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Somerset, PA, United States, 2007/01/11 - Daily Market Commentary for January 11, 2007. Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news.
Bull territory was the controlling factor in the trading action today creating a positive tone for both day traders and the investor. Trading volume was moderate however; trading ranges were snug making trading slightly difficult for the day traders in the market. Here is how the major indices ended today’s session: the DOW (Dow Jones Industrial Average) posted a gain of 72.82 points to end at 12514.98; the NYSE (New York Stock Exchange) climbed higher by 59.97 points to close at 9063.09; the NASDAQ gained 25.52 points to end at 2484.85 on the day; the S&P 500 (Standard & Poor’s 500 Index) moved higher by 8.97 points to close at 1423.82 and the RUSSELL 2000 tacked on 9.58 points to end at 788.45.
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 1.65 to close at 237.12 and the FTSE RAFI 1000 moved higher by 39.96 points to close at 5927.14.
President of Federal Reserve Bank of New York, Timothy F. Geithner issued these comments today: Markets still priced for unusually low risk; unclear why markets not fearing more risk; markets show confidence in monetary policy; markets see stable global economies; markets distorted by overdependence on dollar; does not address U.S. rate outlook; strong U.S. productivity rate still intact; financial markets now stronger, more resilient; some market innovations may increase risk; markets show confidence in monetary policy; inflation targets fit Fed's current mandate; future markets shocks may be more dramatic; core inflation measures reliable price gauges; Fed responsible for overall inflation rate; dollar reserve value set by U.S. credibility; U.S. must address fiscal, current account deficit and dollar reserve value set by U.S. credibility.
Fed's Susan Schmidt Bies commented today: banks must recognize mortgage lending risks and U.S. economy at full capacity but for housing, autos.
Economic data released for the day:
BOE Announcement: Bank of England Monetary Policy Committee which consists of nine members meets for two days each month, during the first week of the month to determine the direction of monetary policy, in the near-term. Rate change announced today with a raise by 25 basis points to 5.25%.
ECB Announcement: European Central Bank Governing Council decides on monetary policy. No change with rate remaining at 3.5%.
Jobless Claims: A weekly compilation of new unemployment claims to show the number of individuals who filed for unemployment insurance for the first time. The condition of the labor market is determined by an increase of the number of claims which suggests a deteriorating labor market. U.S. Jobless Claims fell by 26,000 to 299K for week of January 6th compared to survey of a drop by 9,000; U.S. week of December 30th Continuing Claims fell 3,000 to 2,428,000 and U.S. Jobless Claims at lowest level since July 22nd.
EIA Natural Gas Report: Weekly information provided by the EIA (Energy Information Administration) on natural gas stock piles in underground storage in the United States and three regions of the country. Prices for natural gas products are determined by the level of inventories. For week of January 6th, actual reading came in at a drop by 49 Bcf.
On the commodities markets, the trend was lower across the board today: Light crude moved sharply lower by $2.14 to close at $51.88 a barrel; Heating Oil closed lower by $0.05 at $1.48 a gallon; Natural Gas moved lower by $0.42 to end the day at $6.41 per million BTU and Unleaded Gas closed lower by $0.03 at $1.40 a gallon.
Metals ended the session mixed across the board today: Gold moved higher by $0.50 to close at $613.90 an ounce; Silver closed higher by $0.02 at $12.46 an ounce; Platinum moved much lower today by $12.00 to close at $1,144.80 an ounce and Copper ended the day lower by $0.01 to close at $2.66 per pound.
On the Livestock and Meat markets, the trend was mixed across the board today: Lean Hogs closed lower by 0.05 at 60.50; Pork Bellies closed higher by 0.98 to end the day at 90.88; Live Cattle closed lower by 0.35 to end the day at 93.60 and Feeder Cattle ended the day lower by 0.90 to close at 95.95.
Other Commodities: Corn moved sharply higher by 16.25 today to close at 376.50 and Soybeans moved nicely higher by 9.50 to close at 674.25.
Bonds were lower across the board today: 2 year Bond closed lower by 3/32 at 99 25/32; 5 year bond closed lower by 7/32 at 99 17/32; 10 year bond closed lower by 13/32 at 99 13/32 and the 30 year bond closed lower by 22/32 at 94 31.32.
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 2,622,754. Open Interest for Futures moved higher by 32,100 to close at 8,735,396 and the Open Interest for Options moved higher by 148,368 to close at 6,993,793 for a total Open Interest of 15,729,291 for a total gain on the day by 180,468. The mini Dow ended the session with a gain of 61 to close at 12573. The total Dow Exchange Volume for the day came in at 122,687 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) rebounded to gain 3.30 points for a closing price of $556.67; Hornbeck Offshore Services (HOS) fell sharply by 7.37 points for a loss of 21.99% to close at $26.14; Amdocs Limited (DOX) shed 3.63 points to end the day at $35.70 and Seacor Holdings Incorporated (CKH) gave up 4.60 points to close the session at $88.79.
On the NASDAQ today, advancers came in at 2,014; decliners totaled 1,036; unchanged came in at 139; new highs came in at 138 and new lows came in at 31, same as yesterday. Gainers and losers for the day on the NASDAQ: e-Future Information Technology Incorporated (EFUT) shed 3.78 points to end at $31.00; Ceradyne Incorporated (CRDN) fell by 3.13 points to end at $54.83; Google Incorporated (GOOG) rallied higher by 10.14 points to close at $499.60 and Intuitive Surgical Incorporated (ISRG) gained 3.69 points to end at $90.80.
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