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Market Commentary for February 16, 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 16, 2007 from Millennium-Traders.com

 

PRZOOM - /newswire/ - Somerset, PA, United States, 2007/02/16 - 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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Many areas of the North East are busy digging out today while fighting the continuing bitter cold. More snow was expected in the northern most portions of the North East into the next few days. The markets treaded lightly today with moderate trading volume and snug trading ranges. At the end of the trading day, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved higher today by 2.56 points to end the session at 12767.57; the NYSE (New York Stock Exchange) moved lower by 1.54 points to end at 9433.42; the NASDAQ moved lower by 0.79 points to close at 2496.31; the S&P 500 moved lower by 1.27 points to end at 1455.54 and the RUSSELL 2000 moved higher by 2.72 points to close at 818.15. 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 0.04 to close at 247.40 and the FTSE RAFI 1000 moved lower by 1.25 to end at 6125.65 for the day.

President of the Federal Reserve Bank of Chicago Michael H. Moskow commented today: may still need some additional policy firming; much too early to say inflation not a concern; economy has solid momentum, inflation running too high; concern labor markets may be tighter than sustainable; homebuilding to stabilize in 2007, no noticeable gains; tentative signs housing has begun to stabilize; risk of housing spillover to economy not unduly large and role for public policy in sub-prime mortgage instruments.

Economic data released for the day:

Housing Starts: A monthly measure of initial construction of new homes, single family residential units and multi family units as released by the Commerce Department. A rising trend indicates an increase in demand for home furnishings, appliances and furniture. December Housing Starts was revised to an increase by 5.0% from an increase by 4.5%; Building Permits fell by 2.8% to a rate of 1.568 million in January and U.S. January Housing Starts fell by 14.3% to 1.408 million compared to consensus of a drop by 2.6%.

Producer Price Index: A measure of the average price level for a fixed basket of consumer and capital goods paid by producers is the PPI. U.S. January Passenger Car Prices fell by 0.1%; U.S. January PPI Energy Prices fell by 4.6%; U.S. January PPI Crude Goods fell by 6.3% with Core increase by 1.6%; U.S. January PPI Intermediate Goods fell by 0.7% with Core unchanged; U.S. January PPI Excluding Food & Energy rose by 0.2% compared to consensus of an increase by 0.2%; U.S. January Producer Prices fell by 0.6% compared to consensus of a drop by 0.6% and U.S. December PPI was left Unrevised at an increase by 0.9%.

Consumer Sentiment: 500 households are surveyed by The University of Michigan’s Consumer Survey Center, on their financial conditions and attitudes about the economy. The strength of consumer spending is directly related to consumer sentiment. University of Michigan 5-Year Inflation Forecast rose by 2.9% with an increase of 3.0% in January; University of Michigan 12-Month Inflation Forecast rose by 3.0% with an increase of 3.0% in January; University of Michigan Mid-February Expectations came in at 83.7 compared to 87.6 in January; University of Michigan Mid- February Current Index came in at 108.3 compared to 11.3 in January and University of Michigan Mid- February Sentiment came in at 93.3 compared to 96.9 in January.

On the commodities markets, the trend was higher across the board today for the Energy sector: Light crude moved higher by $1.40 to close at $59.39 a barrel; Heating Oil closed higher today by $0.04 to end at $1.67 a gallon; Natural Gas moved higher by $0.19 to end the day at $7.53 per million BTU and Unleaded Gas closed higher by $0.04 today to end the session at $1.73 a gallon.

Metals Market ended the session was mixed across the board today: Gold moved higher by $1.40 to close at $672.80 an ounce; Silver closed higher by $0.03 at $13.99 an ounce; Platinum moved lower today by $6.50 to close at $1,210.40 an ounce and Copper ended the day higher by $0.02 to close at $2.66 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board yet again today: Lean Hogs closed lower by 0.20 to close at 68.50; Pork Bellies ended the day lower by 1.65 to close at 103.05; Live Cattle closed higher by 0.15 to end the day at 96.55 and Feeder Cattle ended the day lower by 0.28 to close at 100.18.

Other Commodities: Corn moved higher today by 9.50 points to end at 429.50 and Soybeans moved higher by 7.75 to close at 782.50.

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 4,522,919. Open Interest for Futures moved lower by 13,161 to close at 9,336,608 and the Open Interest for Options moved higher by 140,719 to close at 8,405,283 for a total Open Interest of 17,743,245 for a total gain on the day by 127,618.

Bonds were mostly higher across the board today: 2 year bond closed with no change at 100 2/32; 5 year bond closed higher by 2/32 at 100 10/32; 10 year bond closed higher by 2/32 at 99 13/32 and the 30 year bond closed higher by 10/32 at 99 12/32.

The mini Dow ended the session with a loss today of 1 to close at 12786. The total Dow Exchange Volume for the day came in at 86,124 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: Perini Corporation (PCA) rallied higher by 6.04 points for a gain of 19.89% on the day to close at $36.41; Mohawk Industries Incorporated (MHK) rallied by 10.94% to tack on 9.26 points for a closing prices of $93.89; Daimler Chrysler Corporation(DCX) moved higher by 3.08 points to end at $73.33 at the closing bell; Chipotle Mexican Grill Incorporated (CMG) gained 3.65 points on the day to end at $65.03 and Whirlpool Corporation (WHR) climbed higher by 3.60 points to close at $96.20.

On the NASDAQ today, advancers came in at 1,689; decliners totaled 1,304; unchanged came in at 183; new highs came in at 388 and new lows came in at 21. Gainers and losers for the day on the NASDAQ: Google Incorporated (GOOG) jumped higher by 8.53 points to end at $470.00 at the close;

Hittite Microwave Corporation (HITT) moved nicely higher by 15.33% to gain 5.85 points to close at $44.01; Compass Bancshares Incorporated (CBSS) gained 4.09 points for a closing prices of $70.46; Millicom International Cellular Corporation (MICC) moved lower by 2.66 points to end the day at $78.33 and California Pizza Kitchen Incorporated (CPKI) fell 2.46 points to end the session at $32.80.

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Market Commentary for February 16, 2007 from Millennium-Traders.com

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