Market Commentary for June 13, 2007
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. Notes from the Beige Book released today: U.S. economy growing at generally moderate pace; 'continued weakness' in residential housing; 'increasing strength' in commercial real estate; 'several districts' report increased hiring; wage increases varied from modest to steady; most districts note higher energy costs; overall price pressures generally not rising; manufacturing expanded in most districts and overall retail sales were 'generally up'.
Commodities Markets
The trend was mostly higher across the board today for the Energy Sector: Light crude moved higher by $0.91 today to close at $66.26 a barrel; Heating Oil moved higher by $0.05 to close at $1.96 a gallon; Natural Gas moved lower by $0.07 again today to close at $7.61 million BTU and Unleaded Gas moved higher by $0.02 today to close at $2.16 a gallon.
Metals Market ended the session mostly lower across the board today: Gold moved lower today for a loss of $0.40 to close at $652.70 an ounce; Silver closed lower by $0.02 at $13.07 an ounce; Platinum moved lower today by $10.40 to close at $1,286.00 an ounce and Copper moved higher today by $0.03 to end at $3.31 per pound.
On the Livestock and Meat Markets, the trend was lower across the board today: Lean Hogs ended the day lower by 0.40 to close at 75.28; Pork Bellies ended the day lower by 0.28 to close 96.98; Live Cattle moved lower by 0.75 to close at 89.55 and Feeder Cattle ended the lower by 1.53 today to close at 106.60.
Other Commodities: Corn moved higher today for a gain of 9.50 to close at 415.00 and Soybeans moved lower for a loss of 0.50 points to end the day at 859.75.
The e-mini Dow ended the session strongly higher today from a rebound of yesterday loss, with a gain of 179 points to close at 13,600. The total Dow Exchange Volume for the day came in at 253,932 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 1/32 at 99 19/32; 5 year bond closed higher by 8/32 at 98 9/32; 10 year bond closed higher by 4/32 at 94 17/32 and the 30 year bond closed higher by 23/32 at 92.
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 6,079,689; Open Interest for Futures moved higher by 45,451 points to close at 10,143,341; the Open Interest for Options moved higher by 277,856 points to close at 8,172,417 and the Open Interest for OTC closed lower by 238 to end at 4,881 for a total Open Interest of 18,320,639 for a total gain on the day by 323,069.
On the NYSE today, advancers came in at 2,622; decliners totaled 613; unchanged came in at 93; new highs came in at 108 and new lows came in at 100. Gainers and losers for the day on the NYSE: Rio Tinto plc (RTP) rallied higher on the Big Board today to post a substantial gain of 14.59 points with a low of $287.95 and a high of $296.25 to end the session at $295.19; AvalonBay Communities (AVB) bolted nicely higher on the trading session for a gain of 8.07 points with a trading range of a low of $120.83 and a high of $129.58 to close the trading day at $128.96; MasterCard Incorporated (MA) moved higher on the trading day with a high of $151.50, a low of $145.61, for a gain on the session by 4.99 points to close at $150.30; Terra Nitrogen Company L.P. (TNH) rebounded from its loss yesterday for a gain of 5.85 points, a low of $94.47, a high of $98.90 to close the session at $98.51; Petroleo Brasileiro S.A. (PBR) ramped higher on the trading session to post a nice gain of 3.55 points to close the session at $115.17 and NBTY Incorporated (NTY) moved lower for a loss on the trading day of 3.54 points to end the day at $45.95.
On the NASDAQ today, advanced totaled 1,733 decliners totaled 1,334; unchanged came in at 112; new highs came in at 76 and new lows came in at 66. Gainers and losers for the day on the NASDAQ: A. Schulman Incorporated (SHLM) moved lower on the trading day for a loss of 10.71% to shed 2.56 points to close the trading session at $21.39; Apple Incorporated (AAPL) moved lower on the day to post a loss of 2.91 points, a low of $115.40, a high of $121.19, to end the session at $117.47; Cognizant Technology Solutions (CTSH) climbed higher on the trading session by 2.52 points, a low of $75.80, a high of $79.20, to end the trading day at $78.02 and FCStone Group Incorporated (FCSX) posted a gain on the trading day of 3.51 points, a low of $48.73, a high of $53.14, to end the day at $52.25.
Thanks for reading
Millennium-Traders
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. Notes from the Beige Book released today: U.S. economy growing at generally moderate pace; 'continued weakness' in residential housing; 'increasing strength' in commercial real estate; 'several districts' report increased hiring; wage increases varied from modest to steady; most districts note higher energy costs; overall price pressures generally not rising; manufacturing expanded in most districts and overall retail sales were 'generally up'.
Commodities Markets
The trend was mostly higher across the board today for the Energy Sector: Light crude moved higher by $0.91 today to close at $66.26 a barrel; Heating Oil moved higher by $0.05 to close at $1.96 a gallon; Natural Gas moved lower by $0.07 again today to close at $7.61 million BTU and Unleaded Gas moved higher by $0.02 today to close at $2.16 a gallon.
Metals Market ended the session mostly lower across the board today: Gold moved lower today for a loss of $0.40 to close at $652.70 an ounce; Silver closed lower by $0.02 at $13.07 an ounce; Platinum moved lower today by $10.40 to close at $1,286.00 an ounce and Copper moved higher today by $0.03 to end at $3.31 per pound.
On the Livestock and Meat Markets, the trend was lower across the board today: Lean Hogs ended the day lower by 0.40 to close at 75.28; Pork Bellies ended the day lower by 0.28 to close 96.98; Live Cattle moved lower by 0.75 to close at 89.55 and Feeder Cattle ended the lower by 1.53 today to close at 106.60.
Other Commodities: Corn moved higher today for a gain of 9.50 to close at 415.00 and Soybeans moved lower for a loss of 0.50 points to end the day at 859.75.
The e-mini Dow ended the session strongly higher today from a rebound of yesterday loss, with a gain of 179 points to close at 13,600. The total Dow Exchange Volume for the day came in at 253,932 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 1/32 at 99 19/32; 5 year bond closed higher by 8/32 at 98 9/32; 10 year bond closed higher by 4/32 at 94 17/32 and the 30 year bond closed higher by 23/32 at 92.
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 6,079,689; Open Interest for Futures moved higher by 45,451 points to close at 10,143,341; the Open Interest for Options moved higher by 277,856 points to close at 8,172,417 and the Open Interest for OTC closed lower by 238 to end at 4,881 for a total Open Interest of 18,320,639 for a total gain on the day by 323,069.
On the NYSE today, advancers came in at 2,622; decliners totaled 613; unchanged came in at 93; new highs came in at 108 and new lows came in at 100. Gainers and losers for the day on the NYSE: Rio Tinto plc (RTP) rallied higher on the Big Board today to post a substantial gain of 14.59 points with a low of $287.95 and a high of $296.25 to end the session at $295.19; AvalonBay Communities (AVB) bolted nicely higher on the trading session for a gain of 8.07 points with a trading range of a low of $120.83 and a high of $129.58 to close the trading day at $128.96; MasterCard Incorporated (MA) moved higher on the trading day with a high of $151.50, a low of $145.61, for a gain on the session by 4.99 points to close at $150.30; Terra Nitrogen Company L.P. (TNH) rebounded from its loss yesterday for a gain of 5.85 points, a low of $94.47, a high of $98.90 to close the session at $98.51; Petroleo Brasileiro S.A. (PBR) ramped higher on the trading session to post a nice gain of 3.55 points to close the session at $115.17 and NBTY Incorporated (NTY) moved lower for a loss on the trading day of 3.54 points to end the day at $45.95.
On the NASDAQ today, advanced totaled 1,733 decliners totaled 1,334; unchanged came in at 112; new highs came in at 76 and new lows came in at 66. Gainers and losers for the day on the NASDAQ: A. Schulman Incorporated (SHLM) moved lower on the trading day for a loss of 10.71% to shed 2.56 points to close the trading session at $21.39; Apple Incorporated (AAPL) moved lower on the day to post a loss of 2.91 points, a low of $115.40, a high of $121.19, to end the session at $117.47; Cognizant Technology Solutions (CTSH) climbed higher on the trading session by 2.52 points, a low of $75.80, a high of $79.20, to end the trading day at $78.02 and FCStone Group Incorporated (FCSX) posted a gain on the trading day of 3.51 points, a low of $48.73, a high of $53.14, to end the day at $52.25.
Thanks for reading
Millennium-Traders
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