Monday, April 16, 2007

Closing Market News April 16, 2007

The Dow closed up 108.33 at 12,720.46 and the Nasdaq closed up 26.39 at 2518.33. The Dow high was 12,731.18 and the low was 12,611.31 for a 119.87 point range.

Total volume on the NYSE was average trading 1.55 billion shares. Up/down volume was 2.60 to 1 positive, Nasdaq up/down volume was 2.69 to 1 positive.

June E-mini S&P futures closed up 14.25 points at 1475.50 and the Nasdaq 100 futures closed up 16.50 at 1848.25. June E-mini S&P total volume was above average trading 1.20 million contracts. June 30 yr. T-Bond futures closed up 0-11 at 110-19.

June Oil futures closed down .66 at 65.67 and the May Natural Gas futures closed down .27 at 7.53.

June Gold futures closed up 4.60 at 694.50 and the May Silver futures closed down 0.010 at 14.080.

Grains were all lower with July Wheat down 1 ¾ cents closing at 4.88 ¼, July Beans were 1 ¾ lower closing at 7.53 ¼, and July Corn closed down 5 ½ cents at 3.76.

June Live Cattle futures closed up .20 at 92.90 and May Feeder Cattle closed up .80 at 108.525. June Lean Hogs closed up .85 at 77.85.

“In general, the art of government consists of taking as much money as possible from one class of citizens to give to another.”

Author: Voltaire

AS I SEE IT: I wanted to sell the market back to the opening gap this morning, but the market gave me buy signals and closed near the high of the day. There is a gap under the market now that will fill before long, but for now the market is still gaining ground day after day. Earnings will determine the direction this week, and as long as they are good the market will advance. Short-term it is getting overbought in here though.


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