Market Commentary for August 08, 2007

Another very nice trading session for day traders as well as investors, today. The Bulls were clearly in control amidst good earnings reports, pushing stocks into nicely higher ground. Trading volume was heavy with yet another day of favorable trading ranges.

At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a triple digit gain today of 153.56 points to end the session at 13,657.86; the NYSE (New York Stock Exchange) posted a triple digit gain of 140.13 points to end the session at 9,746.20; the NASDAQ posted a favorable gain of 51.38 points for a close at 2,612.98; the S&P 500 moved higher by 20.78 points to end at 1,497.49 and the RUSSELL 2000 moved higher by 22.03 points to close at 795.1364 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) posted a gain of 5.04 points to close at 258.96 and the FTSE RAFI 1000 posted a gain of 64.57 points to close at 6,182.88.

President George W. Bush commented today: vows to Veto Legislation that raises taxes; tax revenue shouldn't be used to bail out mortgage lenders; U.S. exports to China an important source of U.S. growth; stable U.S. trade relationship in China's best interests and GSE’s need to be reformed now.

National Association of Realtors commented today that, 2007 U.S. Existing Home Sales forecast still worsening.

Economic Data:

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: U.S. MBA Refinancing Index rises 9.1% to 1881.1 from 1724.1; U.S. MBA Purchase Index rises 7.4% to 447.4 from 416.6 and U.S. MBA Market Index rises 8.1% to 656.5 from 607.1.

Wholesale Trade: The dollar value of sales made and inventories held by merchant wholesalers is a measurement referred to as, wholesale trade. U.S. Jun Wholesale Inventories rose 0.5%, was expected to rise 0.4%.

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 Petroleum Status Report: U.S. Distillate Stockpiles rose 1 Million Barrels in the week compared to expectations of an increase by 1.8 Million Barrels; U.S. Gasoline Stockpiles fell by 1.7 Million Barrels in the week compared to expectations of an increase by 1.0 Million Barrels; U.S. Crude Oil Stockpiles fell by 4.1 Million Barrels in the week compared to expectations of a decrease by 2 Million Barrels and U.S. Refineries ran at 91.3% capacity, was seen up 0.1 Pt. at 93.7%.

Commodities Markets

The trend was mixed across the board today for the Energy Sector: Light crude moved lower by $0.27 today to close at $72.15 a barrel; Heating Oil ended the session at $1.97 gallon; Natural Gas moved higher today by $0.02 to close at $6.22 per million BTU and Unleaded Gas moved lower by $0.01 today to close at $1.93 a gallon.

Metals Market ended the session mixed across the board again today: Gold moved higher today to post a gain of $4.00 to close at $686.30 an ounce; Silver closed higher today by $0.08 to close at $13.17 per ounce; Platinum moved lower today by $0.20 to close at $1,291.10 an ounce and Copper moved lower on the day by $0.07 to close at $3.44 per pound.

On the Livestock and Meat Markets, the trend was mostly lower across the board again today: Lean Hogs ended the day lower by 0.63 to close at 71.95; Pork Bellies ended the day higher by 2.05 to close at 91.05; Live Cattle moved lower by 0.30 to close at 95.58 and Feeder Cattle ended the day lower by 0.05 at 114.35.

Other Commodities: Corn closed nicely higher again today by 6.00 at 358.00 and Soybeans moved nicely higher again today for a gain of 15.25 points to end the session at 878.00.

The e-mini Dow ended the session today at 13,703 with a triple digit gain of 155 points on the trading session. The total Dow Exchange Volume for the day came in at 281,924 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 mostly lower across the board today: 2 year bond closed higher by 6/32 at 99 31/32; 5 year bond closed lower by 9/32 at 99 21/32; 10 year bond closed lower by 1 31/32 at 97 7/32 and the 30 year bond closed lower by 1 13/32 at 95 25/32.

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 4,158,635; Open Interest for Futures moved higher by 52,013 points to close at 10,319,579; the Open Interest for Options moved higher by 69,418 points to close at 8,816,712 and the Open Interest for OTC closed lower by 90 points at 7,437 for a total Open Interest of 19,143,728 for a total gain on the day of 121,341 points.

On the NYSE today, advancers came in at 2,302; decliners totaled 973; unchanged came in at 57; new highs came in at 139 and new lows came in at 170. Gainers and losers for the day as well as active day trading stocks on the NYSE: Perini Corporation (PCR) provided nice trading activity for day traders today with a high on the trading session of $62.25, a low of $50.09 with a final trading price after a gain on the day of $0.71 of $51.10; RAIT Financial Trust (RAS) produced nice trading action for day traders during the session with a high on the day at $10.09, a low of $7.05 with a gain of 23.24% at the close for a final trading price on the day of $9.44; Radian Group Incorporated (RDN) was quite active on the trading session with a high on the day at $22.41, a low of $15.20 for a final trading price of $21.00; Ambac Financial Group Incorporated (ABK) posted a nice gain amidst a nice trading session of 5.40 points with a high on the session of $74.78, a low of $65.55 for a final price on the day at $72.40; Jack in the Box Incorporated (JBX) plummeted on the trading day to post a loss of 6.56 points with a high on the day of $69.12, a low of $55.77 to close the day at $59.21 and ProAssurance Corporation (PRA) was very active during the market session with a high on the day of $64.68, a low of $51.64 for a final trading price at $53.53.

On the NASDAQ today, advanced totaled 2,129; decliners totaled 973; unchanged came in at 81, new highs came in at 175 and new lows came in at 174. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: Heelys Incorporated (HLYS) plummeted lower on the trading day to post a sharp loss of 44.04% to shed 9.68 points for a final trading price at $12.30; AMERCO (UHAL) rallied higher on the trading session with a high on the day of $78.78, a low of $63.27 for a gain of 8.05 points to tack on 12.58% with a final trading day price at $72.07; Priceline.com Incorporated (PCLN) romped higher on the session for a substantial gain of 22.23% to tack on 14.47 points with a closing price at $79.56; Leap Wireless International (LEAP) provided very nice trading activity for day traders with a high on the session of $67.00, a low of $57.84 with a loss on the day of 19.86 points to lose 24.71% for a final price at $60.50 and Lamar Advertising Company (LAMR) moved sharply lower on the session for a loss of 12.08% to shed 7.40 points to close the day at $53.87.

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Millennium-Traders