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Market Commentary for February 5, 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 5, 2007 from Millennium-Traders.com

 

PRZOOM - /newswire/ - Somerset, PA, United States, 2007/02/05 - 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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Congratulations to the Indianapolis Colts for winning Super Bowl XLI as well as MVP, Peyton Manning. We would also like to congratulate the Chicago Bears for playing a good game yesterday as we said good-by to the NFL football season until the fall.

It appeared as though, the very frigid temperatures across the nation also had a tight grip on the markets today. The arctic blast is expected to remain with us through out the week and we can only hope that it releases the hold it may have on market action. Today’s session was very lackluster with light trading volume as we began our first full week of trading in February. At the end of the trading session, here is how the major indices ended the day: the DOW (Dow Jones Industrial Average) moved higher by 8.25 points to end the session at 12661.74; the NYSE (New York Stock Exchange) moved lower by 12.03 points to end at 9313.21; the NASDAQ moved lower by 5.28 points to close at 2470.60; the S&P 500 shed 1.40 points to end at 1446.99 and the RUSSELL 2000 fell lower by 2.72 points to close at 806.69. 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 0.07 to close at 243.47 and the FTSE RAFI 1000 moved lower by 2.20 points to close at 6071.68.

Fed Survey: consumer, business credit to worsen 'somewhat'; banks expect credit quality to worsen in 2007 and banks say U.S. demand for most loan types weaker.

The Bush administration Budget proposal was released today which includes a $2.9 trillion spending plan: Bush proposes 50 basis point cut from student lender subsidy; 2008 Budget: $168 Million to begin SPR expansion to 1.5 billion BBL; tax law crackdown to raise $29.5 billion thru 2017; Bush 2008 Budget: $168M To Begin 1.5 billion Bbl SPR expansion; proposes Fiscal Year 2008 $24.3b for energy department, biofuels stressed; budget seeks $650 million more for IRS for tax law enforcement; seeks increase for National Parks ahead of 100th Anniversary; request outlines plan for clean energy loan guarantees ; budget axes oil, gas research & development funding, targets two tax breaks; Budget calls to repeal deep water oil royalty relief as additional Oil Royalty relief 'unwarranted' and Bush asks for $5.5b hike in pension plan premiums for PBGC. Bush's 2012 balanced budget assumptions differ from CBO's Budget.

Samuel W. Bodman, Secretary of Energy commented today that the U.S. Department of Energy is mulling creating ethanol reserve.

Comments released from the White House today: spending plan delays balanced budget by 2 Years; plan delays balanced budget by 2 years; White House wants $66 million for GSE regulator in 2008 and White House softens rhetoric on GSE portfolios' risk.

Economic data released for the day:

ISM Non-Manufacturing Survey: Compiled from approximately 400 non-manufacturing firms from 60 sectors across the United States. Included in the survey are retail trade, construction, agriculture, mining, transportation, wholesale trade and communications. Business Activity Index Level came in at 59.0 compared to consensus of 57.0 for January 2007; a reading above 50 indicates expansion in the industry.

On the commodities markets, the trend was mostly higher across the board today for the Energy sector: Light crude moved higher by $0.28 to close at $58.74 a barrel; Heating Oil closed higher by $0.04 today to close at $1.68 a gallon; Natural Gas moved higher by $0.16 to end the day at $7.63 per million BTU and Unleaded Gas closed higher by $0.04 today to end the session at $1.56 a gallon.

Metals Market ended the session mostly higher across the board today: Gold moved higher by $4.60 to close at $656.10 an ounce; Silver closed higher today by $0.19 at $13.56 an ounce; Platinum climbed higher by $8.20 to close at $1,171.70 an ounce and Copper ended the day lower by $0.01 to close at $2.42 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs closed lower by 0.73 to close at 67.58; Pork Bellies closed the day lower by 2.73 to close at 101.95; Live Cattle closed higher by 0.85 to end the day at 95.33 and Feeder Cattle ended the day higher by 1.58 to close at 97.20.

Other Commodities: Corn moved closed with no change at 402.00 and Soybeans moved higher by 3.25 to close at 740.00.

Bonds were higher across the board again today: 2 year bond closed higher by 1/32 at 99 29/32; 5 year bond closed higher by 3/32 again today to close at 99 25/32; 10 year bond closed higher by 4/32 at 98 18/32 and the 30 year bond closed higher by 7/32 at 93 22/32.

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 3,788,768. Open Interest for Futures moved lower by 35,842 to close at 9,334,490 and the Open Interest for Options moved higher by 113,004 to close at 7,685,977 for a total Open Interest of 17,021,641 for a total gain on the day by 77,165.

The mini Dow ended the session with a gain today of 13 to close at 12702. The total Dow Exchange Volume for the day came in at 80,440 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:

Triad Hospitals Incorporated (TRI) rallied higher by 6.38 points to end the day at $49.65 after a buyout offer; Herbalife Limited (HLF) rallied higher by 7.02 points for a gain on the day of 21.21% to close at $40.12; Universal Compression Holdings Incorporated (UCO) moved nicely higher by 10.00 points to close at $71.10; The Student Loan Corporation (STU) fell by 11.85 points on less than 100k volume to close at $187.50 and SLM Corporation (SLM) fell 4.09 points for a closing price of $42.37.

On the NASDAQ today, advancers came in at 1,300; decliners totaled 1,740; unchanged came in at 135; new highs came in at 410 and new lows came in at only 36. Gainers and losers for the day on the NASDAQ: Investors Financial Services Corporation (IFIN) gained a very nice 12.73 points to tack on 27.12% for a closing price of $59.68 after a buyout offer from State Street Corporation; Google Incorporated (GOOG) plummeted by 14.50 points to close at $467.00 on the day; Avid Technology Incorporated (AVID) moved lower by 2.05 points for a close at $32.94 and Cognizant Technology Solutions Corporation (CTSH) moved higher by a nice 7.12 points to close at $92.95.

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Market Commentary for February 5, 2007 from Millennium-Traders.com

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