Closing Market News May 14, 2007

The Dow closed up 20.56 at 13,346.78 and the Nasdaq closed down 15.78 at 2546.44. The Dow high was 13,383.76 and the low was 13,297.04 for an 86.72 point range.

Total volume on the NYSE was below average trading 1.39 billion shares. Up/down volume was 1.53 to 1 negative, Nasdaq up/down volume was 1.72 to 1 negative.

June E-mini S&P futures closed down 3.50 at 1508.75 and the Nasdaq 100 futures closed down 14.25 at 1896.25. June E-mini S&P total volume was average trading 1.12 million contracts. June 30 yr. T-Bond futures closed down 0-08 at 111-02.

July Oil futures closed down .23 at 63.89 and June Natural Gas futures closed up .05 at 7.95.

June Gold futures closed down 2.20 at 670.10 and July Silver futures closed down 0.070 at 13.235.

Grains closed mixed with July Wheat closing up 4 cents at 4.96 ½, July Beans closed up 8 ¾ cents at 7.70 ½, and July Corn closed down 6 cents at 3.63 ¼.

June Live Cattle futures closed .20 lower at 93.20 and August Feeder Cattle closed up 0.375 at 113.225. June Lean Hogs closed down 0.475 at 74.500.

“An ounce of action is worth a ton of theory.”

Author: Ralph Waldo Emerson

AS I SEE IT: The S&P ran up and checked out overhead resistance before selling off again today. It seems like traders might be a little worried about the CPI that comes out tomorrow morning at 8:30ET. In the overnight market the E-mini S&P is 2 points lower right now.

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