Tuesday, June 12, 2007

Closing Market News June 12, 2007

The Dow closed down 129.95 points at 13,295.01 and the Nasdaq closed 22.38 points lower at 2549.77. The Transports were 97.88 lower closing at 4994.82.

Total volume on the NYSE was above average trading 1.60 billion shares. Up/down volume was 5.96 to 1 negative, Nasdaq up/down volume was 2.83 to 1 negative.

Sept. E-mini S&P futures closed down 17.75 at 1507.50 and the Nasdaq 100 closed down 12.50 at 1918.00. Sept. E-mini futures total volume was twice the normal volume trading 2.43 million contracts. Sept. 30 Yr. T-Bond futures closed down 1-13 at 105-05. The interest rates today were the highest since April of 2002.

August Oil futures closed down .58 at 66.06 and the July Natural Gas futures closed up .07 at 7.68.

August Gold futures closed down 6.10 at 652.90 and the July Silver futures closed down 0.185 at 13.090.

Grains were mixed with July Wheat closing up 9 ½ cents at 565 ½, July Beans were down 3 ½ cents at 8.26 ½, and July Corn futures closed down 2 ¾ cents at 3.93 ¼.

August Live Cattle futures closed up .30 at 90.30 and August Feeder Cattle closed up 0.575 at 108.125. July Lean Hogs closed up 1.275 at 75.675.

“Doubt is not a pleasant condition, but certainty is absurd.”

Author: Voltaire

AS I SEE IT: Today traders hit the jackpot. The Dow ran down 100 points, rallied 100 points, and fell 130 points during the trading session. The S&P futures traded down 13.50 points, rallied 15 points, and fell 19.50 points into the close. Day-traders can’t get all the points in a daily range very often, but today they were able to get a good share of them trading the S&P futures.

The S&P, Grains, and the Oil market were my day-trading contracts today. They all had nice trading ranges and very good price formations. Tomorrow the first resistance will be in the 1518.00 area for me in the S&P futures. The S&P market is still trading in the down-channel. Look at the S&P chart below.


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