Closing Market News May 17, 2007
The Dow closed down 10.81 at 13,476.72 and the Nasdaq closed down 8.04 at 2539.38. Transports closed up 7.13 at 5222.38. The Dow high was 13,516.71 and the low was 13,447.79 for a 68.92 point range.
Total volume on the NYSE was below average trading 1.45 billion shares. Up/down volume was 1.04 to 1 negative, Nasdaq up/down volume was 1.13 to 1 negative.
June E-mini S&P futures closed down 2.75 at 1515.25 and the Nasdaq 100 futures closed down 11.00 at 1890.25. June E-mini S&P total volume was average trading 1.12 million contracts. June 30 yr. T-Bond futures closed down 0-16 at 110.14.
July Oil futures closed up 1.97 at 65.92 and June Natural Gas futures closed up .19 at 8.07.
June Gold futures closed down 4.30 at 657.20 and July Silver futures closed down 0.047 at 12.883.
Grains were mixed with July Wheat closing down 11 ¼ cents at 4.85 ½, July Beans were unchanged closing at 7.92 ¾, and July Corn was down 3 cents closing at 3.73.
June Live Cattle futures closed down 0.525 at 92.425 and August Feeder Cattle closed down .20 at 112.90. June Lean Hogs closed unchanged at 75.60.
“In large states public education will always be mediocre, for the same reason that in large kitchens the cooking is usually bad.”
Author: Friedrich Nietzsche
AS I SEE IT: The S&P started the day lower, rallied up a point and a half above resistance, and then sold off into the close. With interest rates creeping up almost daily and oil prices up near two dollars a barrel, this market held up very well again today. Options Expiration takes place tomorrow, so on Monday we’ll see if the market can continue to rally or if the overbought condition takes hold.
The markets are on the move so trading was very good in the E-mini S&P, Grains, Gold, and the Oil market today.
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