Monday, June 4, 2007

Closing Market News June 4, 2007

The Dow closed up 8.21 points at 13,676.32 and the Nasdaq closed up 4.37 at 2618.29. The Dow high was 13,690.38 and the low was 13,618.78 for a 71.60 point range.

Total volume was very light on the NYSE as it traded 1.34 billion shares. Up/down volume was 1.38 to 1 positive, Nasdaq up/down volume was 1.21 to 1 positive.

June E-mini S&P futures closed up .75 at 1540.25 and the Nasdaq 100 futures closed up 4.50 at 1936.75. June E-mini S&P futures total volume was average trading 1.01 million contracts. June 30 Yr. T-Bond futures closed up 0-13 at 108-30.

July Oil futures closed up 1.13 at 66.21 and July Natural Gas futures closed up 31 at 8.19.

August Gold futures closed down .60 at 676.30 and July Silver futures closed up 0.0050 at 13.745.

Grains closed down with July Wheat down ½ cent at 5.20 ¼, July Beans were 1 ¾ cents lower closing at 8.15 ¾, and July Corn futures closed down 3 cents at 3.83 ¾.

August Live Cattle futures closed unchanged at 90.675 and August Feeder Cattle closed up 0.775 at 111.025. July Lean Hogs closed up 0.225 at 75.375.

“Do not go where the path may lead, go instead where there is no path and leave a trail.”

Author: Ralph Waldo Emerson

AS I SEE IT: Overnight markets were lower because the Chinese market dropped 8%. As soon as the NYSE started trading our market rallied up to fill the opening gap and then traded sideways through mid-day. There was a rally after the noon hour and a small sell-off into the close.

Sideways trading in the S&P was not good mid-day, but the Oil and Grain markets were very good day-traders today. The market continues to be overbought, but even an 8% lower Chinese market couldn’t take our market down today.

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