Thursday, May 10, 2007

Closing Market News May 10, 2007

The Dow closed down 147.74 points at 13,215.13 and the Nasdaq closed 42.60 points lower at 2533.74. The Dow high was 13,359.13 and the low was 13,210.90 for a 148.23 point range.

Total volume on the NYSE was average trading 1.53 billion shares. Up/down volume was 7.53 to 1 negative, Nasdaq up/down volume was 6.38 to 1 negative.

June E-mini S&P futures closed down 16.25 at 1499.25 and the Nasdaq 100 futures closed down 25.74 at 1886.50. June E-mini S&P total volume was above average trading 1.65 million contracts. June 30 yr. T-Bond futures closed up 0-08 at 111-19.

June Oil futures closed up .26 at 61.81 and June Natural Gas futures closed up 0.0060 at 7.73.

June Gold futures closed down 15.50 at 667.00 and July Silver futures closed down .32 at 13.13.

Grains were all lower with July Wheat closing down ½ cent at 4.81 ½, July Beans were down 1 ¼ cents at 7.46 ¼, and July Corn closed down 11 ¾ cents at 3.54 ½.

June Live Cattle futures closed up .30 at 92.70 and August Feeder Cattle closed up 0.525 at 112.700. June Lean Hogs closed up 0.275 at 74.650.

“Service to others is the rent you pay for your room here on earth.”

Author: Muhammad Ali

AS I SEE IT: The market has been overbought for quite sometime and today some of that overbought condition was relieved. The market traded through the short-term support prices and continued on lower. Now we’ll see if this is just a needed correction or something bigger. There wasn’t anybody getting run over at the door today, so we’ll see what the next day or two brings. A correction will be good for this market.

Day-trading was very good in the E-mini S&P, Oil, Grains, and the Gold market today.

You can have as much fun trading as I do.


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