Monday, May 7, 2007

Closing Market News May 7, 2007

The Dow closed up 48.35 at 13,312.97 and the Nasdaq closed down 1.20 at 2570.95. The Dow high was 13,317.69 and the low was 13,228.78 for an 88.91 point range.

Total volume on the NYSE was light trading 1.32 billion shares. Up/down volume was 1.39 to 1 positive, Nasdaq up/down volume was 1.17 to 1 negative.

June E-mini S&P futures closed unchanged at 1514.25 and the Nasdaq 100 futures closed down 1.75 points at 1906.75. June E-mini S&P total volume was very light trading 522,063 contracts. June 30 yr. T-Bond futures closed up 0-05 at 112-00.

June Oil futures closed down .46 at 61.47 and June Natural Gas futures closed down .16 at 7.78.

June Gold futures closed up .60 at 690.30 and July Silver futures closed up .11 at 13.64.

Grains were all lower with July Wheat down ¾ of a cent closing at 4.94, July Beans were down 5 cents at 7.42 ½, and July Corn was 11 ¾ cents lower closing at 3.79.

June Live Cattle futures closed down 0.225 at 91.95 and August Feeder Cattle closed up 0.525 at 109.800. June Lean Hogs closed up 0.050 at 74.875.

“Continuous effort – not strength or intelligence – is the key to unlocking our potential.”

Author: Winston Churchill

AS I SEE IT: The Dow continued to advance today as the S&P marked time. The S&P surged up on the close Friday, so the Dow was just catching up to that price today. Again, market internals were not great, and the volume was very light. It looks to me like everyone is waiting for the FOMC Announcement on Wednesday. The market continues to be overbought but that hasn’t meant anything lately.

The S&P only had a 3 ½ point range on this low volume day, so trading wasn’t any good there. The Grains and Oil market had the best day-trades for Soaring Phoenix today.

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