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Market Commentary for March 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 March 7, 2007 from


PRZOOM - /newswire/ - Somerset, PA, United States, 2007/03/07 - 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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Wednesday’s tend to be quiet and today was no different. Trading ranges held firm and trading volume was moderate amidst the lack luster session. At the closing bell the Bears once again maintained a majority rule for the major indices. At the end of the trading day, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved lower today by 15.14 points to end the session at 12192.45, its best gain since July 24, 2006; the NYSE (New York Stock Exchange) moved lower by 6.81 points to end at 8999.20; the NASDAQ moved lower by 10.50 points to close at 2374.64; the S&P 500 moved lower by 3.44 points to end at 1391.97 and the RUSSELL 2000 moved lower by 2.98 points to close at 775.90. 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 0.16 to close at 236.18 and the FTSE RAFI 1000 moved lower by 12.49 to close at 5848.61.

President of the Federal Reserve Bank of Chicago, Michael H. Moskow commented today: additional interest rate hikes may be needed; too early to say inflation is no longer a concern; risk of high inflation greater than low-growth risk; market volatility imparts more uncertainty to outlook; recent economic data have `come in on the soft side`; not prepared to significantly change economic projections; underlying econ fundamentals conducive to growth; downside risks remain in housing market; housing weakness risk spilling over not unduly large; home building to stabilize as we move through year; watchful how market developments impact U.S. trading partners; markets appear to be functioning well; overall liquidity doesn't appear in short supply and have to monitor markets on an ongoing basis.

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. Purchase Index Level came in at 405.30 for week of March 2, 2007.

ADP Employment: This report is a national employment report computed from a subset of ADP records that cover roughly 225,000 business establishments and approximately 14 million employees. Macroeconomic Advisors was contracted by ADP to compute a monthly report to assist in predicting monthly non-farm payrolls from the Bureau of Labor Statistics employment situation covering private payrolls. ADP-Macroeconomics Advisers See February Payrolls rising by 57,000.

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. Department of Energy reported Petroleum Status Reports as Follows: U.S. Crude Oil Stockpiles fell by 4.8 Million Barrels for the week compared to expectations of an increase by 2 Million Barrels; U.S. Gasoline Stockpiles fell by 3.8 Million Barrels for the week compared to expectations of a drop by 1.4 Million Barrels and U.S. Refineries ran at 85.8% capacity compared to expectations of a drop in capacity at 85.6%.

Beige Book: The Beige Book is a compilation of anecdotal evidence on economic conditions from each of the 12 Federal Reserve districts. Notes from the Beige Book business lending offsets home loan declines;most districts report steady retail sales growth; manufacturing mostly steady or expansive; wage gains moderate but some upward pressure; home prices generally flat or lower; housing markets mostly weak with some stabilization; weakness in manufacturing for housing and autos.

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. December Consumer Credit was Revised To an increase by $5.0 Billion versus an increase by $6.0 Billion and U.S. Consumer Credit Expanded by $6.4 Billion In January.

On the commodities markets, the trend was mostly higher across the board today for the Energy sector: Light crude moved higher by $1.13 today to close at $61.82 a barrel; Heating Oil closed higher today by $0.02 again today at $1.77 a gallon; Natural Gas moved lower by $0.10 today to end at $7.49 per million BTU and Unleaded Gas closed higher by $0.04 today to end the session at $1.90 a gallon.

Metals Market ended the session mostly higher across the board today: Gold moved higher by $6.70 to close at $652.90 an ounce; Silver closed higher today by $0.12 at $13.11 an ounce; Platinum moved lower today by $6.30 to close at $1,192.50 an ounce and Copper ended the day higher by $0.07 again today to close at $2.78 per pound.

On the Livestock and Meat Markets, the trend was mixed across the board again today: Lean Hogs closed with higher by 0.68 to close at 65.68; Pork Bellies ended the day lower by 0.93 to close at 103.65; Live Cattle closed higher by 0.95 to end the day at 98.55 and Feeder Cattle ended the day higher by 0.30 today to close at 107.13.

Other Commodities: Corn moved higher today by 2.50 points to end at 424.50 and Soybeans moved higher today by 9.50 to close at 757.25.

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 4,395,492 Open Interest for Futures moved lower by 114,227 to close at 9,061,922 and the Open Interest for Options moved higher by 116,576 to close at 6,896,786 for a total Open Interest of 15,960,265 for a total gain on the day by 2,349.

Bonds were higher across the board today: 2 year bond closed higher by 2/32 at 100 12/32; 5 year bond closed higher by 6/32 at 100 26/32; 10 year bond closed higher by 9/32 at 101 1/32 and the 30 year bond closed higher by 13/32 at 101 27/32.

The mini Dow ended the session today with a loss of 9 to close at 12206. The total Dow Exchange Volume for the day came in at 171,804 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: Potash Corporation/Saskatchewan (POT) rallied by 8.08 points to end the day at $158.70; Intercontinental Exchange Incorporated (ICE) plummeted by 13.33 points to close at $129.10; MasterCard Incorporated (MA) moved lower by 4.27 points to end the session at $99.72; Deer & Company (DE) gained 3.77 points to end at $110.81 at the close; Essex Property Trust Incorporated (ESS) fell by 4.00 points to close at $125.08 and American Axle & Manufacturing Holdings (AXL) gained 2.24 points to end at $26.49 at the close.

On the NASDAQ today, advancers came in at 1,289; decliners totaled 1,731; unchanged came in at 152; new highs came in at 39 and new lows came in at 64. Gainers and losers for the day on the NASDAQ: Progenics Pharmaceuticals Incorporated (PGNX) fell sharply by 15.66% to shed 4.19 points for a closing price of $22.57; Heelys Incorporated (HLYS) fell by 3.39 points to close at $32.25; CV Therapeutics Incorporated (CVTX) shed 23.41% on the day to lose 9.42 points with a closing price at $9.42; China Technology Development Group Corporation (CTDC) rallied by 32.62% for a gain on the day of 1.22 points to end the day at $4.96 and Rocky Brands Incorporated (RCKY) fell by 2.67 points to shed 19.40% on the day to end at $11.09.

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