Wednesday, March 28, 2007

Closing Market News March 28, 2007

The Dow closed down 96.93 at 12,300.36 and the Nasdaq closed down 20.33 at 2417.10. The Dow high was 12,396.49 and the low was 12,257.42 for a 139.07 point range.

The total volume on the NYSE was below average trading 1.46 billion shares. Up/down volume was 2.95 to 1 negative, Nasdaq up/down volume was 3.55 to 1 negative.

June E-mini S&P futures closed down 11.00 at 1429.50 and the Nasdaq 100 futures closed down 20.00 at 1790.25. June E-mini S&P total volume was above average trading 1.46 million contracts. June T-Bond futures closed down 0-05 at 111-19.

May Oil futures closed up 1.15 at 64.08 and April Natural Gas futures closed up .05 at 7.56.

April Gold futures closed up 4.30 at 666.80 and May Silver futures closed up 0.175 at 13.455.

Grains were mixed with May Wheat up 2 ½ closing at 4.56 ½, May Beans were 13 ¾ cents higher closing at 7.70 ¾, and May Corn was down 4 cents at 3.88 ½.

April Live Cattle futures closed down 0.650 at 96.175 and May Feeder Cattle closed up 0.225 at 107.175. April Lean Hogs closed up 0.025 at 63.400.

“Back of every mistaken venture and defeat is the laughter of wisdom, if you listen.”

Author: Carl Sandburg

AS I SEE IT: High Oil prices, lower Bond prices, and Mr. Bernanke telling Congress that housing prices could be a problem, caused the market to give up some ground again today. The Oil market is a little overbought in the short-term, so unless we have further tensions in the Strait of Hormuz the Oil price can come down a little, and the market could gain some ground into Window Dressing the next few days.


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