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Market Commentary for February 20, 2007 from Millennium-Traders.com - Daily Market Commentary for February 20, 2007. 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 20, 2007 from Millennium-Traders.com

 

PRZOOM - /newswire/ - Somerset, PA, United States, 2007/02/20 - Daily Market Commentary for February 20, 2007. 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 early morning session was controlled by the Bears however as the day moved forward, the Bulls struggled but took the reins of the markets, into the close. Trading volume was moderate with fair trading ranges. Day traders and investors found little solace in the trading action presented this the first market trading day of the week. Whipotile action plagued most trading activity during the trading day. Trading action for the Futures and Commodities markets presented a decent day of trading. 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 19.07 points to end the session at 12786.64; the NYSE (New York Stock Exchange) moved higher by 20.51 points to end at 9453.93; the NASDAQ moved higher by 16.73 points to close at 2513.04; the S&P 500 moved higher by 4.14 points to end at 1459.68 and the RUSSELL 2000 moved higher by 7.96 points to close at 826.11. 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 0.15 to close at 247.77 and the FTSE RAFI 1000 moved higher by 20.55 to end at 6146.20 for the day.

Stock market trivia and facts:

What are the oldest stock and bond certificates?
The oldest post-cuneiform stock and bond certificates have several claims to fame. The most common earliest claim is the VOC (Verenigde Oost Indische Company) United East India Company (also referred to as the Dutch East India Company), an international trading firm, dated 1606, which was stolen from the Amsterdam municipal archive in the 1980’s. Publicity surrounding this certificate has increased significantly due to the recent movie 'Ocean's Twelve', starring George Clooney and Brad Pitt, which is about the stealing of the oldest stock certificate in Amsterdam. There is a collector who currently has this certificate and claims rightful ownership.

What were the original Dow Jones Industrial Average stocks?
The original Dow Jones Industrial Average stocks, created in 1896, and what eventually happened to them, are as follows:

American Cotton Oil became part of Bestfoods
American Sugar became part of Amstar Holdings
American Tobacco Broken up in 1911
Chicago Gas became part of Peoples Gas
Distilling & Cattle Feeding Whiskey trust became part of Millennium Chemical
General Electric still in the DJIA
Laclede Gas Active
National Lead became part of NL Industries
North American Utility
Tennessee Coal & Iron became part of U.S. Steel
U.S. Leather (preferred) Liquidated in 1952
U.S. Rubber became part of Michelin

Member of the Board of Governors of the Federal Reserve Susan Schmidt Bies commented today: overall mortgage markets doing well in credit quality; problems restricted to small Sub-Prime Market; securitization has helped diversify risk; individual investors may not understand risk; good mortgage underwriting tests income ratios; problem lending comes from unregulated sector; regulation mustn't hamstring lending industry; domestic savings low, but net worth on the rise; U.S. Budget Deficits will only get worse; Prime Market unlikely to be hit by Sub-Prime woes; switch to inflation targeting an ongoing debate; housing inventory buildup skewing data; may be near floor in housing demand and disclosures for mortgage bond investors could improve.

Chicago Fed National Activity Index fell by 0.74 in January versus an increase by 0.36 in December and Chicago Fed Index 3-Month average fell by 0.29 in January versus a drop by 0.19 in December.

Economic data released for the day:

State Street Investor Confidence Index: A measure of confidence created by looking at actual levels of risk in investment portfolios. For February, State Street Investor Confidence Index came in at 90.4.

On the commodities markets, the trend was mostly lower across the board today for the Energy sector: Light crude moved lower by $1.32 to close at $58.07 a barrel; Heating Oil closed lower today by $0.03 to end at $1.64 a gallon; Natural Gas moved higher by $0.08 to end the day at $7.62 per million BTU and Unleaded Gas closed lower by $0.01 today to end the session at $1.72 a gallon.

Metals Market ended the session was mostly lower across the board today: Gold moved sharply lower by $11.80 to close at $661.00 an ounce; Silver closed lower by $0.16 at $13.83 an ounce; Platinum moved higher today by $8.70 to close at $1,219.10 an ounce and Copper ended the day lower by $0.06 to close at $2.60 per pound.

On the Livestock and Meat Markets, the trend was lower across the board today: Lean Hogs closed lower by 1.65 to close at 66.85; Pork Bellies ended the day lower by 1.55 to close at 101.50; Live Cattle closed lower by 1.20 to end the day at 95.35 and Feeder Cattle ended the day lower by 0.55 to close at 99.63.

Other Commodities: Corn moved lower today by 1.25 points to end at 428.25 and Soybeans moved higher by 4.50 to close at 787.00.

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 3,329,188. Open Interest for Futures moved higher by 3,032 to close at 9,339,640 and the Open Interest for Options moved higher by 56,667 to close at 8,452,535 for a total Open Interest of 17,793,529 for a total gain on the day by 59,699.

Bonds were higher across the board again today: 2 year bond closed higher by 1/32 at 100 3/32; 5 year bond closed higher by 1/32 at 100 11/32; 10 year bond closed higher by 5/32 at 99 18/32 and the 30 year bond closed higher by 5/32 at 99 17/32.

The mini Dow ended the session with a gain today of 9 to close at 12796. The total Dow Exchange Volume for the day came in at 60,747 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: Westlake Chemical Corporation (WLK) fell sharply by 11.08% for a loss on the day of 4.11 points to close at $33.00; The Scotts Miracle-Gro Company (SMG) gained 3.65 points on the day to end the session at $57.01; Prudhoe Bay Royalty Trust (BPT) fell 4.44 points to end the day at $56.50; Texas Industries Incorporated (TXI) moved higher by 5.39 points to close at $79.37 and Build-a-Bear Workshop Incorporated (BBW) fell by 2.62 points to end the day at $27.82.

On the NASDAQ today, advancers came in at 2,022; decliners totaled 1,068; unchanged came in at 133; new highs came in at 241 and new lows came in at 27. Gainers and losers for the day on the NASDAQ: TB Wood’s Corporation (TBWC) rallied by 45.12% for a gain of 7.67 points on the day to close at $24.67; LESCO Incorporated (LSCO) rallied higher by 37.10% to tack on a gain of 3.87 points to close at $14.30; United Therapeutics Corporation (UTHR) rallied higher by 6.24 points for a gain of 12.33% on the day for a final close at $56.85 and New River Pharmaceuticals Incorporated (NRPH) moved higher by 4.88 points to close at $63.23.

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Market Commentary for February 20, 2007 from Millennium-Traders.com

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