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Market Commentary for January 19, 2007 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 January 19, 2007 from Millennium-Traders.com

 

NewswireToday - /newswire/ - Somerset, PA, United States, 2007/01/19 - 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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It was a very sluggish day with the major indices not knowing which way to go, wreaking havoc in day traders and investors. Light to moderate trading volume provided very little to go on. At the close, here is how they stacked up: the DOW (Dow Jones Industrial Average) shed 2.40 points to end at 12565.53; the NYSE (New York Stock Exchange) moved higher by 54.15 points to end at 9179/53; the NASDAQ moved higher by 8.10 points to close at 2451.31; the S&P 500 gained 4.13 points to end at 1430.40 and the RUSSELL 2000 rose by 6.95 points to close at 785.16. 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 0.87 to close at 240.32 and the FTSE RAFI 1000 moved higher by 22.05 points to close at 5971.06.

President of Federal Reserve Bank of Richmond, Jeffrey M. Lacker: sees oil prices as 'central risk' to economy; housing to remain drag on GDP in quarter one of 2007; 'tentative' evidence of moderating prices; need several months to confirm inflation trend; inflation still 'predominant' policy risk; sees 2007 GDP growth at 2.5% to 2.75%; labor market to stay 'tight,' wage gains solid; wage growth not necessarily inflationary; housing to remain drag on GDP in quarter one of 2007; market conditions 'exceptionally strong'; not comfortable with inflation expectation levels and 'not quite sure' has changed mind on inflation.

President of Federal Reserve Bank of Kansas City, Thomas M. Hoenig: expects inflation to cool over 2007; expects housing market to stabilize; economy should move back to trend growth and lower energy prices to aid consumer spending.

FOMC Susan Schmidt Bies commented late yesterday: inflation still above comfort level; growth in most sectors means inflation risks to upside; inflation 'poised to decelerate' in coming months; recent core inflation data 'more favorable'; 'substantial uncertainty' around outlook; inflation expectations remain contained; most of 'downshift' in housing appears over housing market correction `close to bottoming out'; about 110,000 new jobs per month for stable employment in 2007 and productivity, profit margins helping absorb wage inflation.

Economic data released for the day:

Consumer Sentiment: 500 households are surveyed by The University of Michigan’s Consumer Survey Center, on their financial conditions and attitudes about the economy. The strength of consumer spending is directly related to consumer sentiment. University of Michigan Mid-January Sentiment 98.0 compared to December reading at 91.7; University of Michigan Mid- January Current Index 112.5 compared to December reading at 108.1; University of Michigan Mid- January Expectations 88.7 compared to December reading at 81.2; University of Michigan 5-Yr Inflation Forecast rose by 3.0 compared to December reading at an increase of 3.0% and University of Michigan 12-Month Inflation Forecast +3.0 compared to December reading at an increase of 2.9%.

On the commodities markets, the trend was higher across the board today: Light crude moved higher by $1.51 to close at $51.99 a barrel; Heating Oil closed higher by $0.04 at $1.53 a gallon; Natural Gas moved higher by $0.56 to end the day at $6.92 per million BTU and Unleaded Gas closed higher by $0.04 at $1.40 a gallon.

Metals ended the session mostly higher across the board today: Gold moved nicely higher by $8.30 to close at $636.40 an ounce; Silver closed higher by $0.24 at $12.92 an ounce; Platinum was flat at $1,168.50 an ounce and Copper ended the day higher by $0.03 to close at $2.52 per pound.

On the Livestock and Meat markets, the trend was mixed across the board yet again today: Lean Hogs closed lower by 0.05 at 65.60; Pork Bellies closed the day higher by 0.20 at 96.20; Live Cattle closed lower by 0.48 to end the day at 93.08 and Feeder Cattle ended the day higher by 0.03 to close at 93.58.

Other Commodities: Corn moved lower today by 5.50 to close at 406.75 and Soybeans moved higher by 1.50 to close at 717.75.

Bonds were lower across the board today: 2 year bond closed lower by 3/32 at 99 21/32; 5 year bond closed lower by 5/32 at 99 10/32; 10 year bond closed lower by 7/32 today to end at 98 26/32 and the 30 year bond closed lower by 11/32 at 94 11/32.

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 4,334,248. Open Interest for Futures rose by 120,541 to close at 8,999,780 and the Open Interest for Options moved higher by 171,861 to close at 7,686,493 for a total Open Interest of 16,686,851 for a total gain on the day by 292,682.

The mini Dow ended the session with a gain of 7 to close at 12611. The total Dow Exchange Volume for the day came in at 135,402 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: Rio Rinto plc (RTP) had a nice gain of 4.40 points for a closing at $205.26; AZZ Incorporated (AZZ) fell sharply by 13.57% for a loss of 6.95 points to close at $44.27 on the day; Textron Incorporated (TXT) fell 2.75 points to end the day at $95.15 and International Business Machines (IBM) fell 3.28 points to close at $96.17.

On the NASDAQ today, advancers came in at 1,843; decliners totaled 1,192; unchanged came in at 152; new highs came in at 63 and new lows came in at 46. Gainers and losers for the day on the NASDAQ: Coldwater Creek Incorporated (CWTR) fell 2.87 points to give up 12.16% to close at $20.74; ZOLL Medical Incorporated (ZOLL) fell by 1.97 points to close at $67.00; Star Scientific Incorporated (STSI) fell 2.86 points to close at $1.51 and Coast Financial Holdings Incorporated (CFHI) gave up 3.97 points to close at $12.10 after shedding 24.70% on the day.

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Market Commentary for January 19, 2007 from Millennium-Traders.com

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