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Market Commentary for December 1, 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 December 1, 2006 from Millennium-Traders.com

 

NewswireToday - /newswire/ - Somerset, PA, United States, 2006/12/01 - 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 were held hostage by the Bears today amidst moderate volume and tight trading ranges. Lack luster trader with occasional whip created tough trading for both day traders and investors. At the end of the day, here is how the major indices closed the session: the DOW (Dow Jones Industrial Average) fell 27.80 points to close at 12194.13; the NYSE (New York Stock Exchange) shed 19.94 points for a close of 8949.06; the NASDAQ gave up 18.56 points to end at 2413.21; the S&P 500 (Standard & Poor’s 500 Index) gave up 3.94 points and the RUSSELL 2000 gave up 4.95 points to close at 781.17. 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 lower by 0.45 to close at 233.54 and the FTSE RAFI 1000 moved lower by 9.59 points to close at 5800.00.

Economic data released for the day:

Construction Spending: New construction activity on residential, non-residential and public projects measured in dollar value which is available in nominal and inflation adjusted dollars. Construction Spending fell by 1.0% in October compared to consensus -0.3% and September Construction Spending has been revised to a drop of 0.8% from -0.3%

ISM Manufacturing Survey: Compiled from approximately 400 manufacturing firms on inventories, employment, production supplier deliveries and new orders. Includes export orders, import orders backlog orders as well as, prices paid for raw and unfinished materials. U.S. ISM November Production Index came in at 48.5 versus October reading of 51.9; U.S. ISM November New Orders Index came in at 48.7 versus October reading of 52.1; U.S. ISM November Inventories came in at 49.7 versus October reading of 49.4; U.S. ISM November Employment Index came in at 49.2 versus October reading of 50.8; U.S. ISM November Manufacturing Business Index was expected at 52.0; U.S. ISM November Prices Index came in at 53.5 versus October reading of 47.0 and U.S. ISM November Manufacturing Business Index came in at 49.5 versus October reading of 51.2.

Charles Plosser, President of the Federal Reserve Bank of Philadelphia had comments today: Inflation remains Fed's prime concern; unconcerned by markets Fed expectations; still expects economy to see trend growth in 2007; Fed policy driven by wide array of data; argues for caution regarding ISM data; inflation data tricky to interpret; housing slowdown has been manageable; housing slowdown economy spillover limited; Fed funds rate not high historically; labor market quite healthy right now; dollar fall not big issue for inflation; current inflation level still too high and wants to see inflation move lower.

Michael H. Moskow, President of the Federal Reserve Bank of Chicago commented today: recent price data consistent with easing inflation; more policy firming may be necessary; high inflation risk greater than low growth risk; fed vigilant in monitoring inflation expectations; core inflation likely to come down somewhat; still could see further cost shocks; GDP to pick up from weak third quarter; housing not spilling into prolonged economic weakness; 95% of economy outside of housing on good footing; current account deficit growth is unsustainable; Michigan must work to attract businesses; Michigan going through very serious times; no inherent reason for U.S. economic expansion to end and growth should be back to potential by end 2007.

Fed's Jeffrey M. Lacker commented today: regulators need to promote risk management; financial innovation makes pricing risk harder; should be careful not to over promote safety net; financial innovation has aided economy and refrains from comment on economy or rate policy.

Energy Information Administration (EIA) reported today that U.S. Revised September Gasoline Use by an increase of 3.4% on the year which was at September record.

U.K. Health Agency reported that one person tested positive for Polonium. Polonium is a chemical element which is a rare radioactive metalloid.

On the commodities markets, the trend was mixed across the board today: Light crude moved higher by $0.30 to close at $63.43 a barrel; Brent Crude remained at $59.46 a barrel; Heating Oil closed with no change at $1.85 a gallon; Natural Gas fell lower by $0.36 to end the day at $8.38 per million BTU and Unleaded Gas closed higher by $0.02 at $1.69 a gallon.

Metals ended the session mixed across the board today: Gold moved lower by $2.30 to close at $650.60 an ounce; Silver closed higher by $0.08 at $14.19 an ounce; Platinum plummeted by $22.20 to close at $1,154.50 an ounce and Copper ended the day lower by $0.02 to close at $3.17 per pound.

On the Livestock and Meat markets, the trend was mixed across the board today: Lean Hogs moved lower by 0.75 to close at 64.43; Pork Bellies closed higher by 0.45 to end the day at 91.98; Live Cattle closed with no change at 89.10 and Feeder Cattle ended the day lower by 0.90 to close at 96.98.

Other Commodities: Corn moved lower by 3.50 today to close at 387.00 and Soybeans moved strongly lower by 8.50 to close at 677.00.

Bonds were higher across the board today: 2 year Bond closed higher by 6/32 to close at 100 6/32; 5 year bond moved higher by 8/32 for second day in a row to close at 100 15/32; 10 year bond moved higher by 7/32 to end the day at 101 16/32 and the 30 year bond closed higher by 9/32 at 99 9/32.

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 5,209,258. Open Interest for Futures fell lower by 109,802 to close at 9,056,928 and the Open Interest for Options moved higher by 190,253 to close at 5,797,814 for a total Open Interest of 14,854,742 for a total gain on the day by 80,451. The mini Dow ended the session with a loss of 23 to close at 12224. The total Dow Exchange Volume for the day came in at 170,110 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 (CME) fell 4.20 points to close at $531.40; Goodrich Petroleum Corporation (GDP) fell by 2.11 points to end the day at $41.85; Intercontinental Exchange Incorporated (ICE) fell 3.17 points to close the session at $95.08 and Allegheny Technologies Incorporated (ATI) fell 1.59 points to end at $88.06 on the day.

On the NASDAQ today, advancers came in at 1,166; decliners totaled 1,886; unchanged came in at 136; new highs came in at 80 and new lows came in at 35. Gainers and losers for the day on the NASDAQ: En Pointe Technologies (ENPT) moved higher by 2.68 points to close at $5.32 on the day; E-Future Information Technology Incorporated (EFUT) moved higher by 5.70 points to close at $42.55 on the day; OmniVision Technologies Incorporated (OVTI) fell by 2.67 points to close at $13.62 and Research In Motion Limited (RIMM) fell 3.15 points to close at $135.68.

New to day trading? Visit one of our professionally moderated day trading chat rooms with access from a One Week Trial. No credit card is necessary when you subscribe to our Free Trial. View our Performance from our Performance Index. Also, day traders and investors may wish to check out our Message Board, free registration.

 
 
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Market Commentary for December 1, 2006 from Millennium-Traders.com

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