Closing Market News June 11, 2007

The Dow closed up .57 at 13,424.96 and the Nasdaq closed down 1.39 at 2572.15. Transports closed down 27.30 at 5092.70. The Dow high was 13,474.61 and the low was 13,381.64 for a 92.97 point range.

Total volume on the NYSE was below average trading 1.32 billion shares. Up/down volume was 1.13 to 1 positive, Nasdaq up/down volume was 1.28 to 1 negative.

Sept. E-mini S&P futures closed up 2.75 at 1525.25 and the Sept. Nasdaq futures closed down 2.25 at 1931.75. Sept. E-mini S&P total volume was average trading 1.52 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-10 at 106-11.

August Oil futures closed up 1.19 at 66.64 and the July Natural Gas futures closed down .05 at 7.61.

August Gold futures closed up 8.70 at 659.00 and the July Silver futures closed up 0.235 at 13.275.

Grains were all higher with July Wheat closing up 28 ½ cents at 5.56, July Beans were 8 ½ higher at 8.30, and July Corn futures closed up 14 cents at 3.96.

August Live Cattle futures closed up .40 at 90.05 and August Feeder Cattle futures closed down .60 at 107.60. July Lean Hogs closed up 0.525 at 74.275.

“Death comes to all, but great achievements build a monument which shall endure until the sun grows cold.”

Author: Ralph Waldo Emerson

AS I SEE IT: The S&P opened a little lower this morning, but after the first hour’s trading it moved higher in a perfect channel until mid-day. The last two hours of trading brought it back down about 6 points from the high. The daily S&P chart shows that the trendline off the recent highs proved to be resistance today. The short, intermediate, and long term charts are still in a buy zone using Soaring Phoenix Market Strategies. Only the day-trade charts have turned down here. Tomorrow I’ll be watching the first support below today’s low.

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