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Market Commentary for December 13, 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 13, 2006 from Millennium-Traders.com

 

NewswireToday - /newswire/ - Somerset, PA, United States, 2006/12/13 - 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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A very lackluster session tone was set in the pre-market session. The Bears and Bulls struggled for control through out the day with the Bulls taking control, at the close to move the major indices into positive territory at the closing bell. Oil inventories added to the negative market movement, creating concerns that higher prices for oil may hamper consumer spending, indicating a potential inflation scare. Day traders and investors found today to be a struggle at the least. At the closing bell, here is how the major indices rapped up the session: the DOW (Dow Jones Industrial Average) moved higher by a mere 1.92 points to close at 12317.50; the NYSE (New York Stock Exchange) managed a gain of 22.87 points to close at 9082.13; the NASDAQ rose by 0.81 points to close at 2432.41; the S&P 500 (Standard & Poor’s 500 Index) climbed higher by 1.65 points to end at 1413.21 and the RUSSELL 2000 gained 0.34 to end at 788.75 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 0.22 to close at 236.84 and the FTSE RAFI 1000 moved higher by 6.46 points to close at 5873.30.

Economic data released for the day:

MBA Purchase Applications: Compilation from the Mortgage Bankers’ Association of various mortgage loan indexes. This data is the leading indicator for single-family home sales as well as, housing construction. For week of December 8th, Purchase Index came in at 463.80.

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). October Retail and Food Sales were revised to a drop by 0.1% from a drop by 0.4%; U.S. November Retail and Food Sales rose by 1.0% compared to consensus of a rise by 0.2% and U.S. November Retail and Food Sales excluding autos rose by 1.1%.

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. Month over month change for October came in at 0.4% compared to consensus of 0.5%.

EIA Petroleum Status Report: EIA (Energy Information Administration) provides weekly petroleum inventories in the United States whether they are produced here or abroad. Prices for petroleum products are determined by the level of inventories. U.S. Gasoline stockpiles fell by 100,000 barrels for the week compared to expectations of a rise by 900,000 barrels; U.S. Distillate stockpiles fell by 500,000 barrels for the week compared to expectations of a rise by 300,000 million barrels; U.S. Crude Oil stockpiles fell by 4.3 million barrels for the week compared to expectations of a drop by 1.3 million barrels and U.S. Refineries ran at 89.1% compared to expectations of 91.1%.

On the commodities markets, the trend was higher across the board today: Light crude moved higher by $0.35 to close at $61.37 a barrel; Heating Oil closed higher by $0.01at $1.73 a gallon; Natural Gas moved higher by $0.22 to end the day at $7.83 per million BTU and Unleaded Gas closed higher by $0.02 at $1.62 a gallon.

Metals ended the session mostly lower again across the board today: Gold moved higher by $0.70 to close at $632.40 an ounce; Silver closed lower by $0.07 at $13.92 an ounce; Platinum moved lower by $7.20 to close at $1,107.80 an ounce and Copper ended the day lower by $0.06 to close at $3.03 per pound.

On the Livestock and Meat markets, the trend was higher across the board today: Lean Hogs closed higher by 0.15 to end the day at 63.53; Pork Bellies closed higher by 0.40 to end the day at 91.65; Live Cattle closed higher by 0.40 to end the day at 88.85 and Feeder Cattle ended the day higher by 0.65 to close at 99.08.

Other Commodities: Corn moved lower by 4.50 today to close at 368.25 and Soybeans moved lower by 2.00 to close at 661.00.

Bonds were lower across the board today: 2 year Bond closed lower by 5/32 at 99 27/32; 5 year bond moved lower by 14/32 to close at 99 24/32; 10 year bond closed lower by 23/32 at 100 11/32 and the 30 year bond closed much lower by 1 11/32 at 96 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 2,841,878. Open Interest for Futures moved higher by 82,429 to close at 8,805,438 and the Open Interest for Options moved higher by 80,087 to close at 6,651,681for a total Open Interest of 15,457,119 for a total gain on the day by 162,516. The mini Dow ended the session with a gain of 9 to close at 12421. 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: Chicago Mercantile Exchange Holdings (CME) fell sharply today by 9.84 points for a close of $531.92; Rio Tinto Plc (RTP) gained 4.88 points on the day for a close at $219.41; Tenaris S.A. (TS) gained 3.98 points on the day for a close of $50.19; The Cooper Companies (COO) fell 4.86 points to end at $44.59 on the close and AMREP Corporation (AXR) rallied higher by 7.33 points to close at $115.93.

On the NASDAQ today, advancers came in at 1,519; decliners totaled 1,543; unchanged came in at 146; new highs came in at 79 and new lows came in at 35. Gainers and losers for the day on the NASDAQ: UAL Corporation (UAUA) gained 2.27 points to close at $45.50; American Commercial Lines Incorporated (ACLI) fell 3.07 points to close at $67.01; Focus Media Holding Limited (FMCN) shed 2.83 points to end the day at $67.48; Progen Industries Limited (PGLA) moved higher by 115.25% for a gain of 3.40 points to close the day at $6.35 and IPG Photonics Corporation (IPGP) made a nice debut to end the day $25.65.

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Market Commentary for December 13, 2006 from Millennium-Traders.com

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