Friday, March 23, 2007

Closing Market News March 23, 2007

The Dow closed up 19.87 points at 12,481.01 and the Nasdaq closed up 4.44 points at 2456.18. The Dow high was 12,511.05 and the low was 12,449.21 for a 61.84 point range.

Total volume on the NYSE was below average trading 1.39 billion shares. Up/down volume was 1.42 to 1 positive, Nasdaq up/down volume was 1.01 to 1 negative.

June E-mini S&P futures closed up 2.00 at 1447.00 and the Nasdaq 100 futures closed down 7.25 at 1811.50. June E-mini S&P total volume was below average trading 750,770 contracts. June 30 yr. T-Bond futures closed down 0-08 at 111-26.

May Oil futures closed up .59 at 62.28 and the April Natural Gas futures closed down .05 at 7.27.

April Gold futures closed down 6.90 at 657.30 and May Silver futures closed down 0.253 at 13.227.

Grains were all lower with May Wheat down 5 ½ at 461 ½, May Beans wee 2 ¼ lower closing at 769 ½, and May Corn was 6 ¼ lower closing at 403 ¼.

April Live Cattle futures closed down .30 at 98.10 and May Feeder Cattle closed down 0.450 at 106.725. April Lean Hogs closed down 0.225 at 63.575.

“A government that robs Peter to pay Paul can always depend on the support of Paul.”

Author: George Bernard Shaw

AS I SEE IT: The market continued to hold its up-trend even though Oil was higher and Bonds were lower again today. This has been a very strong rally and isn’t giving any sign of giving it up yet. Window dressing starts the end of next week, so we’ll see if this current strength is going to hold right through the end of the month.

The Soaring Phoenix Market Strategies keep us in tune with the market no matter where it goes. Even with the very slow momentum in the market today, our strategies worked very well. Market movement defies logic, so trading strategies that work are very important for all traders.

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