Tuesday, April 3, 2007

Closing Market News April 3, 2007

The Dow closed up 128.00 at 12,510.30 and the Nasdaq closed up 28.07 at 2450.33. The Dow high was 12,534.27 and the low was 12,379.05 for a 155.22 point range.

Total volume on the NYSE was average trading 1.55 billion shares. Up/down volume was 3.99 to 1 positive, Nasdaq up/down volume was 2.89 to 1 positive.

June E-mini S&P futures closed up 14.00 at 1447.25 and the Nasdaq 100 futures closed up 24.75 at 1814.75. June E-mini S&P futures total volume was average trading 1.00 million contracts. June 30 yr. T-Bond futures closed down 0-06 at 111-05.

May Oil futures closed down 1.30 at 64.64 and May Natural Gas futures closed down .25 at 7.43.

June Gold futures closed down 1.80 at 669.70 and May Silver futures closed up .08 at 13.43.

Grains were all lower with May Wheat down 9 cents at 4.19, May Beans were 15 ¼ cents lower closing at 7.63 ¾, and May Corn closed down 8 ½ cents at 3.46 ¼.

June Live Cattle closed down 1.40 at 95.00 and May Feeder Cattle closed up .30 at 111.525. June Lean Hogs closed up .550 at 76.075.

“A man who does not think for himself does not think at all.”

Author: Oscar Wilde

AS I SEE IT: Pending Home Sales were higher, and the German, Mexico, and China markets were all setting new highs this morning. For those reasons and because Oil was over a dollar lower, the market had a good strong rally after breaking short-term resistance today. As long as the E-mini S&P trades above 1440.00 the rally can continue.

I sold the E-mini S&P market 2 and 4 points higher in the overnight market, but this morning early our Market Trading Strategies gave me buy signals. A small loss turned into a very good day by the close of trading. Tonight I will sell the E-mini S&P 2 and 4 points higher taking profit at today’s closing price.

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