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Market Commentary for February 9, 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 9, 2007 from


PRZOOM - /newswire/ - Somerset, PA, United States, 2007/02/09 - 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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As we watched the Bears take control of the markets, could it be as a result of profit taking? Trading volume was moderate today with fair trading ranges. Friday’s trading session is normally not to the liking of day traders and today was no exception. 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 56.80 points to end the session at 12580.83; the NYSE (New York Stock Exchange) moved lower by 53.89 points to end at 9291.65; the NASDAQ moved lower by 28.85 points to close at 2459.82; the S&P 500 moved lower by 10.25 points to end at 1438.06 and the RUSSELL 2000 moved lower by 9.28 points to close at 807.11. 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 0.69 to close at 243.78 and the FTSE RAFI 1000 moved lower by 31.23 points to close at 6052.58.

St. Louis Federal Reserve President William Poole commented today: Expects U.S. GDP to rise 3% in 2007; Fed rate policy has largely kept inflation checked; housing sector showing signs of stabilizing; inflation expectations have been contained; inflation likely to hit 'reasonable range' in 2007; inflation moving in 'favorable direction'; prefers 1 1/2% long-term core PCE price average; price stability is Fed's primary goal; recent data show 'firmer tone'; 'state of our economy looks good'; strong consumer sector buoyed by labor market; sustained Core Inflation over 2% is 'unacceptable' and upside GDP surprise could prompt rate hike.

President of the Federal Reserve Bank of Cleveland, Sandra Pianalto commented today: housing troubles have pulled down U.S. growth; inflation expectations have been stable markets confident Fed will keep inflation low; 'most recent inflation statistics have improved'; not yet convinced inflation is moving lower; recent housing data has been 'encouraging'; unworried by large foreign treasury holdings; inverted yield curve not harbinger of recession; U.S. productivity is 'envy of the world' and U.S. work force is 'fully employed'.

New York Fed announces formation of Treasury Best Practices Group; Treasury Group to make recommendations for Treasury Trade and private sector group to strengthen market integrity.

President of the Federal Reserve Bank of Dallas, Richard W. Fisher commented today: U.S. 4th Quarter GDP likely to be revised to 3%; can keep economic strength without stoking inflation; examines national debt for stimulus effect on economy; expects Fed policy will bring inflation lower; Fed may raise rates if inflation doesn't ebb; has seen critical shortages in some labor sectors; housing downturn seems to be bottoming; is 'comfortable' with current inflation outlook; looking at inputs from service sector more; U.S. economy likely to see 3% GDP gain in 2007; wage inflation depends on productivity and wants core inflation to fall to under 2%.

Economic data released for the day:

On the commodities markets, the trend was mostly higher across the board today for the Energy sector: Light crude moved higher by $0.18 to close at $59.89 a barrel; Heating Oil closed with no change at $1.73 a gallon; Natural Gas moved lower by $0.04 to end the day at $7.83 per million BTU and Unleaded Gas closed higher by $0.02 today to end the session at $1.61 a gallon.

Metals Market ended the session higher across the board today: Gold moved higher by $9.50 to close at $672.30 an ounce; Silver closed higher today by $0.15 at $13.92 an ounce; Platinum moved higher today by $3.50 to close at $1,201.80 an ounce and Copper ended the day at $2.52 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board today: Lean Hogs closed higher by 0.73 to close at 66.85; Pork Bellies closed the day higher by 1.23 to close at 104.80; Live Cattle closed lower by 0.08 to end the day at 94.80 and Feeder Cattle ended the day lower by 0.10 to close at 98.78.

Other Commodities: Corn moved closed higher today by 2.75 points to end at 399.25 and Soybeans moved higher by 5.50 to close at 749.25.

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 3,165,752. Open Interest for Futures moved lower by 41,483 to close at 9,249,522 and the Open Interest for Options moved higher by 50,260 to close at 7,952,472 for a total Open Interest of 17,203,168 for a total gain on the day by 8,801.

Bonds were lower across the board today: 2 year bond closed down 2/32 at 99 30/32; 5 year bond closed lower by 7/32 at 99 28/32; 10 year bond closed lower by 13/32 at 98 24/32 and the 30 year bond closed lower by 26/32 at 98 26/32.

The mini Dow ended the session with a loss today of 60, to close at 12612. The total Dow Exchange Volume for the day came in at 123,488 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: MasterCard Incorporated (MA) plummeted lower by 11.05 points to end the session at $103.69 with a trading range today of 18.44 points; Chicago Mercantile Exchange Holdings (CME) plummeted by 10.94 points to close at $573.25; Las Vegas Sands Corporation (LVS) moved lower by 5.98 points for a closing price of $93.92; FirstFed Financial Corporation (FED) shed 4.15 points to end at $61.80 for the day and AMREP Corporation (AXR) fell sharply by 6.77 points to end at $98.22.

On the NASDAQ today, advancers came in at 1,038; decliners totaled 2011; unchanged came in at 144; new highs came in at 356 and new lows came in at only 27. Gainers and losers for the day on the NASDAQ: Achillion Pharmaceuticals Incorporated (ACHN) plummeted by 9.19 points to give up 51.08% on the day for a close at $8.80; Energy Conversion Devices Incorporated (ENER) fell sharply by 5.85 points to lose 16.48% with a closing price at $29.65; Wynn Resorts (WYNN) fell hard by 7.10 points to close at $104.19; Momenta Pharmaceuticals Incorporated (MNTA) moved lower by 3.95 points to end at $16.18 on the day and Open Text Corporation (OTEX) moved higher by 3.25 points to end the day with a gain of 16.63% to close at $22.79.

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