Closing Market News May 18, 2007
The Dow closed up 79.81 at 13,556.53 and the Nasdaq closed up 19.07 at 2558.45. Transports were 8.67 points lower closing at 5213.71. The Dow high was 13,558.48 and the low was 13,476.40 for an 82.08 point range.
Total volume on the NYSE was above average trading 1.64 billion shares. Up/down volume was 1.34 to 1 positive, Nasdaq up/down volume was 2.02 to 1 positive.
June E-mini S&P futures closed up 12.75 at 1528.00 and the Nasdaq 100 futures closed up 15.50 at 1905.75. June E-mini S&P total volume was average trading 1.19 million contracts. June 30 yr. T-Bond futures closed down 0-17 at 109-29.
July Oil futures closed up .06 at 65.98 and the June Natural Gas futures closed down .13 at 7.94.
June Gold futures closed up 4.80 at 662.20 and July Silver futures closed up 0.120 at 13.003.
Grains closed down with July Wheat trading down 14 ¼ cents at 4.71 ¼, July Beans closed down ¼ cent at 7.92 ½, and July Corn futures closed down 2 ¾ cents at 3.70 ¼.
June Live Cattle closed up 0.225 at 92.650 and August Feeder Cattle closed up 0.775 at 113.725. June Lean Hogs closed down 0.225 at 75.400.
“He who knows best knows how little he knows.”
Author: Thomas Jefferson
AS I SEE IT: The S&P gapped up about 5 points this morning on Options Expiration day and didn’t look back. There is a gap under the market at the 1505.00 level that should fill, but today the short sellers were squeezed out right into the closing bell. The Oil market is near 66.00 dollars a barrel and the interest rates are going up, but the stock market keeps on trucking.
Markets can stay overbought for some time, and this is a market that keeps on manufacturing money day after day, so there hasn’t been any reason for traders who are long to sell. A correction will come in time though, and it could be hard and fast.
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