Thursday, March 22, 2007

Closing Market News March 22, 2007

March 22, 2007

The Dow closed up 13.62 points at 12,461.14 and the Nasdaq closed down 4.18 at 2451.74. The Dow high was 12,476.28 and the low was 23,408.51 for a 67.77 point range.

Total volume on the NYSE was above average trading 1.61 billion shares. Up/down volume was 1.11 to 1 negative, Nasdaq up/down volume was 1.56 to 1 negative.

June E-mini S&P futures closed unchanged at 1445.00 and the June Nasdaq 100 futures closed down 6.25 at 1818.75. June E-mini S&P total volume was above average trading 1.13 million contracts. June 30 yr. T-Bonds closed down 0.27 at 112-04.

May Oil futures closed up 2.08 at 61.69 and the April Natural Gas futures closed up .16 at 7.32.

April Gold futures closed up 4.90 at 664.90 and May Silver futures closed up .13 at 13.43.

Grains were mixed with May Wheat closing up 1 ½ cents at 467, May Beans were 5 ¼ higher closing at 771 ¾ , and May Corn closed down ¼ cent at 409 ½.

April Live Cattle closed up 0.775 at 98.500 and May Feeder Cattle closed up 0.250 at 107.175. April Lean Hogs closed up .37 at 63.75.

“A good head and a good heart are always a formidable combination.”
Author: Nelson Mandela

AS I SEE IT: In the short-term the market was overbought today so it couldn’t gain much ground. There are a couple cross currents that need to be watched. The June 30 yr. T-Bond futures were down a full point at one time today and May Oil was 2.08 a barrel higher. The market might have a difficult time advancing if that trend continues, but it did show a lot of strength today with these bearish trends pulling against it.

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