Daily Market Commentary for July 14, 2010

Technology Stocks

Technology stocks led today's rally as stocks pushed to make it 7 days of gains. (Read more at Millennium-Traders.Com)

Economic data released today:

MBA Mortgage Applications:
U.S. MBA Market Index fell 2.9% at 700.3; Last Week 721.5; U.S. MBA Purchase Index fell 3.1% at 163.3; Last Week 168.6; U.S. MBA Refinance Index fell 2.9% at 3,831.2; Last Week 3,944.6.

Retail Sales (MoM):
May Retail & Food Sales Revised to fall 1.1% from a decrease by 1.2%; U.S. June Retail & Food Sales Ex-Autos fell 0.1%; U.S. June Retail & Food Sales fell 0.5%; Compared to Consensus of a decrease by 0.3%.

Import Price Index (MoM):
U.S. June Petroleum Import Prices fell 4.4%; U.S. June Non-Petroleum Import Prices fell 0.5%; U.S. June Import Prices fell 1.3%; Compared to Consensus of a decrease by 0.4%.

Business Inventories (MoM):
U.S. May Business Inventories rose 0.1%; Expected to rise 0.2%.

Crude Oil Inventories:
U.S. Refineries Ran at 90.5% capacity; Was Seen at 89.70%; U.S. Refineries Ran at 90.5% capacity versus 89.8% a Week Ago; U.S. Distillate Stockpiles rose 2.943 Million Barrels in Week; was Seen increasing by 0.8 Million Barrels; U.S. Distillate Stockpiles rose 2.943 Million Barrels at 162.64 Million Barrels; U.S. Gasoline Stockpiles rose 1.601 Million Barrels in Week; Was Seen Unchanged; U.S. Gasoline Stockpiles rose 1.601 Million Barrels at 221.036 Million Barrels; U.S. Crude Oil Stockpiles fell 5.058 Million Barrels in Week; was Seen decreasing by 1.2 Million Barrels; U.S. Crude Oil Stockpiles fell 5.058 Million Barrels at 353.096 Million Barrels.

FOMC Meeting Minutes:
Many Fed officials favor shift into short-term treasuries; Fed alters 2011 GDP outlook to up 3.5% to 4.2%, versus 3.4% to 4.5%; 2010 GDP up 3.0% to 3.5% versus earlier 3.2% to 3.7% estimate; Most officials don't see asset sales for some time; Fed sees no need for further accommodation yet; Fed may consider further stimulus if outlook worsens; Fed lowers economic growth outlook for 2010.

At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the trading session on the world markets as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) gain 3.17 points, EOD 10,366.19
NYSE (New York Stock Exchange) shed 9.16, EOD 6,898.62
National Association of Securities Dealers Automated Quotations (NASDAQ) gain 6.24 points, EOD 2,248.27
S&P 500 (SPX) shed 0.89 point, EOD 1,094.45
BEL 20 (BEL20) gain 5.86 points, EOD 2,522.12
CAC 40 (CAC40) shed 4.78 points, EOD 3,632.98
FTSE100 (UKX100) shed 17.5 points, EOD 5,253.52
NIKKEI 225 (NIK/O) triple digit gain 258.01 points, EOD 9,795.24

New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 1,332, declined stock prices 1,728, unchanged stock prices 109, stock prices hitting new highs 71 and stock prices hitting new lows 10. NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: CME shed 2.57, HOD 278.95, LOD 271.19, EOD 275.73; RIG gain 0.39, HOD 53.60, LOD 51.94, EOD 52.38; YUM shed 0.54, HOD 41.15, LOD 39.75, EOD 40.96; TXI shed 1.10, HOD 26.63, LOD 28.12, EOD 29.56; AIR shed 0.77, HOD 17.99, LOD 17.05, EOD 17.14.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 1,116, declined stock prices 1,523, unchanged stock prices 125, stock prices hitting new highs 46 and stock prices hitting new lows 16. NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: ISRG gain 7.88, HOD 341.05, LOD 330.03, EOD 337.50; PCLN shed 1.56, HOD 216.50, LOD 211.14, EOD 214.76; AAPL gain 0.98, HOD 255.80, LOD 249.00, EOD 252.77; ASML gain 0.66, HOD 32.45, LOD 31.69, EOD 31.93; PCLN shed 0.97, HOD 216.50, LOD 211.14, EOD 215.35; UPRO shed 0.05, HOD 138.23, LOD 133.81, EOD 136.69; EXPD gain 2.48, HOD 40.44, LOD 38.72, EOD 39.64; IGTE gain 2.00, HOD 16.45, LOD 14.33, EOD 16.17.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 212, declined stock prices 273, unchanged stock prices 44, stock prices hitting new highs 5 and stock prices hitting new lows 11.

Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1089.75; Change 1.25
E-mini NASDAQ-100 (NQ) Mar 10: EOD 1,851.00; Change 8.50
E-mini DOW $5 (YM) Mar 10: EOD 10,307; Change 19
E-mini S&P MidCap 400 (MF) Mar 10: EOD 750.60; Change 1.10
Nikkei 225 (Yen) Mar 10: EOD 9,770; Change 145

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7853 to U.S. Dollars 1.2700
Japanese Yen 88.2550 to U.S. Dollars 0.0113
British Pound 0.6554 to U.S. Dollars 1.5300
Canadian Dollar 1.0347 to U.S. Dollars 0.9669
Swiss Franc 1.0533 to U.S. Dollars 0.9492

COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (August 10) shed $0.11, EOD $77.04 per barrel ($US per barrel)
Heating Oil (August 10) shed $0.01, EOD $2.04 a gallon ($US per gallon)
Natural Gas (August 10) shed $0.04, EOD $4.31 per million BTU ($US per mmbtu.)
Unleaded Gas (August 10) shed $0.01, EOD $2.07 gallon ($US per gallon)

Metals Markets - Comex:
Gold (July 10) shed $6.50, EOD $1,206.80 ($US per Troy ounce)
Silver (July 10) gain $0.37, EOD $18.27 ($US per Troy ounce)
Platinum (July 10) shed $14.80, EOD $1,516.80 ($US per Troy ounce)
Copper (July 10) shed $0.00, EOD $3.00 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (July 10) shed $0.20, EOD $77.82
Pork Bellies (July 10) gain $1.55, EOD $103.75
Live Cattle (August 10) gain $1.37, EOD $92.32
Feeder Cattle (August 10) unchanged, EOD $113.62

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (July 10) gain $8.50, EOD $375.25
Soybeans (July 10) gain $5.50, EOD $1,036.00

Access upcoming scheduled economic data anytime by viewing the Economic Calendar from Millennium-Traders, free access to visitors on our website.

Visitors may subscribe to our free Weekly Market News for a review of the previous weeks trading news plus, view upcoming economic data scheduled for the week ahead.

Review current edition as well as, archives of the News & Commentary plus, view complete details of calls made in our Trading Rooms and stock picks from our Swing Trading service. Traders should review our FREE Monthly Trading Lesson posted on our website.

Thanks for reading
a