Tuesday, May 15, 2007

Closing Market News May 15, 2007

The Dow closed up 37.06 at 13,383.84 and the Nasdaq closed down 21.15 at 2525.29. The Dow high was 13,481.52 and the low was 13,339.47 for a 142.05 point range.

Total volume on the NYSE was above average trading 1.64 billion shares. Up/down volume was 1.30 to 1 negative, Nasdaq up/down volume was 3.44 to 1 negative.

June E-mini S&P futures closed down .25 at 1508.50 and the Nasdaq 100 futures closed down 12.75 at 1883.50. June E-Mini S&P total volume was above average trading 1.71 million contracts. June 30 yr. T-Bond futures closed 0-06 at 110-30.

July Oil futures closed up .71 at 64.60 and June Natural Gas futures closed down 0-09 at 7.86.

June Gold futures closed up 4.30 at 674.40 and July Silver futures closed up 0-080 at 13.315.

Grains were all higher with July Wheat up 5 ½ cents closing at 5.02, July Beans were 7 ½ cents higher at 7.78, and July Corn was 8 ¼ cents higher closing at 3.71 ½.

June Live Cattle futures closed down 0-050 at 93.150 and August Feeder Cattle closed down 0.375 at 112.850. June Lean Hogs closed up 0.050 at 74.550.

“Any man who reads too much and uses his own brain to little falls into lazy habits of thinking.”

Author: Albert Einstein

AS I SEE IT: The Dow set another record high today but failed to hold the big rally into the close. At the close the Dow had sold off 97.68 points from the high and still closed up 37.06 points. The E-mini S&P rallied up 11 points and broke through resistance by a point, but traders took profits and sold it back below yesterday’s closing price. The support lines held, but it wouldn’t take a very big push to turn this market lower.

The Soaring Phoenix Market Strategies worked very well in the E-mini S&P, Grains, and the Oil Market today.


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