Thursday, May 3, 2007

Closing Market News May 3, 2007

The Dow closed up 29.50 at 13,241.38 and the Nasdaq closed up 7.62 at 2565.46. The Dow high was 13,246.82 and the low was 13,196.03 for a 50.79 point range.

Total volume on the NYSE was average trading 1.58 billion shares. Up/down volume was 1.83 to 1 positive, Nasdaq up/down volume was 1.72 to 1 positive.

June E-mini S&P futures closed up 7.25 at 1508.25 and the Nasdaq 100 futures closed up 7.75 at 1906.50. June E-mini S&P futures total volume was below average trading 965.071 contracts. June 30 yr. T-Bond futures closed down 0-10 at 111-13.

June Oil futures closed down .49 at 63.19 and the June Natural Gas futures closed up .22 at 7.95.

June Gold futures closed up 9.30 at 684.40 and July Silver futures closed up 0.175 at 13.510.

Grains were mixed with July Wheat up 1 cent closing at 4.94 ½, July Beans were down ¾ of a cent at 7.47 ¾, and July Corn was 7 ½ cents higher closing at 3.89 ¼.

June Live Cattle futures closed down 2.125 at 91.725 and August Feeder Cattle closed down 2.950 at 109.650. June Lean Hogs closed down 0.675 at 73.525.

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”

Author: Winston Churchill

AS I SEE IT: Traders have made a lot of money trading this straight up market. This was another up day even though the gains were not very big. Lower Oil prices helped the Transports gain 68.96 points and that helped everything move up. Tomorrow the Jobs Report will set the tone for the day.

Trading today was good in the S&P market because the buy signal held all day. The nice day-trades for Soaring Phoenix were in the Grains and Oil market.

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