Wednesday, May 9, 2007

Closing Market News May 9, 2007

The Dow closed up 53.80 points at 13,362.87 and the Nasdaq closed up 4.59 at 2576.34. The Dow high was 13,369.29 and the low was 13,278.35 for a 90.94 point range.

Total volume on the NYSE was average trading 1.55 billion shares. Up/down volume was 1.75 to 1 positive, Nasdaq up/down volume was 1.14 to 1 positive.

June E-mini S&P futures closed up 3.25 at 1515.50 and the June Nasdaq 100 futures closed up 6.75 at 1912.25. June E-mini S&P futures total volume was average trading 1.11 million contracts. June 30 yr. T-Bond futures closed down 0-15 at 111-12.

June Oil futures closed down .71 at 61.55 and June Natural Gas futures closed up .09 at 7.72.

June Gold futures closed down 4.90 at 682.50 and July Silver futures closed down .13 at 13.47.

Grains were all higher with July Wheat futures closing up 1 cent at 4.82, July Beans closed up 8 cents at 7.47 ½, and July Corn futures closed up 2 ¾ cents at 3.66 ¼.

June Live Cattle futures closed up 0.025 at 92.350 and August Feeder Cattle closed up 0.725 at 112.175. June Lean Hogs closed down 0.125 at 74.375.

“Dictators ride to and fro upon tigers which they dare not dismount. And the tigers are getting hungry.”

Author: Winston Churchill

AS I SEE IT: Trading patterns followed their usual patterns again today. There was a small sell-off in overnight trading, but as soon as our regular session market opened it traded back up to fill the gap. When the Fed Announced that interest rates were going to stay the same the S&P dropped down to the 1508.00 area fast, then rallied up 10 points to the high of the day. The market did settle back a little on the close. Nothing has changed. The market internals were a little better today, but it’s still overbought.

Soaring Phoenix Market Strategies lead a markets momentum, so no matter where this market goes we’ll trade with it. The E-mini S&P, Oil, Grains and the Gold market all traded well with our strategies today.

No comments: