Closing Market News June 28, 2007

The Dow closed down 5.45 at 13,422.28 and the Nasdaq closed up 3.02 at 2608.37. Transports closed up 3.59 at 5133.36.

Total volume on the NYSE was below average trading 1.48 billion shares. U/down volume was 1.16 to 1 positive, Nasdaq up/down volume was 1.14 to 1 positive.

Sept. E-mini S&P futures closed down 1.75 at 1517.25 and the Nasdaq 100 futures closed down .25 at 1955.25. Sept. E-mini S&P futures total volume was average trading 1.37 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-06 at 106-30.

August Oil futures closed up .60 at 69.57 and August Natural Gas futures closed down .43 at 6.66.

August Gold futures closed up 5.40 at 650.20 and July Silver futures closed down up 0.169 at 12.505.

Grains were mixed with Sept. Wheat up 2 ¼ cents at 6.23 ¾, Nov. Beans closed up 5 ½ at 8.43, and Dec. Corn closed down 3 ¾ at 3.58 ¼.

August Live Cattle futures closed up .90 at 90.15 and August Feeder Cattle closed up 1.200 at 109.775. August Lean Hogs closed down .10 at 71.55.

“And when it rains on your parade, look up rather than down. Without the rain, there would be no rainbow.”

Author: Gilbert K. Chesterton

AS I SEE IT: The strong up-move that started yesterday continued today into the FOMC Announcement at 2:15 ET. The Fed left interest rates where they were, but the market usually gyrates wildly after these announcements are made as traders look for any changes in the language. The market high came right after the announcement, and the low came at the close. Sub-prime loans are a worry, and many traders are waiting for the next shoe to drop. However, this is the end of the quarter and window dressing is in full swing. First support in the S&P futures will be in the 1514.00 area tomorrow morning.

Day-trading profits were good here at Soaring Phoenix today, but day’s like yesterday spoil us when we have average results.

Have as much fun trading as I do.