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Market Commentary for June 08, 2007

The Bears took back control of the markets today after a three day trend controlled by the Bears. Triple digit games were in the works into the close, amidst moderate trading volume and moderate trading ranges. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved higher with a triple digit gain of 157.66 points to end the session at 13,424.39; the NYSE (New York Stock Exchange) posted a triple digit gain of 105.13 points to end at 9,826.07 the NASDAQ posted a gain of 32.16 points today for a close at 2,573.54; the S&P 500 moved higher by 16.95 points to end at 1,507.67 and the RUSSELL 2000 moved higher by 9.99 points to close at 835.31 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 0.90 to close at 256.75 and the FTSE RAFI 1000 posted a gain by 68.33 points to close at 6,327.56.

Federal Reserve Board Member and President of the Federal Reserve Bank of Chicago, Michael H. Moskow commented today: must take long-term perspective on market; Fed looks at variety of indicators; inflation expectations well contained; growth to strengthen in second quarter; inflation still predominant economic concern; concerned that market was under pricing risk; current Fed rate appropriate for now and Fed won't act on single-day market move.

Economic data released for the day:

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. Data released today: April Exports came in at $129.49 Billion 0.2%; April Imports came in at $187.98 Billion lower by 1.9%; March Trade Balance was revised to a deficit of $62.39 Billion from deficit of $63.89 Billion and U.S. April Trade Deficit came in at $58.50 Billion compared to consensus Deficit of $63.00 Billion.

Commodities Markets

The trend was lower across the board today for the Energy Sector: Light crude moved lower by $2.17 today to close at $64.76 a barrel; Heating Oil moved lower by $0.08 to close at $1.90 a gallon; Natural Gas moved lower by $0.16 to close at $7.66 million BTU and Unleaded Gas moved closed lower by $0.07 at $2.13 a gallon.

Metals Market ended the session lower across the board today: Gold moved strongly lower again today for a loss of $14.90 to close at $650.30 an ounce; Silver closed lower by $0.44 at $13.04 an ounce; Platinum moved lower today by $8.70 to close at $1,286.80 an ounce and Copper moved lower today by $0.12 to end at $3.26 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs ended the day lower by 0.20 to close at 73.75; Pork Bellies ended the day higher by 0.33 to close 95.35; Live Cattle moved higher by 0.08 to close at 89.60 and Feeder Cattle ended the lower by 0.65 to close at 108.20.

Other Commodities: Corn moved ended the day lower by 1.25 to close at 392.25 and Soybeans moved sharply lower by 10.50 points to end the day at 821.50.

The e-mini Dow ended the session much higher today by a whopping 176 points to close at 13,556. The total Dow Exchange Volume for the day came in at 297,486 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 mostly higher across the board today: 2 year bond closed higher by 2/32 at 99 24/32; 5 year bond closed higher by 4/32 at 98 22/32; 10 year bond closed higher by 5/32 at 95 8/32 and the 30 year bond closed lower by 14/32 at 92 30/32.

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 7,413,820; Open Interest for Futures moved higher by 112,606 points to close at 10,001,135; the Open Interest for Options moved higher by 300,741 points to close at 7,472,560 and the Open Interest for OTC moved higher by 330 points to close at 5,059 for a total Open Interest of 17,478,754 for a total gain on the day by 413,677.

On the NYSE today, advancers came in at 2,226; decliners totaled 993; unchanged came in at 116; new highs came in at 40 and new lows came in at 83. Gainers and losers for the day on the NYSE: Chicago Mercantile Exchange Holdings (CME) moved higher on record trading day volume by 10.16 points to end the trading session at $549.63; Cascade Corporation (CAE) bolted higher on the Big Board for a gain of 12.22% to tack on 8.03 points for an end of day trading price at $73.73; United States Steel Corporation (X) posted a favorable gain of 9.35 points to close the session at $125.15 and National Semiconductor Corporation (NSM) moved higher on the trading day with a gain of 14.70% to climb higher by 3.79 points to end the session at $29.58.

On the NASDAQ today, advanced totaled 2,047 decliners totaled 967; unchanged came in at 127; new highs came in at 46 and new lows came in at 50. Gainers and losers for the day on the NASDAQ: DryShips Incorporated (DRYS) shed 1.83 points to close the trading day at $35.71; Akamai Technologies Incorporated (AKAM) moved higher on the trading session for a gain of 3.39 points to end the day at $45.62 and Infinera Corporation (INFN) tacked on a favorable trading day gain of 5.74 points to climb higher by 29.16% for a closing price at $25.45.

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