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Market Commentary for February 2, 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 February 2, 2007 from Millennium-Traders.com

 

NewswireToday - /newswire/ - Somerset, PA, United States, 2007/02/02 - 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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Excitement is building across the nation and we’re sure even from our Troops stationed away from home for the big game on Sunday, Super Bowl XLI. Southern Florida is getting pumped up for the thousands of visitors who will be either at the stadium, tail-gating, at their local bar or at home with family or friends to view the final NFL showdown of the year between the Chicago Bears and the Indianapolis Colts.
The Super Bowl airs at 6:25 pm ET on CBS and we wish the best of luck to both teams from the Millennium-Traders team.

As we move into the Super Bowl weekend, momentum was seriously sluggish as we rapped up the final trading day for the week. Trading ranges were very slim through out the session with light to moderate trading volume making trading activity difficult for day traders and investors.

At the end of the trading session, here is how the major indices ended the day: the DOW (Dow Jones Industrial Average) moved lower by 20.19 points to end the session at 12653.49; the NYSE (New York Stock Exchange) moved lower by 2.45 points to end at 9325.24; the NASDAQ moved higher by 7.50 points to close at 2475.88; the S&P 500 gained 2.45 points to end at 1448.39 and the RUSSELL 2000 gained 1.65 points to close at 809.42. 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 0.21 to close at 243.86 and the FTSE RAFI 1000 moved higher by 11.04 points to close at 6073.88.

As reported by the EIA; U.S. November Oil Use was 20.544M B/D which was down by 2.1%; U.S. November Oil Use fell by 0.4% versus a year ago as compared to estimate of an increase by 1.8%; U.S. November Distillate Use was Down 3.5% as compared to estimate of an increase by 3% on the year and U.S. November Gasoline Use fell by 1.1% as compared to estimate of an increase by 0.5% versus a year ago.

Treasury Economists commented today: U.S. economy has sustainable, moderate growth and housing likely a further economic drag first quarter 2007.

Economic data released for the day:

Employment Situation: A set of labor market indicators provide what is known as the Employment Situation. A measure in percentage of the labor force creates the unemployment rate measurement of the number of unemployed. The number of paid employees working part or full time in businesses across the nation as well as government agencies is the non-farm payroll. The number of hours worked is the average workweek in the non-farm sector. The basic hourly rate is the average hourly.

U.S. January Overall Workweek fell by 0.1 Hours to 33.8 Hours; U.S. January Manufacturing Payrolls fell by 16K; U.S. January Service-Producing Sector rose by 104K; U.S. January Average Hourly Earnings rose by $0.03 to $17.09; U.S. January Unemployment Rate came in at 4.6% compared to consensus of 4.5%; U.S. January Non-farm Payrolls rose by 111K compared to consensus of an increase by 155K; U.S. December Unemployment was left Unrevised at 4.5%; U.S. December Payrolls was revised to an increase by 206K from an increase by 167K and U.S. November Payrolls was revised to an increase of 196 from a previously noted amount of 154.

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 Sentiment came in as follows: 5-Yr Inflation Forecast rose by 3.0% compared to Decembers reading at an increase by 3.0%; 12-Mo Inflation Forecast rose by 3.0% compared to Decembers reading at an increase by 2.9%; Preliminary January Sentiment was 98.0; End of January Expectations came in at 87.6 compared to Decembers reading of 81.2; End of January Current Index came in at 111.3 compared to Decembers reading of 108.1; End of January Sentiment came in at 96.9 compared to Decembers reading of 91.7 and End of January Current Index came in at 96.9 compared to Decembers reading of 108.1.

Factory Orders: Dollar level of new Factory Orders for both durable and non-durable goods.

December Factory Orders excluding Defense rose by 3.1%; December Factory Orders excluding Transportation rose by 2.2%; U.S. Factory Orders rose by 2.4% in December compared to consensus of an increase by 2.0%; November Factory Orders were revised to an increase by 1.2% from an increase by 0.9% and December Durable Goods were revised to an increase by 2.9% from an increase by 3.1%.

On the commodities markets, the trend was mostly higher across the board today for the Energy sector: Light crude moved higher by $1.72 to close at $59.10 a barrel; Heating Oil closed higher by $0.03 today to close at $1.68 a gallon; Natural Gas moved lower by $0.05 to end the day at $7.48 per million BTU and Unleaded Gas closed higher by $0.05 today to end the session at $1.57 a gallon.

Metals Market ended the session lower across the board today: Gold moved sharply lower by $11.50 to close at $651.50 an ounce; Silver closed lower today by $0.35 at $13.38 an ounce; Platinum plummeted lower by $29.30 to close at $1,163.50 an ounce and Copper ended the day lower by $0.11 to close at $2.42 per pound.

On the Livestock and Meat Markets, the trend was higher across the board today: Lean Hogs closed higher by 0.60 to close at 68.30; Pork Bellies closed the day higher by 2.38 to close at 104.68; Live Cattle closed higher by 1.58 to end the day at 94.48 and Feeder Cattle ended the day higher by 0.85 to close at 95.63.

Other Commodities: Corn moved higher by 4.00 to close at 402.00 and Soybeans moved nicely higher by 15.55 to close at 736.75.

Bonds were higher across the board today: 2 year bond closed higher by 2/32 at 99 28/32; 5 year bond closed higher by 3/32 at 99 22/32; 10 year bond closed higher by 3/32 at 98 14/32 and the 30 year bond closed higher by 2/32 at 93 15/32.

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 4,369,174. Open Interest for Futures moved lower by 41,936 to close at 9,370,332 and the Open Interest for Options moved higher by 97,236 to close at 7,572,973 for a total Open Interest of 16,944,476 for a total gain on the day by 55,300.

The mini Dow ended the session with a loss today of 2 to close at 12689. The total Dow Exchange Volume for the day came in at 106,790 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 Tinto plc (RTP) gave up 5.10 points for a close at $212.75; Intercontinental Exchange Incorporated (ICE) rallied higher by 6.92 points for a close at $142.47; NYMEX Holdings Incorporated (NMX) gained 4.81 points to close at$132.81; Potash Corporation/ Saskatchewan (USA) (POT) gave up 3.70 points for a closing price at $156.81 and Millipore Corporation Common Stock (MIL) moved higher by 5.73 points to close at $75.25.

On the NASDAQ today, advancers came in at 1,639; decliners totaled 1,369; unchanged came in at 152; new highs came in at 358 and new lows came in at only 27. Gainers and losers for the day on the NASDAQ: Illumina Incorporated (ILMN) fell by 10.56% for a loss on the day of 4.39 points to close at $37.17; Intuitive Surgical Incorporated (ISRG) rallied higher on earnings by 17.88 points to close at $117.20 for a 18.00% gain for the day; Research In Motion Limited (RIMM) gained 5.51 points to close at $132.89 and Cerner Corporation (CERN) moved higher by 4.86 points to tack on a gain of 10.61% to close at $50.66.

 
 
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Market Commentary for February 2, 2007 from Millennium-Traders.com

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