Tuesday, April 24, 2007

Closing Market News April 24, 2007

The Dow closed up 34.54 points at 12,953.94 and the Nasdaq closed up .87 at 2524.54. The Dow high was 12,989.86 and the low was 12,903.06 for an 86.80 point range.

Total volume on the NYSE was above average trading 1.64 billion shares. Up/down volume was 1.10 to 1 negative, Nasdaq up/down volume was 1.02 to 1 positive.

June E-mini S&P futures closed up .25 at 1488.50 and the Nasdaq 100 closed up 7.25 at 1870.25. June E-mini S&P futures total volume was above average trading 1.20 million contracts. June T-Bond futures closed up 0-10 at 111-25.

June Oil futures closed down 1.31 at 64.58 and the May Natural Gas futures closed up .04 at 7.60.

June Gold futures closed down 6.50 at 687.70 and May Silver futures closed down 0.268 at 13.782.

Grains were mixed with July Wheat down 8 cents closing at 4.97 ½, July Beans were 11 ¾ cents lower closing at 7.26 ¼, and July Corn was 7 ¼ cents higher closing at 3.71 ¼.

June Live Cattle futures closed up .15 at 93.30 and May Feeder Cattle closed up 0.150 at 109.125. June Lean Hogs closed down 1.10 at 75.45.

“The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those which fail.”

Author: Napoleon Hill

AS I SEE IT: There were two separate markets today. The Dow gained ground because IBM and a few other large cap stocks had big gains. The S&P fell about 8 points because of high Oil prices and poor Housing Starts on the open, but Oil traders took profits driving prices down over 1.50 a barrel at the low. As the Oil market fell the S&P rallied all the way back to yesterday’s close.

The S&P did come within .30 cents of filling the first gap under the market today. Market internals were not good again today, but when momentum turns up there are plenty of buyers to push prices higher.



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