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Market Commentary for February 8, 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 8, 2007 from


PRZOOM - /newswire/ - Somerset, PA, United States, 2007/02/08 - 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 session was a struggle between the Bulls and the Bears with the Bears taking control through most of the session. Trading volume was light to moderate with tight trading ranges through out the session. At the end of the trading session, here is how the major indices ended the day: the DOW (Dow Jones Industrial Average) moved lower by 29.24 points to end the session at 12637.63; the NYSE (New York Stock Exchange) moved lower by 8.08 points to end at 9345.54; the NASDAQ moved lower by 1.83 points to close at 2488.67; the S&P 500 moved lower by 1.71 points to end at 1448.31 and the RUSSELL 2000 moved higher by 0.19 points to close at 816.39. 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 0.55 to close at 244.22 and the FTSE RAFI 1000 moved lower by 8.94 points to close at 6083.80.

Comments from the European Central Bank (ECB): "inflexibly attached" to ECB independence; "never pre-commit" to rate hikes or their pace; "very favorable" financing conditions in place; anticipates oil-driven dip in CPI in early 2007; base effects may lower CPI readings through summer; business investment likely to remain dynamic; can't assume M3 growth linked to carry trades; carry trade probably spurred by low volatility; consumption to strengthen further on incomes, jobs; CPI likely to increase again later this year; economic expansion has continued in 2007; economy to expand "around potential"; German VAT hike effect not fully reflected in January CPI; Governing Council unanimous on use of "vigilance"; inflation this year "already done" in ECB thinking; interest rates low, policy still accommodative; later In 2007 inflation to rise again on base effects; liquidity ample by all plausible measures; long-term econ growth risks on downside; low pricing of risk is global, not Euro, trend; low volatility on financial markets won't last forever; medium-term inflation key to us; medium-term outlook favorable; must look through short-term volatility; quarter volatility aside, economy outlook still favorable; sees no pressure from Euro, Yen talk; short-term risks to outlook are balanced; sticks to Singapore view on Yen; strong vigilance on price risks; to act in "firm and timely" manner on price risks; underlines "rapid" corporate borrowing in December; upside CPI risks prevail over medium to longer term; upside risks to price stability over longer term; wage demands pose substantial upward risks on prices; wage moderation has been key to job creation and will monitor wage negotiations "very carefully".

Treasury Secretary Henry Paulson commented today that Foreign Holdings of Treasury Debt Not Of Concern.

Chile Central Bank keeps key rate at 5.0% as expected.

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. No change was made and rate remains at 5.25%.

ECB Announcement: European Central Bank Governing Council decides on monetary policy. No change was made and rate remains 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 rose by 3K to 311K for week of February 3rd compared to survey of an increase by 7K and U.S. Continuing Claims for week of January 27th fell by 54K to 2,490,000.

Wholesale Trade: The dollar value of sales made and inventories held by merchant wholesalers is a measurement referred to as, wholesale trade. U.S. Wholesale Inventories fell by 0.5% In December.

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

Natural Gas Inventory fell by 224 BCF to 2347 BCF compared to expectations by analysts of a draw of 218 BCF, ranging from a draw of 204-231 BCF.

On the commodities markets, the trend was higher across the board today for the Energy sector: Light crude moved higher by $2.00 to close at $59.71 a barrel; Heating Oil closed higher by $1.73 today to close at $1.73 a gallon; Natural Gas moved higher by $0.16 to end the day at $7.87 per million BTU and Unleaded Gas closed higher by $0.05 today to end the session at $1.59 a gallon.

Metals Market ended the session mixed across the board today: Gold moved higher by $5.50 to close at $662.80 an ounce; Silver closed higher today by $0.06 at $13.77 an ounce; Platinum moved lower today by $4.70 to close at $1,198.30 an ounce and Copper ended the day at $2.45 per pound.

On the Livestock and Meat Markets, the trend was mostly lower across the board today: Lean Hogs closed lower by 0.68 to close at 66.13; Pork Bellies closed the day higher by 0.88 to close at 103.58; Live Cattle closed lower by 0.85 to end the day at 94.88 and Feeder Cattle ended the day lower by 0.48 to close at 98.88.

Other Commodities: Corn moved closed higher today by 7.50 points to end at 399.75 and Soybeans moved higher by 2.75 to close at 743.75.

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 3,777,668. Open Interest for Futures moved lower by 18,544 to close at 9,291,005 and the Open Interest for Options moved higher by 101,143 to close at 7,902,212 for a total Open Interest of 17,194,367 for a total gain on the day by 82,599.

Bonds were higher or flat across the board today: 2 year bond closed with no change at 100; 5 year bond closed with no change at 100 3/32; 10 year bond closed higher by 2/32 at 99 5/32 and the 30 year bond closed higher by 6/32 at 94 22/32.

The mini Dow ended the session with a loss today of 39, to close at 12671. The total Dow Exchange Volume for the day came in at 98,850 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: New Century Financial Corporation (NEW) plummeted by 36.21% for a loss on the day of 10.92 points for a closing price of $19.24; Alcon Incorporated (ACL) rallied higher by 9.02 points for a close at $129.77; General Cable Corporation (BGC) moved higher by 4.63 points to gain 10.83% to end at $47.40; Carlisle Companies Incorporated (CSL) moved nicely higher by 9.58 points to tack on 11.44% to close the day at $93.32 and InterContinental Exchange Incorporated (ICE) climbed higher by 4.00 points to end the day at $152.05.

On the NASDAQ today, advancers came in at 1,489; decliners totaled 1,538; unchanged came in at 155; new highs came in at 372 and new lows came in at only 25. Gainers and losers for the day on the NASDAQ: Gymboree Corporation (GYMB) fell sharply by 6.94 points for a loss of 15.72% to end at $37.20; Pacer International Incorporated (PACR) fell 3.89 points to end at $29.40; TeleTech Holdings Incorporated (TTEC) rallied higher by 6.45 points for a 23.89% gain on the day for a closing price of $33.45; AMERCO Corporation (UHAL) plummeted by 11.74 points to shed 14.32% to end at $70.26 and CorVel Corporation (CRVL) fell hard by 6.83 points to lose 15.12% to end the session at $38.33.

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