Millennium-Traders