Friday, May 4, 2007

Closing Market News May 4, 2007

The Dow closed up 23.24 points at 13,264.62 and the Nasdaq closed up 6.69 at 2572.15. The Dow high was 13,284.53 and the low was 13,228.78 for a 55.75 point range.

Total volume on the NYSE was average trading 1.53 billion shares. Up/down volume was 1.57 to 1 positive, Nasdaq up/down volume was 2.00 to 1 positive.

June E-mini S&P futures closed up 6.00 at 1514.25 and the Nasdaq 100 closed up 2.00 at 1908.50. June E-mini S&P total volume was average trading 1.13 million contracts. June 30 yr. T-Bond futures closed up 0-12 at 111-26.

June Oil futures closed down 1.23 at 63.72 and June Natural Gas futures closed down 0.0090 at 7.94.

June Gold futures closed up 5.30 at 689.70 and July Silver futures closed up 0.020 at 13.530.

Grains were mixed with July Wheat up ¼ cent at 4.94 ¾, July Beans were down ¼ cent closing at 7.47 ½, and July Corn closed up 1 ½ cent closing at 3.90 ¾.

June Live Cattle futures closed up 0.450 at 92.175 and August Feeder Cattle closed down 0.375 at 109.275. June Lean Hogs closed up 1.300 at 74.825.

“A politician needs the ability to foretell what is going to happen tomorrow, next week, next month, and next year, and to have the ability afterwards to explain why it didn’t happen.”

Author: Winston Churchill

AS I SEE IT: The market moved back and forth in a small range today, but in the end it was another up day. The market has traded higher for five weeks, closing near the high today. This has been a fantastic run that is feeding upon itself. The money manufacturing machine is working world wide, and the fear of buying has dried up, even though the strength indicators are overbought.

There were excellent trading patterns in the S&P, Grains, Gold, and the Oil market again today. Our day-trading strategies continue to lead the price movement.

Have a great weekend!


No comments: