Wednesday, June 27, 2007

Closing Market News June 27, 2007

The Dow closed up 90.07 at 13,427.73and the Nasdaq closed up 31.19 at 2605.35. Transports closed up 53.20 at 5129.77.

Total volume on the NYSE was above average trading 1.75 billion shares. U/down volume was 3.63 to 1 positive, Nasdaq up/down volume was 5.08 to 1 positive.

Sept. E-mini S&P futures closed up 21.25 at 1519.00 and the Nasdaq 100 futures closed up 30.00 at 1955.50. Sept. E-mini S&P futures total volume was above average trading 1.78 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-06 at 106-31.

August Oil futures closed up 1.20 at 68.97 and August Natural Gas futures closed up 0-08 at 7.08.

August Gold futures closed down .80 at 644.50 and July Silver futures closed down 0.070 at 12.210.

Grains were lower with Dec. Wheat down 4 ½ cents at 6.21 ½, Nov. Beans closed down 4 ½ cents at 8.37 ½, and Dec. Corn closed down 13 cents at 3.62.

August Live Cattle futures closed up 0.775 at 89.400 and August Feeder Cattle closed up .95 at 108.60. August Lean Hogs closed up 0.325 at 71.650.

“Knowledge and human power are synonymous.”

Author: Francis Bacon

AS I SEE IT: The S&P traded lower early this morning for the 6th day in a row, but it turned and rallied up in a channel the rest of the day. Traders were buying and getting stopped out of short positions extending the trading range. Yesterday I talked about a snap-back rally being a possibility today so it wasn’t a surprise to me. I didn’t know the trading range would be as large it was. The E-mini S&P rallied 28 points from the low, and the Dow rallied 167.87 points from the low. The Oil market had over a 2 dollar range today, closing near the high. The first resistance for the E-mini S&P will be in the 1524.00 area tomorrow.

Day-traders using the Soaring Phoenix Market Trading Strategies had great profits today.

Have as much fun trading as I do.

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