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Market Commentary for February 6, 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 6, 2007 from Millennium-Traders.com

 

PRZOOM - /newswire/ - Somerset, PA, United States, 2007/02/06 - 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 frigid temperatures continue across the nation and appear to maintain a hold on market action. Trading volume was moderate today however, volatility was almost nil. 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 4.57 points to end the session at 12666.31; the NYSE (New York Stock Exchange) moved higher by 32.04 points to end at 9345.25; the NASDAQ moved higher by a mere 0.89 points to close at 2471.49; the S&P 500 gained 1.01 points to end at 1448.00 and the RUSSELL 2000 fell higher by 3.34 points to close at 810.03. 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 0.81 to close at 244.58 and the FTSE RAFI 1000 moved higher by 11.49 points to close at 6083.17.

Treasury Secretary Henry Paulson commented today: Bush Budget sets stage for entitlement reform; strong economy best tool to balance budget; Bush tax cuts contributed to robust economy; U.S. economy moving to sustainable 3.0% growth rate; U.S. must reduce gasoline consumption; Japan Yen reflects economy fundamentals; differences with China on timing of Yuan reform; Bush wants to work on permanent AMT fix; everything on table for social security reform and debt limit breach likely `sometime this fall'.

Economic data released for the day:

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. Store Sales Week over Week change came in at 1.3% and Store Sales Year over Year came in at 4.3%.

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. For week of February 3rd, Store Sales Year over Year change came in at 3.3%.

On the commodities markets, the trend was mostly higher across the board today for the Energy sector: Light crude moved higher by $0.14 to close at $58.88 a barrel; Heating Oil closed higher by $0.02 today to close at $1.69 a gallon; Natural Gas moved lower by $0.02 to end the day at $7.62 per million BTU and Unleaded Gas closed higher by $0.01 today to end the session at $1.57 a gallon.

Metals Market ended the session higher across the board today: Gold moved higher by $2.60 to close at $658.70 an ounce; Silver closed higher today by $0.12 at $13.68 an ounce; Platinum moved nicely higher by $18.60 to close at $1,190.30 an ounce and Copper ended the day higher by $0.08 to close at $2.50 per pound.

On the Livestock and Meat Markets, the trend was mostly higher across the board today: Lean Hogs closed lower by 0.25 to close at 67.33; Pork Bellies closed the day higher by 2.03 to close at 103.98; Live Cattle closed higher by 0.13 to end the day at 95.45 and Feeder Cattle ended the day higher by 1.83 to close at 99.03.

Other Commodities: Corn moved closed lower by 5.50 points to end at 396.50 and Soybeans moved lower by 1.25 to close at 738.75.

Bonds were higher across the board yet again today: 2 year bond closed higher by 1/32 at 99 30/32; 5 year bond closed higher by 6/32 again today to close at 99 31/32; 10 year bond closed higher by 9/32 at 98 28/32 and the 30 year bond closed higher by 17/32 at 94 7/32.

The mini Dow ended the session with a loss today of 11 to close at 12692. The total Dow Exchange Volume for the day came in at 68,353 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: MGIC Investment Corporation (MTG) rallied higher by 7.16 points to close at $70.09; National-Oilwell Varco Incorporated (NOV) made a nice move today to tack on 5.65 points to close at $65.68; Radian Group Incorporated (RDN) moved higher by 5.67 points to close at $66.51; BP Prudhoe Bay Royalty Trust (BPT) shed 6.60 points for a closing price at $67.10 and ESCO Technologies Incorporated (ESE) fell 3.57 points to close at $45.01.

On the NASDAQ today, advancers came in at 1,678; decliners totaled 1,320; unchanged came in at 161; new highs came in at 340 and new lows came in at only 37. Gainers and losers for the day on the NASDAQ: Overstock.com Incorporated (OSTK) gained 3.19 points to close at $17.85; eCom Ventures Incorporated (ECMV) moved higher by 3.98 points to end the day at $27.05; Bankrate Incorporated (RATE) gained 5.67 points to end the day at $44.45; Dawson Geophysical Company (DWSN) gained 5.31 points to close at $41.03 and Globalstar Incorporated (GSAT) fell sharply by 28.59% for a loss on the day of 4.14 points to close at $10.34.

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Market Commentary for February 6, 2007 from Millennium-Traders.com

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