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Market Commentary for January 24, 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 24, 2007 from Millennium-Traders.com

 

NewswireToday - /newswire/ - Somerset, PA, United States, 2007/01/24 - 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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Control of the markets was in clearly in the hand of the Bulls today with earnings season setting the tone into positive territory and increasing the interest in buying of tech stocks which are now in rally mode. Nice gains were seen again across the board with moderate volume. At the closing bell, here is how the major indices ended the day: the DOW (Dow Jones Industrial Average) gained a nice 87.97 points to end the session at a new session high of 12621.77; the NYSE (New York Stock Exchange) moved nicely higher by 68.76 points to end at 9268.49; the NASDAQ moved higher by 34.87 points to close at 2466.28; the S&P 500 had a nice double digit gain of 12.14 points to end at 1440.13 which was its highest close since September 2000 and the RUSSELL 2000 gained 8.65 points to close at 784.31.
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 1.48 to close at 242.41 and the FTSE RAFI 1000 moved higher by 47.24 points to close at 6018.36.

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 January 19th, Purchase Index came in at 402.70.

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. Department of Energy released Petroleum Status Report: U.S. Distillate Stockpiles rose by 700,000 Barrels in the week as compared to expectations of a drop by 700,000; U.S. Gasoline Stockpiles rose by 4 Million Barrels in the week compared to expectations of an increase by 1.1 Million Barrels; U.S. Refineries ran at 87.4% compared to expectations of 87.9% and U.S. Crude Oil Stockpiles rose by 700,000 Barrels in the week compared to expectations of an increase by 1.1 Million Barrels.

On the commodities markets, the trend was mostly higher across the board today: Light crude moved higher by $0.33 to close at $55.37 a barrel; Heating Oil closed with no change at $1.60 a gallon; Natural Gas moved lower by $0.18 to end the day at $7.38 per million BTU and Unleaded Gas closed higher by $0.01 at $1.46 a gallon.

Metals ended the session mixed across the board today: Gold moved higher by $2.30 to close at $648.20 an ounce; Silver closed higher by $0.01 at $13.27 an ounce; Platinum fell lower by $10.10 to close at $1,173.10 an ounce and Copper ended the day higher by $0.02 to close at $2.60 per pound.

On the Livestock and Meat markets, the trend was higher across the board today: Lean Hogs closed higher by 1.38 to close at 66.68; Pork Bellies closed the day nicely higher by 2.88 at 98.93; Live Cattle closed higher by 0.40 to end the day at 92.93 and Feeder Cattle ended the day higher by 1.18 to close at 93.70.

Other Commodities: Corn fell lower by 8.25 to close at 400.75 and Soybeans moved substantially lower by 12.22 to close at 715.00.

Bonds were mixed across the board today: 2 year bond closed higher by 1/32 at 99 21/32; 5 year bond closed with no change at 99 6/32; 10 year bond closed with no change at 98 17/32 and the 30 year bond closed lower by 2/32 at 93 21/32.

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 3,364,758. Open Interest for Futures rose by 176,147 to close at 9,165,471 and the Open Interest for Options moved higher by 160,555 to close at 7,927,745 for a total Open Interest of 17,094,378 for a total gain on the day by 336,702.

The mini Dow ended the session with another nice gain today of 80 to close at 12672. The total Dow Exchange Volume for the day came in at 109,597 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) moved higher again today by 7.19 points to close at $591.54 for the day; Rio Tinto plc (RTP) made a nice run again today with a gain of 6.23 points to close at $218.99; Black Rock Incorporated (BLK) gave up 4.16 points to end the session at $171.99; Allegheny Technologies Incorporated (ATI) moved nicely higher by 5.25 points to close at $99.63 and Goldman Sachs Group Incorporated (GS) was a flyer today with a gain of 7.46 points to close at $220.10.

On the NASDAQ today, advancers came in at 2,046; decliners totaled 993; unchanged came in at 137; new highs came in at 131 and new lows came in at 40. Gainers and losers for the day on the NASDAQ: National Interstate Corporation (NATL) moved higher by 4.67 points to gain 22.68% for a closing price of $25.26; Hyperion Solutions Corporation (HYSL) showed a gain of 5.94 points to close at $40.36; Mothers Work Incorporated (MWRK) shed 15.24% for a loss of 6.25 points to close at $34.75 and Google Incorporated (GOOG) rallied by 21.95 points to close at $501.00.

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Market Commentary for January 24, 2007 from Millennium-Traders.com

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