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Market Commentary for December 4, 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 4, 2006 from Millennium-Traders.com

 

PRZOOM - /newswire/ - Somerset, PA, United States, 2006/12/04 - 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 subdued session but the norm for a Monday amidst moderate trading volume. The Bulls were in control with the major indices holding onto positive gains, throughout the session. At the closing bell, here is how the major indices stacked up: the DOW (Dow Jones Industrial Average) moved higher by 89.72 points to close at 12283.85; the NYSE (New York Stock Exchange) climbed higher by 69.96 points to close at 9019.03; the NASDAQ moved higher by 35.18 points to end the day at 2448.39; the S&P 500 (Standard & Poor’s 500 Index) tacked on 12.40 points to close at 1409.12 and the RUSSELL 2000 gained 14.68 points to close at 795.85. 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 1.66 to close at 235.13 and the FTSE RAFI 1000 moved higher by 51.16 points to close at 5851.46.

Economic data released for the day:

Pending Home Sales Index: Reported by the National Association of Realtors, leading indicator of housing activity. For October, Pending Home Sales Index came in at a drop by 1.7%.

Michael H. Moskow, President of the Federal Reserve Bank of Chicago commented today: are expecting to see economic growth below trend; core inflation to come down somewhat over next year; don't expect housing to spill over to economy; fed can't let up guard on inflation; inflation data moving in right direction; latest data haven't changed view on economy; payrolls growth to be slower going forward; price stability key to maintaining value of dollar and see unemployment below 5% in 2007.

Donald L. Kohn Vice Chairman of the Board of Governors of the Federal Reserve System late on Friday:

In a speech prepared for delivery at a Fed monetary policy conference, Kohn said problems with economic data are more pronounced "when resource utilization and the rate of economic growth are probably not far from their long-run potential, inflation trends may be shifting and policy interest rates are close their historical averages in real...terms."

inflation risks `still tilted to the upside'; inflation trends may be shifting `from up to down'; economic growth, utilization near 'potential'; inflation trends 'may be shifting' and revised GDP and wage data may mean lower trend product.

On the commodities markets, the trend was lower across the board today: Light crude moved lower by $0.99 to close at $62.44 a barrel; Brent Crude remained at $59.46 a barrel; Heating Oil moved lower by $0.04 to close at $1.81 a gallon; Natural Gas moved lower by $0.56 to end the day at $7.82 per million BTU and Unleaded Gas closed lower by $0.02 at $1.67 a gallon.

Metals ended the session slightly higher across the board today: Gold moved higher by $0.30 to close at $650.90 an ounce; Silver closed higher by $0.06 at $14.25 an ounce; Platinum moved higher by $5.50 to close at $1,160.00 an ounce and Copper ended the day at $3.18 per pound.

On the Livestock and Meat markets, the trend was mostly lower across the board today: Lean Hogs moved lower by 1.58 to close at 62.85; Pork Bellies closed lower by 0.68 to end the day at 91.30; Live Cattle closed lower by 0.98 to end the day at 88.13 and Feeder Cattle ended the day higher by 0.30 to close at 97.28.

Other Commodities: Corn moved strongly lower by 11.50 today to close at 375.50 and Soybeans moved strongly lower following Fridays losses by 17.75 to close at 659.25.

Bonds were mostly higher across the board today: 2 year Bond closed with no change at 100 6/32; 5 year bond moved higher by 2/32 to close at 100 17/32; 10 year bond moved higher by 2/32 to end the day at 101 18/32 and the 30 year bond closed higher by 3/32 at 99 9/32.

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 5,201,849. Open Interest for Futures fell lower by 41,835 to close at 9,015,093 and the Open Interest for Options moved higher by 197,204 to close at 5,879,051 for a total Open Interest of 14,894,144 for a total gain on the day by 155,369. The mini Dow ended the session with a loss of 1 to close at 12296. The total Dow Exchange Volume for the day came in at 187,797 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 5.13 points on the day to end at $219.78; Intercontinental Exchange Incorporated (ICE) tacked on 3.92 points on the day for a close at $99.00; Allegheny Technologies Incorporated (ATI) moved higher by 5.86 points to close at $93.92; NYMEX Holdings Incorporated (NMX) rallied much higher by 8.60 points to end the session at $125.40 and Station Casinos Incorporated (STN) ramped higher by 15.80 points to close at $84.90.

On the NASDAQ today, advancers came in at 2,139; decliners totaled 930; unchanged came in at 133; new highs came in at 177 and new lows came in at 25. Gainers and losers for the day on the NASDAQ:

E-Future Information Technology Incorporated (EFUT) fell by 2.29 points to end the session at $39.95; Kyphon Incorporated (KYPH) rallied by 10.47 points to close at $43.99; Isramco Incorporated (ISRL) climbed higher by 4.07 points to close at $25.71 and Dampskibsselskabet Torm A/S (TRMD) moved higher by 10.09 points to end the day at $72.39.

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Market Commentary for December 4, 2006 from Millennium-Traders.com

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