Monday, June 18, 2007

Closing Market News June 18, 2007

The Dow closed down 26.50 at 13,612.98 and the Nasdaq closed down 0.11 at 2626.60. Transports closed down 41.23 at 5135.75.

Total volume on the NYSE was below average trading 1.18 billion shares. Up/down volume was 1.19 to 1 negative, Nasdaq up/down volume was 1.24 to 1 negative.

Sept. E-mini S&P futures closed down 1.75 at 1546.00 and the Nasdaq 100 futures closed down 2.25 at 1967.50. Sept. E-mini S&P futures total volume was below average trading 838,361 contracts. Sept. 30 Yr. T-Bond futures closed up 0-05 at 106-13.

August Oil futures closed up 1.08 at 69.62 and July Natural Gas futures closed down .23 at 7.69.

August Gold futures closed up 1.20 at 659.90 and July Silver futures closed down 0.025 at 13.235.

Grains were mixed with July Wheat down 5 ½ cents, July Beans closed up 8 cents at 8.55 ¼, and July Corn closed down 3 cents at 4.16.

August Live Cattle futures closed up .40 at 91.35 and August Feeder Cattle closed down 0.225 at 106.725. July Lean Hogs closed down .75 at 75.70.

“A man must make his opportunity, as oft as find it.”

Author: Francis Bacon

AS I SEE IT: The S&P gave me a nice sell signal that lasted for an hour after the NYSE opened. For the next 3 hours it formed a bear-flag that broke to the low of the day. The trading range was small, and most of the afternoon market movement was very slow. In after hours trading the E-mini S&P is trading 2.25 lower.

Oil was the trading star for me today as it continued to rally up over a dollar. The high in the August contract was 69.66, so now we’ll see if high oil prices are going to keep this very strong bull market from moving up.

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