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Market Commentary for February 7, 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 February 7, 2007 from


PRZOOM - /newswire/ - Somerset, PA, United States, 2007/02/07 - 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 Bulls stepped to the plate today and helped maintain the green zone for the major indices, into the close. Trading volume was moderate with tight trading ranges however; there were several occasions through out the session for day traders and investors to take advantage of the ride provided by the markets today. 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 0.56 points to end the session at 12666.87; the NYSE (New York Stock Exchange) moved higher by 8.37 points to end at 9353.62; the NASDAQ moved higher by a mere 19.01 points to close at 2490.50; the S&P 500 gained 2.02 points to end at 1450.02 and the RUSSELL 2000 moved higher by 1.52 points to close at 816.20. 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 0.50 to close at 244.98 and the FTSE RAFI 1000 moved higher by 7.72 points to close at 6092.74.

President of the Federal Reserve Bank of Philadelphia commented today: "primary objective" to keep inflation low; 2006 Core PCE above 2% would be discouraging; acknowledges some recent inflation improvement; consumers aided by Stock Market, productivity gains; economy to 'perform well' in 2007, GDP to rise 3%; fed may yet have to raise rates again; housing sector appears to be stabilizing; housing, consumers, trade to aid 2007 economy; improving economy raises odds of rate hike; inflation remains main risk for 2007; 'not convinced' inflation moving lower; productivity growth very encouraging; 'too soon to declare victory' on inflation; unemployment rate likely to stay under 5% and unworried by labor compensation gains.

Treasury Secretary Henry Paulson commented today: perfect mustn’t be enemy of good in GSE reform; some hawks may be disappointed by GSE deal and GSE reform must have systemic risk protection.

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. For week of February 2nd, Purchase Index Level came in at 404.70.

Productivity and Costs: A measure of labor efficiency in producing the economy’s goods and services. Labor costs are determined by unit costs of producing each unit of output. Productivity and Costs are indicators of future inflationary trends. U.S. 4th quarter Unit Labor Costs rose by 1.7% compared to consensus of an increase by 1.9%; U.S. 2006Productivity rose by 2.1% on average which is its slowest since 1997 and U.S. 4th quarter Non-Farm Productivity rose by 3.0% compared to consensus of an increase by 2.1%.

EIA Petroleum Status Report: EIA (Energy Information Administration) provides weekly petroleum inventories in the United States whether they are produced here or abroad. Prices for petroleum products are determined by the level of inventories. For week of February 2nd, Crude Oil Inventories came in at a drop by 0.4 million barrels.

Consumer Credit: The outstanding dollar value of consumer installment credit. The state of consumer finances and portend future spending patterns is indicated by, Consumer Credit. For December 2006, Consumer Credit Month over Month change came in at $6.0 billion.

On the commodities markets, the trend was mostly lower across the board today for the Energy sector: Light crude moved lower by $1.13 to close at $57.75 a barrel; Heating Oil closed lower by $0.02 today to close at $1.67 a gallon; Natural Gas moved higher by $0.09 to end the day at $7.71 per million BTU and Unleaded Gas closed lower by $0.03 today to end the session at $1.54 a gallon.

Metals Market ended the session mixed across the board today: Gold moved lower by $1.40 to close at $657.30 an ounce; Silver closed higher today by $0.04 at $13.71 an ounce; Platinum moved nicely higher again today by $12.70 to close at $1,203.00 an ounce and Copper ended the day lower by $0.04 to close at $2.46 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs closed lower by 0.53 to close at 66.80; Pork Bellies closed the day lower by 1.28 to close at 102.70; Live Cattle closed higher by 0.28 to end the day at 95.73 and Feeder Cattle ended the day higher by 0.33 to close at 99.35.

Other Commodities: Corn moved closed lower again today by 4.25 points to end at 392.25 and Soybeans moved higher by 2.25 to close at 741.00.

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 3,145,642. Open Interest for Futures moved lower by 82,948 to close at 9,309,549 and the Open Interest for Options moved higher by 77,055 to close at 7,801,069 for a total Open Interest of 17,111,768 for a total loss on the day by 5,893.

Bonds were higher across the board again today: 2 year bond closed higher by 2/32 at 100; 5 year bond closed higher by 4/32 again today to close at 100 3/32; 10 year bond closed higher by 6/32 at 99 2/32 and the 30 year bond closed higher by 9/32 at 94 17/32.

The mini Dow ended the session with a gain today of 11, just the opposite of the loss yesterday, to close at 12708. The total Dow Exchange Volume for the day came in at 75,906 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: Vornado Realty Trust (VNO) climbed higher by 8.75 points to end at $135.75; Public Storage Incorporated(PSA) tacked on 3.56 points to end at $115.26; Ralcorp Holdings Incorporated (RAH) moved higher by 4.05 points to close at $58.32; Consolidated Graphics Incorporated (CGX) rallied higher by 7.66 points to end at $69.00 on the close and ResMed Incorporated (RMD) fell lower by 4.09 points to end the session at $50.00.

On the NASDAQ today, advancers came in at 1,860; decliners totaled 1,169; unchanged came in at 170; new highs came in at 386 and new lows came in at only 27. Gainers and losers for the day on the NASDAQ: Intevac Incorporated (IVAC) climbed higher by 27.03% to gain 6.10 points for a closing price for the day at $28.67; FEI Corporation (FEIC) FEI Company rallied by 7.60 points for a gain of 30.03% to end the session at $32.91; Corporate Executive Board Corporation (EXBD) plummeted by 16.41% for a loss of 15.66 points to close at $79.76 at the close; EGL Incorporated (EAGL) shed 16.50% for a loss of 6.25 points on the day to end at $31.64 and American Commercial Lines Incorporated (ACLI) fell lower by 5.20 points for a close at $68.20.

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