Closing Market News May 31, 2007

The Dow closed down 5.44 points at 13.627.64 and the Nasdaq closed up 11.93 at 2604.52. The Dow high was 13,673.07 and the low was 13,614.72 for a 58.35 point range.

Total volume on the NYSE was above average trading 1.80 billion shares. Up/down volume was 1.18 to 1 positive, Nasdaq up/down volume was 2.02 to 1 positive.

June E-mini S&P futures closed down 1.00 at 1533.00 and the Nasdaq 100 futures closed up 9.75 at 1923.25. June 30 Yr. T-Bond futures closed unchanged at 109-05.

July Oil futures closed up .52 at 64.01 and July Natural Gas futures closed down 0.0060 at 7.93.

June Gold futures closed up 7.90 at 661.00 and July Silver futures closed up .26 at 13.48.

Grains were mixed with July Wheat up 6 ¼ cents at 5.17, July Beans were down 2 cents at 8.06 ¼, and July Corn futures closed up 8 cents at 3.90 ¼.

June Live Cattle futures closed up .45 at 91.15 and August Feeder Cattle closed up 1.075 at 111.425. June Lean Hogs closed down 0.200 at 75.075.

“A chief event of life is the day in which we have encountered a mind that startled us.”

Author: Ralph Waldo Emerson

AS I SEE IT: The S&P rallied in overnight trading and continued up as the regular session opened on the NYSE. The rally lasted about 40 minutes before it sold off down below yesterday’s closing price. The rest of the day was spent trading back and forth in a very small range. It seemed to me that the market was just waiting for the Employment Report, Personal Income Report, Consumer Sentiment, ISM Mfg Index, Pending Home Sales Index, and the Motor Vehicle Sales Report. That’s more information than any market needs in one day. The market continues to be overbought but it held its own again today. I don’t like it when everyone gets bullish and that’s what seems to be happening now.

Day-trading was very good in the Oil and Grain markets today. Market movement was very slow in the E-mini S&P after the first couple hours of trading.