Friday, March 30, 2007

Closing Market News March 30, 2007

The Dow closed up 5.60 at 12,354.35 and the Nasdaq closed up 3.76 at 2421.64. The Dow high was 12,416.20 and the low was 12,242.60 for a 173.60 point range.

Total volume on the NYSE was average trading 1.53 billion shares. Up/down volume was 1.27 to 1 negative, Nasdaq 100 up/down volume was 1.68 to 1 positive.

June E-mini S&P futures closed down .25 at 1431.25 and the Nasdaq 100 futures closed up 2.75 at 1790.75. June E-mini S&P futures total volume was above average trading 1.39 million contracts. June 30 yr. T-Bond futures closed down 0-08 at 111-10.

May Oil futures closed down .16 at 65.87 and May Natural Gas futures closed up .12 at 7.73.

June Gold futures closed up 1.40 at 669.00 and May Silver futures closed up .11 at 13.45.

Grains were all much lower with May Wheat down 23 cents at 4.38, May Beans were 17 cents lower closing at 7.61 ¼, and May Corn closed down 20 cents (limit down) at 3.74 ½.

June Live Cattle closed up 0.925 at 94.875 and May Feeder Cattle closed up 2.675 at 109.975. June Lean Hogs closed up 1.325 at 75.400.

“You’ve achieved success in your field when you don’t know whether what you’re doing is work or play.”

Author: Warren Beatty

AS I SEE IT: The market traded higher until the government announced that the U.S. will apply New Duties on Chinese paper imports. That announcement knocked the Dow down over 100 points, but all week the market has rallied off the days lows. The Dow finished just a little higher and the S&P was just a tad lower on the close. End of the quarter Window Dressing has been in full force for the last couple days. If the Oil market is lower on Monday the rally should continue for at least a couple more days.

To make money in the market we need to know what is going to happen in the future, that’s what the Soaring Phoenix Market Trading Strategies tell us.

Have a great weekend everyone!

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