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Market Commentary for June 13, 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 June 13, 2007 from


PRZOOM - /newswire/ - Somerset, PA, United States, 2007/06/13 - 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 control of the markets was handed over to the Bulls today with the major indices posting favorable gains, across the board. Trading ranges and trading volumes were moderate to heavy with frequent whipotile trading action, creating difficult trading for day traders and investors through out the trading session. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a triple digit gain of 187.34 points to end the session at 13,482.35; the NYSE (New York Stock Exchange) posted a triple digit gain of 139.01 points to end at 9,863.50 the NASDAQ posted a gain of 32.54 points today for a close at 2,582.31; the S&P 500 moved higher by 22.67 points to end at 1,515.67 and the RUSSELL 2000 moved higher by 10.82 points to close at 832.54 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 1.98 to close at 257.25 and the FTSE RAFI 1000 posted a gain by 86.17 points to close at 6,357.59.

New York Fed Official commented today: "challenging time" for market participants; welcomes Treasury market best practice guidelines and best practice failure could produce tougher regulation.

Federal Reserve Board Member, President of the Federal Reserve Bank of Dallas Richard W. Fisher commented today: calls May Retail Sales data strong and U.S. Bond Yield rise part of global yield gains.

Federal Reserve Board of Governors Member, Randall S. Kroszner commented today: will consider ban on certain loan practices.

Federal Reserve Board Member, President of the Federal Reserve Bank of New York Timothy F. Geithner commented today: Asian financial systems 'substantially stronger'; cites disconnect with Asian credit, asset prices; Asian economic policies creating vulnerabilities; financial markets marked by low volatility; global interest rates 'relatively low'; Asian Central Banks need more independence; Asia needs stronger banks and capital markets; Asian Exchange Rates still relatively inflexible; Asian reserve growth may be too great; reserves a distortion of exchange rate policy; reserves unlikely hedge against economic volatility and doesn't comment on U.S. rate, economic outlook.

U.S. Treasury comments released today: no partner meets technical definition of manipulator; U.S. Treasury declines to designate China as currency manipulator; China taking slow steps to reform currency policy; Chinese Yuan is undervalued against U.S. Dollar; China's rigid Yuan raises risk of economic bust cycle; China's growth relies too much on exports, investment; says China's reserves accumulation is excessive and Japan's recovery too weak to kill deflation threat.

Former Federal Reserve Chairman Alan Greenspan commented today: excess savings driving down global interest rates; says Global Liquidity to ease over medium term; U.S. must cut Social Security benefits to avoid budget woes; higher Chinese Import Prices may be turning point; U.S. Current Account Gap will be resolved by market forces and Mexican Energy Reform needed, but is 'tricky'.

National Association of Realtors reported today that the U.S. Commercial Real Estate Investment still going strong.

Brazil's first quarter 2007 GDP expands by 0.8% versus fourth quarter of 2006; Brazil's first quarter 2007 GDP expands by 4.3% versus first quarter of 2006 and Brazil Revises fourth quarter of 2006 quarterly GDP to an increase by 1.1% from an increase by 0.9%.

Canada Manufacturing Inventory/Shipment Ratio rose by 1.26:1 in April; Canada Manufacturing New Orders rose by 0.8% in April from March; Canada Manufacturing Unfilled Orders rose by 1.9% in April from March;Canada Manufacturing Inventories rose by 0.7% in April from March and Canada Manufacturing Shipments fell by 0.6% in April from March.

Securities and Exchange Commission voted today to end Short-Selling 'Grandfather' protections which would approve a change to tighten rules intended to curb manipulative short sales as well as, so-called "naked" short sales. The change eliminates a controversial exception that shielded existing short positions from requirements to deliver hard-to-borrow shares within 13 days of settlement. Once the approved change takes effect, short positions formerly protected by the 'Grandfather' clause must be closed out within 35 days. SEC Chairman Christopher Cox said persistent failures to deliver shares sold short appear to be due to the 'Grandfather' protections, which the SEC included in 2004 to prevent stock-market volatility. Complaints reported that the 'Grandfather' protections undermined efforts to clean up abuses involving "naked" short sales. Regulation SHO by the SEC sought to prevent "naked" short sales, in which short sellers don't borrow securities they sell short. SEC officials said delivery failures have declined by approximately 35% since Regulation SHO took effect and have reduced by about 53% for hard-to-borrow stocks defined as "threshold" securities.

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. Data released today by the Mortgage Bankers’ Association: U.S. MBA Market Index rises by 6.6% to 666.5 from 625.3; U.S. MBA Purchase Index rises 7.2% to 464.7 from 433.6 and U.S. MBA Refinancing Index rises 5.6% to 1854.8 from 1757.1.

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. Import and Export Prices data released today: U.S. May Petroleum Import Prices rose by 2.7%; U.S. May Non-Petroleum Import Prices rose by 0.5%; U.S. May Import Prices rose by 0.9% compared to expectations of an increase by 0.2% and Import Prices from China rose by 0.3% which is the largest gain on record.

Retail Sales: A measure of retail sales consisting of total receipts at stores that sell durable and non-durable goods. This data is a key element in economic growth since consumer spending accounts for two-thirds of the national Gross Domestic Products (GDP). As released today, April Retail and Food Sales was revised lower by 0.1% from down 0.2%; U.S. May Retail and Food Sales Excluding Autos rose by 1.3% and U.S. May Retail and Food Sales rose by 1.4%compared to consensus of an increase by 0.6%.

Business Inventories: Dollar amount of business inventories held by manufacturers, retailers and wholesalers. Near-term direction of production activity is related to the level of inventories in relation to sales. Data released today: U.S. April Business Inventories rose by 0.4% compared to expectations of an increase by 0.3%.

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 released data today: U.S. Crude Oil Stockpiles rose by 100,000 Barrels in the week compared to expectations of 400,000 Barrels; U.S. Gasoline Stockpiles remain unchanged for the week compared to expectations of an increase by 2M and U.S. Refineries ran at 89.2% capacity with expectations of an increase by 0.8 Pt. at 90.4%.

Beige Book: The Beige Book is a compilation of anecdotal evidence on economic conditions from each of the 12 Federal Reserve districts.

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