Tuesday, June 26, 2007

Closing Market News June 26, 2007

The Dow closed down 14.39 at 13,337.66 and the Nasdaq closed down 2.92 at 2574.16. Transports closed down 48.27 at 5076.57.

Total volume on the NYSE was above average trading 1.72 billion shares. U/down volume was 2.12 to 1 negative, Nasdaq up/down volume was 1.53 to 1 negative.

Sept. E-mini S&P futures closed down 15.75 at 1497.75 and the Nasdaq 100 futures closed down 15.50 at 1925.50. Sept. E-mini S&P futures total volume was above average trading 1.90 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-04 at 106-29.

August Oil futures closed down 1.41 at 76.77 and July Natural Gas futures closed down .06 at 6.88.

August Gold futures closed down 9.40 at 645.30 and July Silver futures closed down 0.596 at 12.410.

Grains closed higher with Dec. Wheat up 21 ½ cents, Nov. Beans were 3 ½ cents higher, and Dec. Corn closed up 1 cent at 3.75.

August Live Cattle futures closed down 0.625 at 88.625 and August Feeder Cattle closed down .90 at 107.65. August Lean Hogs closed down 1.225 at 71.350.

“Bad times have a scientific value. These are occasions a good learner would not miss.”

Author: Ralph Waldo Emerson

AS I SEE IT: The market trading patterns were similar to yesterday’s patterns. We sold off early, rallied into mid-day, rolled over and closed going away to the downside. The S&P has made lower lows for the last 5 trading days, so we’ll see if it can continue to move lower, or if there is going to be a snap-back rally into the end of the quarter.

Market corrections always come when there are overbought conditions. The market was overbought for a period of time and all of us knew it, but in strong bull markets overbought conditions can continue longer then we expect. Now the correction is here and it will be good for the market in the long-run.

Day Trading patterns were good in the S&P, Nasdaq, Grains, Gold, and the Oil market today.

Have as much fun trading as I do.

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