Tuesday, May 8, 2007

Closing Market News May 8, 2007

The Dow closed down 3.90 at 13,309.07 and the Nasdaq closed up .80 at 2571.75. The Dow high was 13,314.43 and the low was 13,237.65 for a 76.87 point range.

Total volume on the NYSE was below average trading 1.50 billion shares. Up/down volume was 1.55 to 1 negative, Nasdaq up/down volume was 1.36 to 1 positive.

June E-mini S&P futures closed down 2.00 at 1512.25 and the Nasdaq 100 futures closed down 1.25 at 1905.50. June E-mini S&P futures total volume was below average trading 880.357 contracts. June 30 yr. T-Bond futures closed down 0-04 at 111-26.

June Oil futures closed up .79 at 62.29 and June Natural Gas futures closed down .14 at 7.64.

June Gold futures closed down 3.20 at 687.20 and July Silver futures closed down 0.040 at 13.600.

Grains were all lower with July Wheat closing down 13 cents at 4.81, July Beans closed down 2 ¾ cents at 7.39 ½, and July Corn futures closed down 15 ½ cents at 3.63 ¼.

June Live Cattle futures closed up .45 at 92.40 and August Feeder Cattle closed up 1.75 at 111.500. June Lean Hogs closed down 0.375 at 74.500.

“Attitude is a little thing that makes a big difference.”

Author: Winston Churchill

AS I SEE IT: The market started selling off in overseas markets and continued the down move for the first two hours of trading. The Dow was over 70 points lower before it caught a bid, but then rallied all the way back to yesterday’s closing price. It did settle just a little lower, but the bull market was alive and well again today. The market does continue to be overbought, and the internals were not good again today, so caution is still the watch word in the short-term.

The E-mini S&P, Oil, Grains, and the Gold market all traded well with the Soaring Phoenix Market Strategies today.

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