Closing Market News June 20, 2007

The Dow closed down146.00 at 13,489.42 and the Nasdaq closed down 26.80 at 2599.96. Transports closed down 25.67 at 5106.83.

Total volume on the NYSE was average trading 1.66 billion shares. U/down volume was 3.94 to 1 negative, Nasdaq up/down volume was 2.90 to 1 negative.

Sept. E-mini S&P futures closed down 22.00 at 1527.00, and the Nasdaq 100 futures closed down 19.25 at 1947.75. Sept. E-mini S&P futures total volume was above average trading 1.80 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-21 at 106-12.

August Oil futures closed down .68 at 68.86 and July Natural Gas futures closed down .13 at 7.39.

August Gold futures closed down 4.20 at 660.50 and July Silver futures closed down 0.075 at 13.25.

Grains were mixed with July Wheat up 24 cents at 6.05, July Beans closed up 10 cents at 8.39, and July Corn closed down 1 ¾ at 3.94 ¼.

August Live Cattle futures closed down .80 at 90.50 and August Feeder Cattle closed down .35 at 108.10. July Lean Hogs closed down .45 at 74.725.

“In taking revenge, a man is but even with his enemy; but in passing it over, he is superior.”

Author: Francis Bacon

AS I SEE IT: The long-term market has been overbought, so it’s been looking for an excuse to sell-off. Today interest rates moved a little higher, but the oil market sold off hard after a bearish report. By the end of the day oil was more than a dollar off its low, closing down only .68 cents. Also, there is a problem with some hedge funds sub-prime loans. This combination took the market down hard today.