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Market Commentary for February 14, 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 14, 2007 from Millennium-Traders.com

 

NewswireToday - /newswire/ - Somerset, PA, United States, 2007/02/14 - 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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Hopefully everyone has an enjoyable day even though the weather has been less than cooperative.

The markets were in a festive mood even though many people were still snowed in from the recent winter storms that have wreaked havoc, across the country. The Bulls held the rein today moving the major indices nicely higher amidst light trading volume and fairly tight trading ranges. At the end of the trading day, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved nicely higher again today by 87.01 points to end the session at 12741.86; the NYSE (New York Stock Exchange) moved higher by 75.96 points to end at 9426.55; the NASDAQ moved higher by 28.38 points to close at 2488.38; the S&P 500 moved higher by 11.04 points to end at 1455.30 and the RUSSELL 2000 moved higher by 1.46 points to close at 813.99. 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 2.84 to close at 246.77 and the FTSE RAFI 1000 moved higher by 46.09 points to close at 6081.84.

Comments from Federal Reserve Chairman Ben S. Bernanke: U.S. economy will be strong beyond 2007- 2008; U.S. poised for moderate economic growth in 2007- 2008; 'significant' upside, downside risks to economy; not happy with size of U.S. Trade Deficit; high resource use an 'important' inflation risk; inflation lower, but still 'predominant' risk; recent inflation readings 'encouraging' but noisy; concerned about balance between spending and capacity; U.S. hasn't prepared well for aging baby boomers; 'prepared to take action' on inflation if needed; signs of acceleration in labor compensation’; productivity trends 'appear favorable'; closer to full employment than a few years ago; too early to say that housing risk is over; economy did good job withstanding housing slowdown; GSE portfolios should align with housing mission; signs of housing stability but still drag on GDP; Sub-prime Mortgage delinquencies up 'appreciably'; stress in Sub-prime Lending market significant concern; 4th quarter GDP to be revised down, but 1st quarter looks good; don't have 'fixed' number for growth potential; China is moving in right direction on currency; China hasn't done enough on currency; encouraging that China wants to boost consumption; stands by 'effective subsidy' comment on Yuan; doesn't see manipulation in value of Yen; major foreign selling of Dollar assets unlikely; term premium, saving glut flattening yield curve and warns against 'heavy handed' hedge fund regulation.

Fed information released today: Fed sees U.S. Unemployment at 4.5% to 4.75% in 2007, 2008; Fed sees 2008Core PCE indicates Inflation is declining to 1.75% to 2.0%; Fed keeps 2007 U.S. Core PCE Inflation Forecast at 2% to 2.25% and Fed sees U.S. GDP Growth 2.5% to 3.0% in 2007 and 2.75% to 3% in 2008.

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. Purchase Index Level came in at 400.7.

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). U.S. January Retail & Food Sales were unchanged compared to consensus of an increase by 0.4%; U.S. January Retail & Food Sales Excluding Autos rose by 0.3% and December Retail & Food Sales were revised to an increase by 1.2% from an increase by 0.9%.

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. U.S. Business Inventories were unchanged in December.

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. Crude Oil Inventories came in at a drop by 0.6 million barrels for week of February 9th.

On the commodities markets, the trend was mostly lower across the board today for the Energy sector: Light crude moved lower by $1.06 to close at $58.00 a barrel; Heating Oil closed lower today by $0.05 to end at $1.64 a gallon; Natural Gas moved lower by $0.13 to end the day at $7.31 per million BTU and Unleaded Gas closed higher by $0.01 today to end the session at $1.62 a gallon.

Metals Market ended the session mostly higher across the board today: Gold moved higher by $3.50 to close at $672.00 an ounce; Silver closed higher today by $0.05 for a closing price of $13.97 an ounce; Platinum moved nicely higher again today by $11.10 to close at $1,217.10 an ounce and Copper ended the day lower by $0.01 to close at $2.58 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board again today: Lean Hogs closed higher by 1.60 to close at 68.88; Pork Bellies closed the day higher by 0.48 to close at 107.05; Live Cattle closed lower by 0.08 to end the day at 96.28 and Feeder Cattle ended the day higher by 0.08 to close at 100.80.

Other Commodities: Corn moved closed lower today by 1.75 points to end at 401.25 and Soybeans moved lower by 5.00 to close at 766.50.

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 3,089,730. Open Interest for Futures moved higher by 55,573 to close at 9,379,890 and the Open Interest for Options moved higher by 91,370 to close at 8,178,840 for a total Open Interest of 17,560,024 for a total gain on the day by 147,003.

Bonds were higher across the board today: 2 year bond closed higher by 5/32 at 100; 5 year bond closed higher by 11/32 at 100 11/32; 10 year bond closed higher by 19/32 at 99 19/32 and the 30 year bond closed nicely higher by 1 1/32 at 98 21/32.

The mini Dow ended the session with a very nice gain again today of 80 to close at 12766. The total Dow Exchange Volume for the day came in at 99,521 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) gained 4.16 points to close at $221.15; Cummins Incorporated (CMI) moved nicely higher by 6.03 points to close the session at $144.72; Watts Water Technologies Incorporated (WTS) fell by 11.40% for a loss on the day of 4.94 points to close at $38.41; Deere and Company (DE) rallied by 9.24 points to end the day at $111.91 and Watts Water Technologies Incorporated (WTS) fell by 11.40% to give up 4.94 points with a closing price for the day of $38.41.

On the NASDAQ today, advancers came in at 1,788; decliners totaled 1,246; unchanged came in at 164; new highs came in at 421 and new lows came in at 22. Gainers and losers for the day on the NASDAQ: Millicom International Cellular (MICC) rallied higher by 7.29 points for a gain of 10.48% to end the day at $76.86; Garmin Limited (GRMN) climbed higher by 4.21 points to end at $56.92 for the day; First Solar Incorporated (FSLR) rallied higher by 27.65% to tack on 9.48 points for a closing price of $43.76 and Daktronics Incorporated (DAKT) fell sharply by 20.98% to shed 7.99 points to close the session at $30.10.

 
 
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Market Commentary for February 14, 2007 from Millennium-Traders.com

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