Tuesday, May 22, 2007

Closing Market News May 22, 2007

The Dow closed down 2.93 points at 13,539.95 and the Nasdaq closed up 9.23 points at 2588.02. Transports closed 5.75 lower at 5197.19. The Dow high was 13,583.51 and the low was 13,528.98 for a 54.53 point range.

Total volume on the NYSE was below average trading 1.47 billion shares. Up/down volume was 1.08 to 1 positive, Nasdaq up/down volume was 1.67 to 1 positive.

June E-mini S&P futures closed down 2.75 at 1525.25 and the Nasdaq 100 futures closed up 4.00 at 1920.25. June S&P E-mini futures total volume was below average trading 969,947 contracts. June 30 yr. T-Bond futures closed down 0-16 at 109-19.

July Oil futures closed down 1.36 at 65.51 and the June Natural Gas futures closed down .11 at 7.80.

June Gold futures closed down 3.80 at 660.00 and July Silver futures closed down .15 at 12.99.

Grains were all lower with July Wheat closing down 8 ½ cents at 4.71, July Beans were 7 ¼ cents lower closing at 7.93 ¼, and July Corn futures closed down 11 ½ cents at 3.69 ½.

June Live Cattle futures closed down 1.10 at 92.50 and August Feeder Cattle closed unchanged at 113.70. June Lean Hogs closed down 0.675 at 74.650.

“I take a simple view of living. It is keep your eyes open and get on with it.”

Author: Laurence Olivier

AS I SEE IT: The S&P sold off a little after the open today, rallied back up near resistance at yesterday’s high, and repeated yesterday’s late day sell-off, closing right at the low of the day. The Oil market was 1.36 lower, but the interest rates are going up a little every day. Look at the Bond chart, remembering that the lower the Bonds trade the higher the interest rates. Higher interest rates from here could worry this bull market.



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