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Market Commentary for May 10, 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 May 10, 2007 from Millennium-Traders.com

 

PRZOOM - /newswire/ - Somerset, PA, United States, 2007/05/10 - 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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Tropical Storm Andrea appears to be losing steam as it makes its way closer to the coast.

The markets were firmly controlled by the Bulls today. The Major indices held in the red zone through out the session and moved to the lows of the day, into the close. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) moved lower with a triple digit loss of 147.74 points to end the session at 13,215.13; the NYSE (New York Stock Exchange) posted a triple loss on the trading session of 158.56 points to end at 9,669.37; the NASDAQ posted a loss of 42.60 points today for a close at 2,533.74; the S&P 500 moved lower by 21.11 points to end at 1,491.47 and the RUSSELL 2000 moved lower by 16.14 points to close at 818.63. 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 2.77 to close at 255.76 and the FTSE RAFI 1000 closed lower by 84.30 at 6,257.85.

Economic data released for the day:

Import and Export Prices: Goods bought in the United States but produced abroad plus goods sold abroad but produced domestically are compiled in an index which indicates inflationary trends in internationally traded products. U.S. April Petroleum Import Prices rose by 6.5%; U.S. April Non-Petroleum Import Prices rose by 0.2%; U.S. April Import Prices rose by 1.3% compared to consensus of an increase by 0.9% and March Exports came in at $126.23 Billion rose by 1.8%; March Imports came in at $190.13 Billion higher by 4.5%.

International Trade: Details of International trade measures the difference between imports and exports of tangible goods and services. As Imports may apply a draw on the economy, they also increase competitive pressure among domestic producers while Exports give a boost to domestic production. U.S. March Trade Deficit came in at $63.89 Billion compared to consensus of $60.00 Billion and February Trade Gap was revised down to $57.89 Billion from $58.44 Billion.

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 came in at lowest level since January 13, 2007; Week of April 28th U.S. Continuing Claims rose by 65K to 2,555,000 and U.S. Jobless Claims fell by 9K to 297K during week of May 5th compared to survey of an increase by 10K.

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. Reported today for week of May 5, 2007, weekly change came in at 96 Bcf.

Commodities Markets

The trend was mixed across the board today for the Energy Sector: Light crude moved lower by $0.26 today to close at $61.81 a barrel; Heating Oil moved lower by $0.05 today to close at $1.86 a gallon; Natural Gas closed with no change at $7.88 per million BTU and Unleaded Gas closed higher by $2.33 at $2.33 a gallon.

Metals Market ended the session lower across the board again today: Gold moved lower by a sharp $15.50 to close at $667.00 an ounce; Silver moved lower by $0.33 to close at $13.14 an ounce; Platinum moved sharply lower today by $15.30 to close at $1,324.20 an ounce and Copper ended the day lower by $0.11 again today to end at $3.57 per pound.

On the Livestock and Meat Markets, the trend was higher across the board today: Lean Hogs moved higher today by 0.28 today to close at 74.65; Pork Bellies ended the day higher by 1.58 to close at 104.45; Live Cattle moved higher by 0.30 to end the day at 92.70 and Feeder Cattle ended the day higher by 0.58 to close at 112.75.

Other Commodities: Corn moved lower today with a hefty loss of 11.75 points to end at 354.50 and Soybeans posted a loss today of 1.25 to close at 746.25.

The e-mini Dow ended the session lower by 116 points to close at 13268. The total Dow Exchange Volume for the day came in at 123,238 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.

Bonds were higher across the board today: 2 year bond closed higher by 2/32 at 99 20/32; 5 year bond closed higher by 5/32 at 99 24/32; 10 year bond closed higher by 5/32 at 98 27/32 and the 30 year bond closed higher by 6/32 at 98 26/32.

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 2,639,226; Open Interest for Futures moved lower by 25,223 points to close at 9,984,341; the Open Interest for Options moved higher by 99,134 points to close at 7,263,486 and the Open Interest for OTC closed with no change at 4,745 for a total Open Interest of 17,252,572 for a total gain on the day by 73,911.

On the NYSE today, advancers came in at 739; decliners totaled 2,498; unchanged came in at 113; new highs came in at 187 and new lows came in at 28. Gainers and losers for the day on the NYSE: Chicago Mercantile Exchange Holdings (CME) fell hard on the Big Board today for a loss of 9 points to close at $497.95; Rio Tinto plc (RTP) gave up substantial gains posted yesterday for a loss on the trading day of 15.27 points to end the trading session at $281.00; Vimpel-Communications (VIP) gave up 7.03 points on the day to end at $97.15; Ralcorp Holdings Incorporated (RAH) plummeted lower on the trading day to shed 19.31% to lose 13.13 points for a closing price at $54.87; Magna International Incorporated (MGA) posted a gain on the session of 5.38 points to close at $84.31 and Washington Group International Incorporated (WNG) gave up 5.17 points to close at $67.50.

On the NASDAQ today, advanced totaled 667 decliners totaled 2,397; unchanged came in at 118, new highs came in at 95 and new lows came in at 76. Gainers and losers for the day on the NASDAQ: Whole Foods Market Incorporated (WFMI) shed 10.20% to move lower by 4.67 points for a closing price on the trading day at $41.13; The Knot Incorporated (KNOT) fell hard by 15.34% for a loss on the day of 3.44 points to close at $18.98; Amgen Incorporated (AMGN) moved lower on the trading session by 5.77 points to close at $57.33;

Air Methods Corporation (AIRM) posted a gain of 15.12% to move higher on the session by 4.32 points for an end of trading day price at $43.90; Force Protection Incorporated (FRPT) gained a nice 14.71% to make a gain of 3.42 points to end the day at $26.67 and Cryptologic Incorporated (CRYP) fell hard by 14.91% to move lower by 4.43 points to close at $25.28.

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Market Commentary for May 10, 2007 from Millennium-Traders.com

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