Market Commentary for July 17, 2007 from Millenniu
We saw the DOW strike another new first time high today when it hit 14,000 for first time ever. The trading day was mainly controlled by the Bulls amidst moderate trading volume and trading ranges. Trading activity was rather sluggish through out the day creating a some what difficult, trading atmosphere for day traders and investors. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a gain of 20.57 points to end the session at 13,971.55; the NYSE (New York Stock Exchange) posted a loss of 17.82 points to end at 10,170.36; the NASDAQ posted a gain of 14.96 points for a close at 2,712.29; the S&P 500 moved lower by 0.15 points to end at 1,549.37 and the RUSSELL 2000 moved higher by 1.42 points to close at 849.89. 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 0.97 points to close at 269.49 and the FTSE RAFI 1000 posted a loss of 4.08 points to close at 6,487.95.
President of the Federal Reserve Bank of Kansas City, Thomas M. Hoenig commented today: economy has shown 'mixed bag' of data; Core Inflation has backed off recently; world economy likely to see good growth; housing sector taking longer than thought to recover; higher inflation could change rate outlook for Fed; risks exist on both sides for Monetary Policy; U.S. potential growth rate is around 3%; not sure what energy price level would hurt U.S. economy; Monetary Policy can't set potential growth rate; Fed paying a lot of attention to energy prices and calls recent Core CPI levels 'favorable'.
ECB's Governing Council member Nicholas Garganas commented today: further monetary tightening warranted; inflation risks have increased; "crucial" to act in firm and timely manner and Euro moves represent "excess volatility".
We all are sadly aware of the Fleecing of America, by our government. As a new addition to our commentary we will begin including some of those famous, Fleecing of America issues. Senators and Congressmen do not pay nor will they collect Social Security benefits, possibly due to the unsuitability for persons of their stature in society. Besides, why would they? Their plan, that they passed and abide by is that, when they retire, they continue to draw the same pay (subject to cost of living increases), until they die. This plan and their pay, courtesy of us the United States tax payers. Many people don’t know this and maybe if more did, possibly if enough spoke out on this issue, maybe, just maybe they’d be forced to change this serious, Fleecing of America. After all, the average Social Security benefit is $1,000 a month.
Economic Data:
ICSC-UBS Store Sales: Weekly measure of comparable store sales at major retail chains which is related to the general merchandise portion of retail sales, as reported by the International Council of Shopping Centers. This date accounts for approximately 10% of total retail sales. ICSC-UBS Chain Store Sales released today came in Up 0.3% for week of July 14th.
Producer Price Index: A measure of the average price level for a fixed basket of consumer and capital goods paid by producers is the PPI. PPI data released today: U.S. June Producer Prices fell 0.2% compared to consensus of an increase by 0.1%; U.S. June Passenger Car Prices rose by 1.4%; U.S. June PPI Energy Prices fell by 1.1%; U.S. June PPI Crude Goods rose by 0.3%; U.S. June PPI Crude Goods Core fell by 0.2%; U.S. June PPI Intermediate Goods rose by 0.5%; U.S. June PPI Intermediate Goods Core rose by 0.4%; U.S. June PPI Excluding Food and Energy rose by 0.3% compared to consensus of an increase by 0.2% and U.S. May PPI was left unrevised at an increase by 0.9%.
Redbook: General merchandise portion of retail sales covering only approximately 10% of total retail sales, this data is a weekly measure of sales at department stores, chain stores and discounters. Redbook data released today: U.S. Retail Sales rose by 0.4% for the first week of July versus June.
Treasury International Capital: The flow of financial instruments into and out of the United States is tracked by this Treasury data. Tracking is included for: Treasury Securities, agency securities, corporate bonds and corporate equities. Treasury International Capital data released today: Net Foreign Capital Inflow to U.S. came in at $105.9 Billion in May; Net Foreign Buys Of U.S. Treasury Notes, Bonds came in at $21.6 Billion in May; Net Foreign Buys Of U.S. Agency Debt came in at $27.5 Billion in May; Net Foreign Buys Of U.S. Corporate Bonds came in at $72.6 Billion in May; Net Foreign Buys Of U.S. Equities came in at $41.9 Billion in May and May Net Foreign Acquisition Of Long-Term U.S. Securities came in at $112.6 Billion.
Industrial Production: The physical output of the nation’s factories, utilities and mines. The Industrial sector accounts for less than one fifth of the economy with a mostly cyclical variation. The usage of available resources amount utilities, mines and factories is the capacity utilization rate. A warning sign of inflationary pressure is detected by an increase operating rate. Industrial Production released today: U.S. June Industrial Production rose by 0.5% compared to consensus of an increase by 0.5%; U.S. June Capacity Utilization rose by 0.3-Pt at 81.7% compared to consensus of 81.6%; U.S. May Industrial Production Revised to down by 0.1% from unchanged and U.S. May Capacity Use was revised to 81.4% from 81.3%.
Housing Market Index: Survey created by the National Association of Home Builders for a rating on the general economy and housing market conditions. U.S. NAHB July Housing Index came in at 24 versus 28 in June.
Commodities Markets
The trend was lower across the board today for the Energy Sector: Light crude moved lower by $0.13 today to close at $74.02 a barrel; Heating Oil ended the session lower by $0.02 at $2.06 a gallon; Natural Gas moved lower today by $0.08 today to close at $6.40 per million BTU and Unleaded Gas moved lower by $0.03 on the session to close at $2.10 a gallon.
Metals Market ended the session lower across the board again today: Gold moved lower today for a loss of $0.40 to close at $665.90 an ounce; Silver closed lower again today by $0.05 at $13.02 an ounce; Platinum moved lower today for a loss of $4.50 to close at $1,322.60 an ounce and Copper closed lower by $0.01 at $3.55 per pound.
On the Livestock and Meat Markets, the trend was mostly higher across the board today: Lean Hogs ended the day higher by 3.00 to close at 70.90; Pork Bellies ended the day at 88.28; Live Cattle moved higher by 0.40 to close at 96.75 and Feeder Cattle ended the day higher by 0.68 at 115.83.
Other Commodities: Corn moved sharply lower again today with a heavy loss of 11.75 points for a close at 336.75 and Soybeans moved strongly lower today to post very sharp loss again of 38.25 points to end the session at 860.50.
The e-mini Dow ended the session today at 14,039 with a gain of 10 points on the trading session. The total Dow Exchange Volume for the day came in at 128,328 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 lower across the board today: 2 year bond closed lower by 2/32 at 99 30/32; 5 year bond closed lower by 4/32 at 99 17/32; 10 year bond closed lower by 8/32 at 95 18/32 and the 30 year bond closed lower by 15/32 at 93 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 2,825,294. Open Interest for Futures moved lower by 15,859 points to close at 9,897,202; the Open Interest for Options moved higher by 85,483 points to close at 8,970,843 and the Open Interest for OTC closed at 6,537 for a total Open Interest of 18,874,582 for a total gain on the day by 69,624 points.
On the NYSE today, advancers came in at 1,332; decliners totaled 1,837; unchanged came in at 123; new highs came in at 233 and new lows came in at 92. Gainers and losers for the day on the NYSE: Assurant Incorporated (AIZ) moved lower on the Big Board today with a loss of 5.85 points to end the trading session at $52.95; Modine Manufacturing Company (MOD) bolted higher for a gain of 15.44% to tack on 3.75 points on the session to close at $28.04; InterOil Corporation (IOC) fell sharply lower on the trading day for a loss of 4.90 points to shed 19.28% to close the trading session at $20.51 and Rohm and Haas Company (ROH) made a nice move higher on the session for a gain on the day of 5.54 points for a final trading price at $61.27.
On the NASDAQ today, advanced totaled 1,557, decliners totaled 1,495; unchanged came in at 151, new highs came in at 183 and new lows came in at 87. Gainers and losers for the day on the NASDAQ: Qiao Xing Universal Telephone Incorporated (XING) fell sharply lower on the trading day to shed 21.26% with a loss of 2.97 for a final trading price of $11.00; IPC Holdings Limited (IPCR) shed 2.23 points on the session for a closing price at $29.87; Keystone Automotive Industries Incorporated (KEYS) tacked on 3.24 points for a final trading price of $46.85; USANA Health Sciences Incorporated (USNA) moved sharply lower by 8.72 points to shed 17.41% for a closing price of $41.37; DryShips Incorporated (DRYS) made a nice gain on the trading day of 11.03% to climb higher by 5.80 points to end the day at $58.40; Lam Research Corporation (LRCX) posted a favorable gain on the session of 4.81 points to end the day at $59.26 and Escalon Medical Corporation (ESMC) rallied higher today for a gain of 16.95% to tack on 1.00 point for a closing price of $6.90.
Thanks for reading
Millennium-Traders
President of the Federal Reserve Bank of Kansas City, Thomas M. Hoenig commented today: economy has shown 'mixed bag' of data; Core Inflation has backed off recently; world economy likely to see good growth; housing sector taking longer than thought to recover; higher inflation could change rate outlook for Fed; risks exist on both sides for Monetary Policy; U.S. potential growth rate is around 3%; not sure what energy price level would hurt U.S. economy; Monetary Policy can't set potential growth rate; Fed paying a lot of attention to energy prices and calls recent Core CPI levels 'favorable'.
ECB's Governing Council member Nicholas Garganas commented today: further monetary tightening warranted; inflation risks have increased; "crucial" to act in firm and timely manner and Euro moves represent "excess volatility".
We all are sadly aware of the Fleecing of America, by our government. As a new addition to our commentary we will begin including some of those famous, Fleecing of America issues. Senators and Congressmen do not pay nor will they collect Social Security benefits, possibly due to the unsuitability for persons of their stature in society. Besides, why would they? Their plan, that they passed and abide by is that, when they retire, they continue to draw the same pay (subject to cost of living increases), until they die. This plan and their pay, courtesy of us the United States tax payers. Many people don’t know this and maybe if more did, possibly if enough spoke out on this issue, maybe, just maybe they’d be forced to change this serious, Fleecing of America. After all, the average Social Security benefit is $1,000 a month.
Economic Data:
ICSC-UBS Store Sales: Weekly measure of comparable store sales at major retail chains which is related to the general merchandise portion of retail sales, as reported by the International Council of Shopping Centers. This date accounts for approximately 10% of total retail sales. ICSC-UBS Chain Store Sales released today came in Up 0.3% for week of July 14th.
Producer Price Index: A measure of the average price level for a fixed basket of consumer and capital goods paid by producers is the PPI. PPI data released today: U.S. June Producer Prices fell 0.2% compared to consensus of an increase by 0.1%; U.S. June Passenger Car Prices rose by 1.4%; U.S. June PPI Energy Prices fell by 1.1%; U.S. June PPI Crude Goods rose by 0.3%; U.S. June PPI Crude Goods Core fell by 0.2%; U.S. June PPI Intermediate Goods rose by 0.5%; U.S. June PPI Intermediate Goods Core rose by 0.4%; U.S. June PPI Excluding Food and Energy rose by 0.3% compared to consensus of an increase by 0.2% and U.S. May PPI was left unrevised at an increase by 0.9%.
Redbook: General merchandise portion of retail sales covering only approximately 10% of total retail sales, this data is a weekly measure of sales at department stores, chain stores and discounters. Redbook data released today: U.S. Retail Sales rose by 0.4% for the first week of July versus June.
Treasury International Capital: The flow of financial instruments into and out of the United States is tracked by this Treasury data. Tracking is included for: Treasury Securities, agency securities, corporate bonds and corporate equities. Treasury International Capital data released today: Net Foreign Capital Inflow to U.S. came in at $105.9 Billion in May; Net Foreign Buys Of U.S. Treasury Notes, Bonds came in at $21.6 Billion in May; Net Foreign Buys Of U.S. Agency Debt came in at $27.5 Billion in May; Net Foreign Buys Of U.S. Corporate Bonds came in at $72.6 Billion in May; Net Foreign Buys Of U.S. Equities came in at $41.9 Billion in May and May Net Foreign Acquisition Of Long-Term U.S. Securities came in at $112.6 Billion.
Industrial Production: The physical output of the nation’s factories, utilities and mines. The Industrial sector accounts for less than one fifth of the economy with a mostly cyclical variation. The usage of available resources amount utilities, mines and factories is the capacity utilization rate. A warning sign of inflationary pressure is detected by an increase operating rate. Industrial Production released today: U.S. June Industrial Production rose by 0.5% compared to consensus of an increase by 0.5%; U.S. June Capacity Utilization rose by 0.3-Pt at 81.7% compared to consensus of 81.6%; U.S. May Industrial Production Revised to down by 0.1% from unchanged and U.S. May Capacity Use was revised to 81.4% from 81.3%.
Housing Market Index: Survey created by the National Association of Home Builders for a rating on the general economy and housing market conditions. U.S. NAHB July Housing Index came in at 24 versus 28 in June.
Commodities Markets
The trend was lower across the board today for the Energy Sector: Light crude moved lower by $0.13 today to close at $74.02 a barrel; Heating Oil ended the session lower by $0.02 at $2.06 a gallon; Natural Gas moved lower today by $0.08 today to close at $6.40 per million BTU and Unleaded Gas moved lower by $0.03 on the session to close at $2.10 a gallon.
Metals Market ended the session lower across the board again today: Gold moved lower today for a loss of $0.40 to close at $665.90 an ounce; Silver closed lower again today by $0.05 at $13.02 an ounce; Platinum moved lower today for a loss of $4.50 to close at $1,322.60 an ounce and Copper closed lower by $0.01 at $3.55 per pound.
On the Livestock and Meat Markets, the trend was mostly higher across the board today: Lean Hogs ended the day higher by 3.00 to close at 70.90; Pork Bellies ended the day at 88.28; Live Cattle moved higher by 0.40 to close at 96.75 and Feeder Cattle ended the day higher by 0.68 at 115.83.
Other Commodities: Corn moved sharply lower again today with a heavy loss of 11.75 points for a close at 336.75 and Soybeans moved strongly lower today to post very sharp loss again of 38.25 points to end the session at 860.50.
The e-mini Dow ended the session today at 14,039 with a gain of 10 points on the trading session. The total Dow Exchange Volume for the day came in at 128,328 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 lower across the board today: 2 year bond closed lower by 2/32 at 99 30/32; 5 year bond closed lower by 4/32 at 99 17/32; 10 year bond closed lower by 8/32 at 95 18/32 and the 30 year bond closed lower by 15/32 at 93 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 2,825,294. Open Interest for Futures moved lower by 15,859 points to close at 9,897,202; the Open Interest for Options moved higher by 85,483 points to close at 8,970,843 and the Open Interest for OTC closed at 6,537 for a total Open Interest of 18,874,582 for a total gain on the day by 69,624 points.
On the NYSE today, advancers came in at 1,332; decliners totaled 1,837; unchanged came in at 123; new highs came in at 233 and new lows came in at 92. Gainers and losers for the day on the NYSE: Assurant Incorporated (AIZ) moved lower on the Big Board today with a loss of 5.85 points to end the trading session at $52.95; Modine Manufacturing Company (MOD) bolted higher for a gain of 15.44% to tack on 3.75 points on the session to close at $28.04; InterOil Corporation (IOC) fell sharply lower on the trading day for a loss of 4.90 points to shed 19.28% to close the trading session at $20.51 and Rohm and Haas Company (ROH) made a nice move higher on the session for a gain on the day of 5.54 points for a final trading price at $61.27.
On the NASDAQ today, advanced totaled 1,557, decliners totaled 1,495; unchanged came in at 151, new highs came in at 183 and new lows came in at 87. Gainers and losers for the day on the NASDAQ: Qiao Xing Universal Telephone Incorporated (XING) fell sharply lower on the trading day to shed 21.26% with a loss of 2.97 for a final trading price of $11.00; IPC Holdings Limited (IPCR) shed 2.23 points on the session for a closing price at $29.87; Keystone Automotive Industries Incorporated (KEYS) tacked on 3.24 points for a final trading price of $46.85; USANA Health Sciences Incorporated (USNA) moved sharply lower by 8.72 points to shed 17.41% for a closing price of $41.37; DryShips Incorporated (DRYS) made a nice gain on the trading day of 11.03% to climb higher by 5.80 points to end the day at $58.40; Lam Research Corporation (LRCX) posted a favorable gain on the session of 4.81 points to end the day at $59.26 and Escalon Medical Corporation (ESMC) rallied higher today for a gain of 16.95% to tack on 1.00 point for a closing price of $6.90.
Thanks for reading
Millennium-Traders
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