Friday, May 11, 2007

Closing Market News May 11, 2007





The Dow closed up 111.09 at 13,326.22 and the Nasdaq closed up 28.48 at 2562.22. The Dow high was 13,333.45 and the low was 13,212.04 for a 121.41 point range.

Total volume on the NYSE was below average with 1.41 billion shares traded. Up/down volume was 4.42 to 1 positive, Nasdaq up/down volume was 4.02 to 1 positive.

June E-mini S&P futures closed up 13.00 at 1512.25 and the Nasdaq 100 futures closed up 24.00 at 1910.50. June E-mini S&P total volume was average trading 1.21 million contracts. June 30 yr. T-Bond futures closed down 0-09 at 111-09.

June Oil futures closed up .56 at 62.37 and the June Natural Gas futures closed up .17 at 7.90.

June Gold futures closed up 5.30 at 672.30 and July Silver futures closed up 0.165 at 13.305.

Grains were all higher with July Wheat closing up 11 ½ cents at 4.93, July Beans were 15 ½ cents higher closing at 7.61 ¾, and July Corn futures closed up 14 ¾ at 3.69 ¼.

June Live Cattle futures closed up .70 at 93.40 and August Feeder Cattle closed up .10 at 112.85. June Lean Hogs closed up 0.325 at 74.975.

“For time and the world do not stand still. Change is the law of life. And those who look only to the past or the present are certain to miss the future.”

Author: John F. Kennedy

AS I SEE IT: The market had a nice correction yesterday, so logic would tell us that there might be a little more to come on the downside. Wrong! The market turned on the weaker than expected Retail Sales Report and rallied back up near the highs of this bull rally. Traders who went short yesterday had to cover today, helping to fuel the rally. The direction has been up, and traders have been buying the dips for the last few months. When a trade works why change it? I do believe that the markets around the world are getting ahead of themselves, but I trade with the trend.

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LEARN HOW TO GET THE ATM NUMBERS FOR EVERYTHING YOU TRADE.

NOW IT’S ALL IN THE NEW E-mini S&P DAY-TRADING E-BOOK.

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