Monday, April 23, 2007

Closing Market News April 23, 2007

The Dow closed down 42.58 at 12,919.40 and the Nasdaq closed down 2.72 at 2523.67. The Dow high was 12,983.92 and the low was 12,916.63 for a 67.29 point range.

Total volume on the NYSE was below average trading 1.43 billion shares. Up/down volume was 1.25 to 1 negative, Nasdaq up/down volume was 1.05 to 1 negative.

June E-mini S&P futures closed down 4.75 at 1488.25 and the Nasdaq 100 futures closed up .50 at 1863.00. June E-mini S&P total volume was below average trading 837,566 contracts. June 30 yr. T-Bond futures closed up 0-07 at 111-16.

June Oil futures closed up 1.78 at 65.89 and the May Natural Gas futures closed up .18 at 7.56.

June Gold futures closed down 1.60 at 694.20 and the May Silver futures closed up 0.095 at 14.050.

Grains were all lower with July Wheat closing at 5.05 ¼ down 9 ¼ cents, July Beans closed down 2 ¾ cents at 7.38, and July Corn closed down 8 cents at 3.64.

June Live Cattle futures closed up 0.875 at 93.150 and May Feeder Cattle futures closed up 1.525 at 108.975. June Lean Hogs closed down 0.550 at 76.500.

“Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young. The greatest thing in life is to keep your mind young.”

Author: Henry Ford

AS I SEE IT: The market did sell-off a little today because of higher Oil prices, and because it was short-term overbought. It started out a little higher but drifted lower after the first 2 hours of trading. Higher Oil prices could put a lid on the market for a while if prices rise, but this is still a very strong market that only needs a little good news to keep the rally going.

There are gaps under the S&P prices that will fill, but as long as the momentum is up it could take a while. Soaring Phoenix Market Day Trading Strategies keep traders buying and selling with the momentum of the day.



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