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Market Commentary for December 12, 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 12, 2006 from Millennium-Traders.com

 

NewswireToday - /newswire/ - Somerset, PA, United States, 2006/12/12 - 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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Ahead of the FOMC decision, trading activity was rather quiet and choppy, controlled by the Bears. The markets held firmly in the red zone even after the FOMC announcement. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) fell 12.90 to close at 12315.58; the NYSE (New York Stock Exchange) gave up 5.43 points to close at 9059.26; the NASDAQ gave up 11.26 points to close at 2431.60; the S&P 500 (Standard & Poor’s 500 Index) fell 1.48 points to end at 1411.56 and the RUSSELL 2000 shed 4.66 points to close at 767.43 on the day.
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 0.15 to close at 236.66 and the FTSE RAFI 1000 moved lower by 3.47 points to close at 5866.84.

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. For week of December 9th, week over week change came in at 1.0% and year over year came in at 3.2%.

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. U.S. October Trade Deficit came in at $58.87 billion versus consensus of $63.00 billion; September Trade Gap was revised to $64.26 billion from $64.30 billion and October Exports came in at $123.63 billion with a rise by 0.2% and Imports came in at $182.49 billion with a drop by 2.7%.

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. For week of December 9th, year over year change came in at 2.5%.

The Federal Open Market Committee (FOMC) concluded at their meeting today to leave short term interest rates where they are at 5.25%. Comments released from the meeting: The committee voted 10-1 for unchanged Federal Funds Rate; Lacker dissented funds decision as he wanted an increase by 25 basis points; the Fed must keep focus on Inflation Risk; inflation expectations still contained; lower energy prices to help inflation moderate; inflation pressures likely to moderate over time; high "resource utilization" poses inflation risk; core inflation readings "have been elevated"; economy "likely to expand at a moderate pace on balance"; "recent indicators have been mixed"; economy slower this year on "substantial" housing cooling; any future hikes would depend on data, outlook and "some inflation risks remain" despite slower economy.

On the commodities markets, the trend was mixed across the board today: Light crude moved lower by $0.20 to close at $61.02 a barrel; Heating Oil closed with no change at $1.72 a gallon; Natural Gas moved higher by $0.02 to end the day at $7.61 per million BTU and Unleaded Gas closed at $1.60 a gallon.

Metals ended the session mostly lower across the board today: Gold moved lower by $3.10 to close at $631.70 an ounce; Silver closed lower by $0.05 at $13.98 an ounce; Platinum moved much higher by $5.80 to close at $1,115.00 an ounce and Copper ended the day lower by $0.04 to close at $3.09 per pound.

On the Livestock and Meat markets, the trend was mixed across the board today: Lean Hogs closed lower by 0.13 to end the day at 63.38; Pork Bellies closed higher by 0.70 to end the day at 91.25; Live Cattle closed lower by 0.65 to end the day at 88.45 and Feeder Cattle ended the day lower by 1.20 to close at 98.43.

Other Commodities: Corn moved higher by 2.00 today to close at 372.75 and Soybeans moved lower by 3.75 to close at 663.00.

Bonds were higher across the board today: 2 year Bond closed higher by 3/32 at 100; 5 year bond moved higher by 6/32 to close at 100 6/32; 10 year bond closed higher by 8/32 at 101 2/32 and the 30 year bond closed higher by 10/32 at 98 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 2,540,428. Open Interest for Futures moved lower by 6,357 to close at 8,723,009 and the Open Interest for Options moved higher by 93,544 to close at 6,576,296 for a total Open Interest of 15,299,305 for a total gain on the day by 87,187. The mini Dow ended the session with a loss of 18 to close at 12412. The total Dow Exchange Volume for the day came in at 163,253 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: Allegheny Technologies Incorporated (ATI) fell sharply by 7.90 points to close the session at $89.77; MasterCard Incorporated (MA) fell 3.35 points to end the day at $95.75; AMREP Corporation (AXR) plummeted 9.63 points to close at $108.60; Nucor Corporation (NUE) fell 4.75 points to close at $59.60 and IPSCO Incorporated (IPS) shed 4.17 points to close at $100.50 on the day.

On the NASDAQ today, advancers came in at 1,146; decliners totaled 1,899; unchanged came in at 170; new highs came in at 94 and new lows came in at 37. Gainers and losers for the day on the NASDAQ: American Commercial Lines Incorporated (ACLI) fell sharply by 5.31 points to close at $70.08; Wynn Resorts Limited (WYNN) fell 3.07 points to end the day at $94.50; Ueps Technologies Incorporated (UEPS) gained 2.56 points to end the session at $29.22; Valera Pharmaceuticals Incorporated (VLRX) gained 2.52 points to close at $7.93 on the day and Imperial Sugar Company (IPSU) gained 3.47 points to end at $26.54.

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Market Commentary for December 12, 2006 from Millennium-Traders.com

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