NewswireToday - /newswire/ -
Somerset, PA, United States, 2006/12/07 - Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news.
The market didn’t know which way to go today, touching the green zone occasionally before letting the Bears take control once again. Trading ranges were very tight today creating a difficult trading atmosphere for day traders and investors. At the closing bell, here is how the major indices finally rapped up for the session: the DOW (Dow Jones Industrial Average) fell by 30.84 points to close at 12278.41; the NYSE (New York Stock Exchange) fell by 5.78 points to end at 9041.98 on the day; the S&P 500 (Standard & Poor’s 500 Index) lost 5.61 points to close at 1407.29 and the RUSSELL 2000 shed 3.65 points to close at 792.29. 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 0.21 to close at 236.22 and the FTSE RAFI 1000 moved lower by 22.26 points to close at 5841.92.
Summary of comments from President George W. Bush during press conference today with Prime Minister Tony Blair: Believes United States will prevail in Iraq; increase in attacks around Baghdad "unsettling"; Iraq study group proposals "worthy of serious study"; Syria must stop destabilizing Lebanon and Iraq; talks with Iran contingent on nuclear suspension and we need a “new approach" in Iraq.
Economic data released for the day:
Monster Employment Index: Job postings from 1,500 web sites create an index of job availability. This index is similar to The Conference Board’s help wanted index however; Monster Employment Index is not seasonally adjusted. For November, reading came in at 175.
BOE Announcement: Bank of England Monetary Policy Committee which consists of nine members meets for two days each month, during the first week of the month to determine the direction of monetary policy, in the near-term. No rate change with rate remaining at 5.0%.
ECB Announcement: European Central Bank Governing Council decides on monetary policy. Rate change of 25 basis points with interest rate at 3.5%. Additional comments from the ECB consisted of: credit growth still main driver for monetary growth; ECB Sees 2006 CPI at 2.1% to 2.3% versus September’s 2.3% to 2.5%; ECB Sees 2007 CPI at 1.5% to 2.5% versus September’s 1.9% to 2.9%; ECB Sees 2008 CPI at 1.3% to 2.5%; has fears of protectionist pressures; inflation rates likely to increase in early 2007; latest monetary developments point to further uptrend; Lower 06/07 CPI ranges reflect lower energy prices; monetary analysis points to medium-term CPI risks; monetary and credit expansion remains rapid; monetary developments require very careful monitoring; monetary dynamic very, very impressive; outlook for energy prices remains uncertain; permanent posture is we're constantly alert; price developments remain subject to upside risks; rate hike reflects medium-term CPI risks; revisions reflect lower energy prices; risks relate to global imbalances; risks to growth outlook on the downside; sees continued strong property market developments; wage demands could be stronger than expected; wage developments pose upside risks and we don't underwrite the staff projections.
Jobless Claims: A weekly compilation of new unemployment claims to show the number of individuals who filed for unemployment insurance for the first time. The condition of the labor market is determined by an increase of the number of claims which suggests a deteriorating labor market. Week of November 25th Jobless Claims was revised to 358k from 357k; Week of November 25th Continuing Claims rose 57K to 2,524,000 and Jobless Claims fell by 34K to 324K for week of December 2nd compared to survey of a drop by 32K.
EIA Natural Gas Report: Weekly information provided by the EIA (Energy Information Administration) on natural gas stock piles in underground storage in the United States and three regions of the country. Prices for natural gas products are determined by the level of inventories. Natural Gas Inventory fell 11 Bcf to 3406 Bcf compared to what analysts were expecting of a draw of 13 Bcf, ranging from unchanged to a draw of 45 Bcf and Natural Gas Inventory fell 11 Bcf to 3406 Bcf compared to expectations of analysts of a draw in the amount of 13 Bcf, ranging from unchanged to a draw of 45 Bcf.
Consumer Credit: The outstanding dollar value of consumer installment credit. The state of consumer finances and portend future spending patterns is indicated by, Consumer Credit. For October, Consumer Credit Month over Month, data came in at a drop by $1.2 billion.
On the commodities markets, the trend was mixed across the board again today: Light crude moved higher by $0.30 to close at $62.49 a barrel; Heating Oil closed lower by $0.02 to end the day at $1.78 a gallon; Natural Gas moved lower by $0.03 to end the day at $7.75 per million BTU and Unleaded Gas closed higher by $0.01 to end the day at $1.63 a gallon.
Metals ended the session mixed across the board today: Gold moved higher by $1.10 to close at $637.00 an ounce; Silver closed higher by $0.24 at $14.04 an ounce; Platinum moved lower by $0.80 to close at $1,125.70 an ounce and Copper ended the day lower by $0.06 to close at $3.13 per pound.
On the Livestock and Meat markets, the trend was mixed across the board today: Lean Hogs moved higher by 0.43 to close at 64.28; Pork Bellies closed higher by 0.70 to end the day at 90.90; Live Cattle closed lower by 0.13 to end the day at 89.30 and Feeder Cattle ended the day higher by 0.78 to close at 99.85.
Other Commodities: Corn moved higher by 6.50 today to close at 372.50 and Soybeans moved higher by 7.75 to close at 662.00.
Bonds were mixed across the board today: 2 year Bond closed with no change at 100 2/32; 5 year bond moved higher by 1/32 to close at 100 7/32; 10 year bond closed with no change at 101 3/32 and the 30 year bond closed lower by 1/32 at 98 1/32.
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 3,112,633. Open Interest for Futures moved lower by 20,409 to close at 8,886,537 and the Open Interest for Options moved higher by 114,419 to close at 6,180,931 for a total Open Interest of 15,047,468 for a total gain on the day by 97,643. The mini Dow ended the session with a loss of 36 to close at 12324. The total Dow Exchange Volume for the day came in at 127,760 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: Greif Incorporated (GEF) climbed higher by 4.16 points to close at $107.93; NCI Building Systems Incorporated (NCS) fell 3.67 points to end the day at $53.35; iShares Silver Trust moved higher by 3.16 points to close at $138.86 on the session; Rio Tinto plc (RTP) fell 2.57 points on the day to close at $219.15 and Sabine Royalty Trust (SBR) sank 5.03 points to end the day at $45.97.
On the NASDAQ today, advancers came in at 1,180; decliners totaled 1,883; unchanged came in at 156; new highs came in at 130 and new lows came in at 21. Gainers and losers for the day on the NASDAQ: Apple Computer Incorporated (AAPL) fell 2.83 points to close at $87.00 on the day; Vanda Pharmaceuticals Incorporated (VNDA) rallied higher by 10.40 points to close at $25.90; Capital Southwest Corporation (CSWC) bolted higher by 21.07 points to end the day at $153.32 and Keystone Automotive Industries (KEYS) sand 8.53 points to end the session at $30.23
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