Tuesday, March 27, 2007

Closing Market News March 27, 2007

The Dow closed down 71.78 at 12,397.29 and the Nasdaq closed down 18.20 at 2437.43.

Total volume on the NYSE was very light trading 1.38 billion shares. Up/down volume was 2.75 to 1 negative, Nasdaq up/down volume was 2.14 to 1 negative.

June E-mini S&P futures closed down 4.75 at 1440.50 and Nasdaq 100 futures closed down 8.00 at 1810.25. June E-mini S&P futures total volume was below average. June 30 yr. T-Bonds closed down 0-08 at 111-24.

May Oil futures closed up .02 at 62.93 and April Natural Gas futures closed up .25 at 7.50.

April Gold futures closed down 1.40 at 662.50 and May Silver futures closed down 0.130 at 13.280.

Grains were mixed with May Wheat down 4 cents at 4.54, May Beans were 1 ½ cent lower closing at 7.57, and May Corn futures closed up 1 ½ cent at 3.92 ½.

April Live Cattle closed down 1.225 at 96.825 and May Feeder Cattle closed down 1.00 at 106.95. April Lean Hogs closed down 0.425 at 63.375.

“ Every gun that is made, every warship launched, every rocket fired, signifies in the final sense a theft from those who hunger and are not fed, those who are cold and are not clothed.”

Author: Dwight D. Eisenhower

AS I SEE IT: Even though the market was lower today it would not be unusual for a market rally later in the week as the Window Dressing time grows near. That said, it is hard to tell in the short-term where this market is going because of the situation in the Strait of Hormuz. This evening there was a rumor that Iran had fired a missile into the Strait. The Oil Market spiked up 5.16 to 68.09 and the June E-mini S&P dropped 10 points in overnight trading. So, it is very difficult to know where this market is going in the short-term.

Soaring Phoenix Market Strategies go with Market Momentum, so we keep up with the price movement. With uncertain markets like this these our strategies are very valuable.

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