Closing Market News May 23, 2007

The Dow closed down 14.30 at 13,525.65 and the Nasdaq closed down 10.97 at 2577.05. The Transports were up 2.54 at 5199.73. The Dow high was 13,609.76 and the low was 13,506.14 for a 103.62 point range.

Total volume on the NYSE was above average trading 1.60 billion shares. Up/down volume was 1.04 to 1 negative, Nasdaq up/down volume was 1.66 to 1 negative.

June E-mini S&P futures closed up .25 at 1525.50 and the Nasdaq 100 futures closed down 10.00 at 1910.25. June E-mini S&P futures total volume was above average trading 1.31 million contracts. June 30 yr. T-Bond futures closed down 0-09 at 109-10.

July Oil futures closed up .26 at 65.77 and the June Natural Gas futures closed down .04 at 7.76.

June Gold futures closed up 2.80 at 662.70 and July Silver futures closed up 0.115 at 13.105.

Grains were mixed with July Wheat up 5 ½ cents at 4.76 ½, July Beans closed up 7 ¼ at 8.00 ½, and July Corn closed down 1 cent at 3.68 ½.

June Live Cattle futures closed down .65 at 91.85 and the August Feeder Cattle closed down 0.975 at 112.725. June Lean Hog futures closed down 0.025 at 74.625.

“Mankind must put an end to war, or war will put an end to mankind.”

Author: John F. Kennedy

AS I SEE IT: The S&P started the day 5 points higher at open and rallied on up through resistance a couple points before selling off for the third day in a row. The down move was blamed on Greenspan’s comments about China, but interest rates continued to go up today, also. Everyone knows the market is overextended, but the momentum has been up so traders have continued to trade with it. It’s always wise to use caution in overbought markets.

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