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Market Commentary for January 17, 2007 from - 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 17, 2007 from


PRZOOM - /newswire/ - Somerset, PA, United States, 2007/01/17 - 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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The markets were generally sluggish with light trading volume and snug trading ranges creating a difficult trading atmosphere for day traders and investors. The general market trend was mainly controlled by the Bears today: the DOW (Dow Jones Industrial Average) shed 5.44 points to close at 12577.15; the NYSE (New York Stock Exchange) gained 6.70 points to end the day at 9146.26; the NASDAQ moved lower by 18.36 points to end at 2479.42; the S&P 500 shed 1.28 points to end at 1430.62 and the RUSSELL 2000 fell by 2.73 points to end at 788.77. 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 lower by 0.10 to close at 239.61 and the FTSE RAFI 1000 moved lower by 3.50 points to close at 5957.48.

Federal Reserve Board Member Frederic S. Mishkin commented today: no 'special role' for housing in policy; Central Banks shouldn't try to prevent bubbles; doubts Central Banks can identify asset bubbles and policy should be aimed at inflation as well as, employment.

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. Reading came in at 439.70 for week of January 12th.

ICSC-UBS Store Sales: Weekly measure of comparable store sales at major retail chains which is related to the general merchandise portion of retail sales, as reported by the International Council of Shopping Centers. This date accounts for approximately 10% of total retail sales. For week of January 13th, Store Sales week over week change had no change and Store Sales year over year change came in at 4.9%.

Producer Price Index: A measure of the average price level for a fixed basket of consumer and capital goods paid by producers is the PPI. U.S. December Producer Prices rose by 0.9% versus consensus of a rise by 0.6%; U.S. December PPI Ex-Food & Energy rose by 0.2% versus consensus of a rise by 0.2%; U.S. December PPI Intermediate Goods rose by 0.5% and Core fell by 0.1%; U.S. December PPI Crude Goods rose by 2.9% and Core rose by 1.0%; U.S. December PPI Energy Prices rose by 2.5%; U.S. December Passenger Car Prices fell by 0.2% and U.S. November PPI was left Unrevised at an increase by 2.0%.

Redbook: General merchandise portion of retail sales covering only approximately 10% of total retail sales, this data is a weekly measure of sales at department stores, chain stores and discounters. U.S. Retail Sales rose 1.5% during the first two weeks in January compared to December.

Treasury International Capital: The flow of financial instruments into and out of the United States is tracked by this Treasury data. Tracking is included for: Treasury Securities, agency securities, corporate bonds and corporate equities. For November 2006, Foreign demand for Long-Term U.S. Securities came in at $68.4 billion.

Housing Market Index: Survey created by the National Association of Home Builders for a rating on the general economy and housing market conditions. NAHB Index rose in January to its highest point since July 2006 and U.S. NAHB January Housing Index came in at 35 versus revised reading of 33 in December.

Industrial Production: The physical output of the nation’s factories, utilities and mines. The Industrial sector accounts for less than one fifth of the economy with a mostly cyclical variation. The usage of available resources amount utilities, mines and factories is the capacity utilization rate. A warning sign of inflationary pressure is detected by an increase operating rate. U.S. November Capacity Use was revised to 81.6% from 81.8%; U.S. November Industrial Production Revised To -0.1% From +0.2%; U.S. December Capacity Utilization rose by 0.2 points at 81.8% which was inline with consensus and U.S. December Industrial Production rose by 0.4% compared to consensus of an increase by 0.1%.

Beige Book: The Beige Book is a compilation of anecdotal evidence on economic conditions from each of the 12 Federal Reserve districts. Notes from the Beige Book: The Fed appears still be ‘upbeat on inflation’; the Fed does not appear to have a rate hike in its immediate plans; the Fed will monitor the expansion of manufacturing as well as, growth in the housing sector.

On the commodities markets, the trend was mixed across the board today: Light crude moved higher by $1.03 to close at $52.24 a barrel; Heating Oil closed higher by $0.02 at $1.52 a gallon; Natural Gas moved lower by $0.38 to end the day at $6.31 per million BTU and Unleaded Gas closed higher by $0.01 at $1.38 a gallon.

Metals ended the session mostly higher across the board today: Gold moved nicely higher by $7.40 to close at $633.30 an ounce; Silver closed higher by $0.27 at $12.89 an ounce; Platinum moved much higher today by $8.80 to close at $1,154.60 an ounce and Copper ended the day lower by $0.01 to close at $2.57 per pound.

On the Livestock and Meat markets, the trend was mixed across the board again today: Lean Hogs closed higher by 0.93 at 64.98; Pork Bellies closed the day higher by 1.73 at 93.43; Live Cattle closed lower by 0.23 to end the day at 93.95 and Feeder Cattle ended the day higher by 0.18 to close at 92.75.

Other Commodities: Corn spiked higher yet again today by 5.00 today to close at 408.00 and rallied higher by 13.50 to close at 722.00.

Bonds were lower across the board today: 2 year bond closed lower by 2/32 at 99 23/32; 5 year bond closed lower by 5/32 at 99 11/32; 10 year bond closed lower by 8/32 again today to end at 98 24/32 and the 30 year bond closed lower by 14/32 at 94 8/32.

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 2,895,695. Open Interest for Futures fell by 30,765 to close at 8,835,730 and the Open Interest for Options moved higher by 99,021 to close at 7,330,104 for a total Open Interest of 16,165,978 for a total gain on the day by 68,298.

The mini Dow ended the session with a gain of 12 to close at 12640. The total Dow Exchange Volume for the day came in at 91,989 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) rose higher by 12.25 points on the day to close at $582.00; AMREP Corporation (AXR) plunged lower by 10.29 points to close at $136.04; American Real Estate Partners, L.P. (ACP) had a nice gain of 9.52 points to close at $111.40 on light volume; The Mills Corporation (MLS) tacked on 4.69 points to end at $22.46 and Vornado Realty Trust (VNO) fell 3.38 points to close at $122.55 on the day.

On the NASDAQ today, advancers came in at 1,311; decliners totaled 1,741; unchanged came in at 139; new highs came in at 135 and new lows came in at 29. Gainers and losers for the day on the NASDAQ: Rackable Systems Incorporated (RACK) fell sharply by 12.40 points for an ending price at $20.02; Google Incorporated (GOOG) shed 6.49 points to end the day at $497.79; ZOLL Medical Corporation (ZOLL) rallied higher by 7.37 points for a closing price at $71.51 and Global Investors Incorporated (GROW) plummeted by 6.63 points to end at $50.71.

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