Monday, March 26, 2007

Closing Market News March 26, 2007

The Dow closed down 11.94 points at 12,469.07 and the Nasdaq was 6.70 lower closing at 2455.63. The Dow high was 12486.70 and the low was 12,367.17 for a 119.53 point range.

Total volume on the NYSE was below average trading 1.46 billion shares. Up/down volume was 1.12 to 1 negative, Nasdaq up/down volume was 1.01 to 1 negative.

June E-mini S&P futures closed down 1.75 at 1445.25 and the Nasdaq 100 futures closed up 6.75 points at 1818.25. June E-mini S&P futures total volume was above average trading 1.15 million contracts. June 30 yr. T-Bond futures closed up 0-03 at 111-30.

May Oil futures closed up .63 at 62.91 and April Natural Gas futures closed down .01 at 7.25.

April Gold futures closed up 6.70 at 664.00 and May Silver futures closed up 0.183 at 13.410.

Grains were all lower today with May Wheat down 3 ½ cents at 4.58, May Beans were 11 cents lower closing at 7.58 ½, and May Corn futures closed down 12 ¼ cents at 3.91.

April Live Cattle futures closed down 0.050 at 98.050 and May Feeder Cattle closed up 1.225 at 107.950. April Lean Hogs closed up 0.225 at 63.800.

“All mankind is divided into three chasses: those that are immovable, those that are movable, and those that move.”

Author: Benjamin Franklin

AS I SEE IT: The market moved sharply lower on the New Home Sales Report this morning. The Dow fell 113.84 points and the June E-mini S&P futures were 13.25 lower before finding support. From there the market rallied all the way back up, going positive right before the close. This market has been very strong, and even though it bent today it couldn’t be broken down. The market should trade higher unless today’s low is taken out.

Soaring Phoenix Market Strategies go with the Market Momentum, so you keep up with the price action. If you have questions about these strategies give me a call or send an email.

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