Wednesday, May 2, 2007

Closing Market News May 2, 2007

The Dow closed up 75.74 at 13,211.88 and the Nasdaq closed up 26.31 at 2557.84. The Dow high was 13,256.33 and the low was 13,130.53 for a 125.80 point range.

Total volume was above average trading 1.67 billion shares. Up/down volume was 4.55 to 1 positive, Nasdaq 100 up/down volume was 4.21 to 1 positive.

June E-mini S&P futures closed up 8.25 points at 1501.00 and the Nasdaq 100 futures closed up 13.00 at 1898.75. June E-mini S&P total volume was below average trading 984,771 contracts. June 30 yr. T-Bond futures closed down 0-01 at 111.22.

June Oil futures closed down .72 at 63.68 and June Natural Gas futures closed up .01 at 7.73.

June Gold futures closed down 2.20 at 675.10 and July Silver futures closed down 0.035 at 13.335.

Grains were mixed with July Wheat down 7 ½ cents closing at 4.93 ½, July Beans were 7 ¾ cents lower closing at 7.48 ½, and July Corn closed up 4 ½ cents at 3.82.

June Live Cattle futures closed down 0.025 at 93.850 and August Feeder Cattle closed up 0.050 at 112.650. June Lean Hogs closed down 1.275 at 74.250.

“I want to be thoroughly used up when I die, for the harder I work the more I live. I rejoice in life for its own sake.”

Author: George Bernard Shaw

AS I SEE IT: This has been a very easy market to trade for the last few weeks, because except for a couple days the direction is up. The market traded higher overnight, filled the opening gap this morning, and ran straight up for the first hour and a half. It did give back a little ground in the last couple hours. Everyone knows the market is overbought, but until something comes along to disrupt this party, the easy direction is still up this evening.

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