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Market Commentary for November 14, 2006 from Millennium-Traders.com - Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news
Market Commentary for November 14, 2006 from Millennium-Traders.com

 

NewswireToday - /newswire/ - Somerset, PA, United States, 2006/11/14 - Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news.

   
 
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The markets gave their time to both the Bulls and the Bears through out the day. Trading volume was heavy today with trading ranges also creating an improvement for the trading day. Prior to mid afternoon, the Bears had control, maintaining strength in the red zone. As the afternoon moved ahead, the Bulls stepped in, moving the major indices into higher territory where they ended the day successfully. At the end of the session, here is how the major indices ended the day: the DOW (Dow Jones Industrial Average) moved higher by 85.57 points to end the day at 12218.01; the NYSE (New York Stock Exchange) climbed higher by 56.49 points to close at 8880.47; the NASDAQ moved higher by 24.28 points to end the session at 2430.66; S&P 500 (Standard & Poor’s 500 Index) tacked on 8.70 points to end at 1393.12 for the day and the RUSSELL 2000 climbed higher by 12.55 points to close at 784.96.

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 0.60 to close at 230.85 and the FTSE RAFI 1000 moved higher by 35.70 points to close at 5795.99.

Comments from William Poole, President of Federal Reserve Bank of St. Louis today: baby boom retirement impact unclear on assets; China imports may help lower U.S. inflation; current job growth could suggest tight labor markets; current monetary policy stance 'about right'; Fed's top job is controlling inflation; flexibility needed to address labor force changes; full employment important goal for Fed; funds rate outlook 'roughly symmetrical'; inflation expectations 'well controlled'; labor markets are fully employed; markets confident Fed will control inflation; much of U.S. slowdown tied to housing drop off; much uncertainty over future labor force growth; no long-term trade off between jobs, inflation; not surprised to see current FOMC dissent; slower job gains could weigh on future economic growth; slower job growth could signal impending recession; some signs of rising labor costs; stable dollar suggests U.S. economic attractiveness; stable job gains help keep inflation in line; strong productivity even more important for economy; surprised by recent job data revisions; uncertain labor growth complicating policy; U.S. facing 'slower growth in our well being'; wants to see inflation rate lower and wide array of data drive Fed rate decisions.

Economic data released for the day:
ICSC-UBS Store Sales: Weekly measure of comparable store sales at major retail chains which is related to the general merchandise portion of retail sales, as reported by the
International Council of Shopping Centers. This date accounts for approximately 10% of total retail sales. Store Sales week over week change came in lower by 0.8% and Store Sales year over year change came in at 2.1%.

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. September PPI came in unrevised with a drop of 1.3%; October passenger car prices fell by 2.3%; October PPI energy prices fell 5.0%; October PPI crude goods fell 10.5%, Core fell 1.3%; October PPI intermediate goods fell 1.1%, Core remains unchanged; PPI decline matches record, Core experienced biggest drop since 1993; U.S. October PPI ex-food & energy fell 0.9% versus consensus of a rise by 0.1% and U.S. October producer prices fell 1.6% versus consensus of a drop by 0.6%.

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. September retail & food sales were revised to a drop by 0.8% from a drop of 0.4%; U.S. October retail & food sales excluding autos fell by 0.4% and U.S. October retail & food sales fell 0.2% versus consensus of a drop by 0.4%.

Redbook: General merchandise portion of retail sales covering only approximately 10% of total retail sales, this data is a weekly measure of sales at department stores, chain stores and discounters. Store sales year over year change came in at 3.3%.

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. Inventories month over month change came in at 0.4% compared to consensus of 0.6%.

On the commodities markets, the trend was mixed across the board again today: Light crude fell by $0.30 to close at $58.28 a barrel; Brent Crude ended the day on Monday with a loss of $0.66 to close at $59.05 a barrel; Heating Oil closed at $1.72 a gallon; Natural Gas ended the day higher by $0.07 at $8.32 per million BTU and Unleaded Gas closed at $1.54 a gallon.

Metals ended the session mixed across the board today: Gold fell by $0.50 to close at $625.30 an ounce; Silver moved higher by $0.01 to close at $12.89 an ounce; Platinum plummeted lower by $30.70 to close at $1,173.20 an ounce and Copper ended the day with a gain of $0.01 to close at $3.12 per pound.

On the Livestock and Meat markets, the trend was down across the board today: Lean Hogs moved lower by 0.33 to close at 64.68; Pork Bellies closed lower by 0.08 to end the day at 88.78; Live Cattle moved lower by 0.45 to end the day at 88.40 and Feeder Cattle ended the day lower by 1.45 to close at 93.98.

Other Commodities: Corn rallied higher by 13.00 to close at 371.50 and Soybeans moved higher by 13.75 to close at 671.25.

Bonds were higher across the board today: 2 year Bond closed with a gain of 132 at 100 7/32; 5 year bond closed higher by 5/32 to close at 100 8/32; 10 year bond moved higher by 10/32 to end the day at 100 13/32 and the 30 year bond closed higher by 21/32 at 97 12/32.

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 2,695,225. Open Interest for Futures rose higher by 23,515 to close at 8,776,262 and the Open Interest for Options moved higher by 79,211 to close at 8,227,628 for a total Open Interest of 17,003,890 for a total gain on the day by 102,726. The mini Dow ended the session with a gain of 98 to close at 12257. The total Dow Exchange Volume for the day came in at 94,942 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: Chicago Mercantile Exchange Holdings (CME) rallied higher by 14.74 points to close at $513.72 on the day; Intercontinental Exchange Incorporate (ICE) climbed nicely higher by 8.05 points to end the day at $96.55; NBTY Incorporated (NTY) gained 3.64 points on the day to close at $33.19; Dillards Incorporated (DDS) gained 6.38 points on the day to close at $35.59 and AMREP Corporation (AXR) climbed 13.30 points to end the session at $82.70.

On the NASDAQ today, advancers came in at 2,094; decliners totaled 980; unchanged came in at 122; new highs came in at 211 and new lows came in at 45. Gainers and losers for the day on the NASDAQ: e-Future Information Technology Incorporated (EFUT) rallied higher by 14.11 points for a gain on the day of 47.85% to close at $43.60; Wynn Resorts Limited (WYNN) moved higher by 2.62 points to close at $91.29; F5 Networks Incorporated (FFIV) moved higher by 4.55 points to end the day at $72.07 and Cyberonics Incorporated (CYBX) climbed 3.61 points to close at $21.34.

 
 
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Market Commentary for November 14, 2006 from Millennium-Traders.com

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