Closing Market News May 21, 2007

The Dow closed down 13.65 at 13,542.88 and the Nasdaq closed up 20.34 at 2578.79. Transports were 10.77 points lower closing at 5202.94. The Dow high was 13,586.03 and the low was 13,529.14 for a 56.89 point range.

Total volume on the NYSE was average trading 1.50 billion shares. Up/down volume was 1.69 to 1 positive, Nasdaq up/down volume was 3.17 to 1 positive.

June E-mini S&P futures closed unchanged at 1528.00 and the Nasdaq 100 futures closed up 10.50 at 1916.25. June E-mini S&P total volume was average trading 1.02 million contracts. June 30 yr. T-Bond futures closed up 0-06 at 110.04.

July Oil futures closed up .89 at 66.87 and the June Natural Gas futures closed down .03 at 7.91.

June Gold futures closed up 1.80 at 663.80 and July Silver futures closed up 0.127 at 13.13.

Grains were up strong today with July Wheat up 8 ¼ cents closing at 4.79 ½, July Beans were up 8 cents at 8.00 ½, and July Corn was 9 ¾ higher closing at 3.81.

June Live Cattle closed up .95 at 93.60 and August Feeder Cattle closed down 0.025 at 113.700. June Lean Hogs closed down 0.075 at 75.325.

“I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.”

Author: Thomas Jefferson

AS I SEE IT: The S&P traded higher after the opening bell and set a new high but couldn’t hold the gain. It sold off 7.50 points in the last hour and a half, closing unchanged. In after hours trading it is down 1.50 points.

Higher Oil prices and the overbought condition of the market contributed to the late day sell-off. The Market internals were positive today, so we’ll see if it can rally back in the morning, or if this is the start of a needed correction.

CAN I USE THE S&P DAY-TRADING STRATEGIES IN OTHER MARKETS?

YES YOU CAN.