Wednesday, May 16, 2007

Closing Market News May 16, 2007

The Dow closed up 103.69 at 13,487.53 and the Nasdaq closed up 22.13 at 2547.42. The Transports closed up 88.98 at 5215.25. The Dow high was 13,489.57 and the low was 13,363.93 for a 125.64 point range.

Total volume on the NYSE was average trading 1.50 billion shares. Up/down volume was 2.36 to 1 positive, Nasdaq up/down volume was 2.19 to 1 positive.

June E-mini S&P futures closed up 9.50 at 1518.00 and the Nasdaq 100 futures closed up 17.75 at 1901.25. June E-mini S&P total volume was average trading 1.26 million contracts. June 30 yr. T-Bond futures closed up 0-01 at 110-29.

July Oil futures closed down .65 at 63.95 and June Natural Gas futures closed up .03 at 7.89.

June Gold futures closed down 13.00 at 661.50 and July Silver futures closed down 0.385 at 12.930.

Grains were mixed with July Wheat down 5 ¼ cents at 4.96 ¾, July Beans closed up 14 ¾ at 7.92 ¾, and July Corn closed up 4 ½ cents at 3.76.

June Live Cattle futures closed down 0.175 at 92.950 and August Feeder Cattle closed up .25 at 113.10. June Lean Hogs closed up 1.05 at 75.60.

“I do not know with what weapons World War 3 will be fought, but World War 4 will be fought with sticks and stones.”

Author: Albert Einstein

AS I SEE IT: The S&P rallied on the open, sold off to support, and rallied back up to resistance. The Dow keeps making new highs almost daily. There have been good earnings reports, bullish government reports, and today it was billionaires buying railroads and banks. The bull market is manufacturing money, so until the final bell rings the trend is your friend.

The E-mini S&P, Grains, Oil, and the Gold were very good trading markets today.

No comments: