Friday, June 29, 2007

Closing Market News June 29, 2007

The Dow closed down 13.66 at 13,408.62 and the Nasdaq closed down 5.14 at 2603.23. Transports closed down 34.48 at 5098.88.

Total volume on the NYSE was average trading 1.63 billion shares. Up down volume was 1.27 to 1 negative, Nasdaq up/down volume was 1.27 to 1 negative.

Sept. E-mini S&P futures closed down 1.75 at 1515.50 and the Nasdaq 100 futures closed up .75 at 1956.00. Sept. E-mini S&P futures total volume was above average trading 1.76 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-30 at 107-23.

August Oil futures closed up 1.11 at 70.68 and August Natural Gas futures closed up .12 at 6.77.

August Gold futures closed up .10 at 651.40 at and Sept. Silver futures closed down 0.025 at 12.480.

Grains were mixed with Sept. Wheat down 26 ¾ at 5.97, Nov. Beans closed up 39 ½ cents at 8.81 ¾, and Dec. Corn closed down 7 ½ cents at 3.50 ¾.

August Live Cattle futures closed up 0.125 at 90.275 and August Feeder Cattle closed up 1.975 at 111.750. August Lean Hogs closed down 0.875 at 70.675.

“Cheerfulness is the best promoter of health and is as friendly to the mind as to the body.”

Author: Joseph Addison

AS I SEE IT: WOW! The closing numbers on the Dow, S&P, Nasdaq, Oil, and the Grains didn’t tell the total story today. The Dow was up 100 points early, down 100 points near the end of the day, but closed almost unchanged. The S&P had a 25.50 point range from high to low closing just a little lower. Beans opened up the 50 cent limit and stayed there for a couple hours before selling off a little. Wheat had a 54 cent trading range and Corn traded in a 23 cent range. Oil traded $1.60 dollar range from high to low in the overnight market. During the last 15 minutes of trading it moved over $1.00 dollar from the high to the low, closing about in the middle of that time-period range.

This extreme volatility was caused by traders squaring their books at the end of the quarter, terrorist’s bomb scares in London, and sub-prime worries.

The Soaring Phoenix Market Trading Strategies worked very well in the contracts I traded today. This was one of the most profitable trading days of the year for me.

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