Tuesday, May 29, 2007

Closing Market News May 29, 2007





The Dow closed up 14.06 at 13,521.34 and the Nasdaq closed up 14.87 at 2572.06. Transports were up 59.05 at 5206.63. The Dow high was 13,564.66 and the low was 13,465.35 for a 99.31 point range.

Total volume on the NYSE was below average trading 1.41 billion shares. Up/down volume was 1.45 to 1 positive, Nasdaq up/down volume was 2.04 to 1 positive.

June E-mini S&P futures closed up 5.25 at 1522.50 and the Nasdaq 100 futures closed up 13.50 at 1906.50. June E-mini S&P futures total volume was average trading 1.13 million contracts. June 30 Yr. T-Bond futures closed down 0-07 at 109-01.

July Oil futures closed down 2.05 at 63.15 and the July Natural Gas futures closed down .06 at 7.73.

June Gold futures closed up 1.90 at 657.20 and July Silver futures closed up 0.223 at 13.223.

Grains were all lower with July Wheat down 10 cents closing at 4.91, July Beans were down 15 cents at 7.97 ½, and July Corn futures closed down 11 ¼ at 3.64 ¾.

June Live Cattle futures closed down .05 at 91.00 and the August Feeder Cattle closed up .60 at 111.55. June Lean Hogs closed up 0.200 at 74.925.


“If you can’t explain it simply, you don’t understand it well enough.”

Author: Albert Einstein

AS I SEE IT: The S&P gapped up on the open and continued higher to resistance before selling back below Friday’s close. The last two hours were spent rallying back up near the highs of the day. It is still trading below the up-channel lines for the second day in a row, so now we’ll see if it can trade up into that channel or continue lower.

The Oil futures were the big news today, as the July contract closed down 2.05 at 63.15 after being over 2.50 lower mid-day. The grains had good trading ranges today and they should continue tomorrow.

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