Wednesday, June 6, 2007

Closing Market News June 6, 2007

The Dow closed down 129.79 at 13,465.67 and the Nasdaq closed down 24.05 at 2587.18. The Dow high was 13,591.07 and the low was 13,437.31 for a 153.76 point range.

Total volume on the NYSE was average trading 1.53 billion shares. Up/down volume was 5.93 to 1 negative, Nasdaq up/down volume was 3.27 to 1 negative.

June E-mini S&P futures closed down 17.25 at 1516.50 and the Nasdaq 100 closed down 22.00 at 1914.00. June E-mini S&P total volume was above average trading 1.83 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-03 at 108-09.

July Oil futures closed up .35 at 65.96 and July Natural Gas futures closed up .02 at 8.08.

August Gold futures closed down .60 at 674.60 and July Silver futures closed down 0.082 at 13.730.

Grains closed lower with July Wheat down 7 ½ cents at 5.19 ¾, July Beans were down 6 cents at 8.22 ¼, and July Corn futures closed down 5 ½ cents at 3.74 ¾.

August Live Cattle futures closed down 1.300 at 89.725 and August Feeder Cattle closed down 1.100 at 109.775. July Lean Hogs closed down 1.25 at 74.25.

“George Washington, as a boy, was ignorant of the commonest accomplishments of youth. He could not even lie.”

Author: Mark Twain

AS I SEE IT: The bear flag formation on my short-term charts held yesterday, and the market sold off hard overnight. Overbought markets always correct, it is just impossible to give the exact time of that correction. Now the market has had a very nice correction. Will it continue to go down or are we going to consolidate and resume the bull market run? Short, intermediate, and long-term charts are still in our buy zone, but the day-trading charts have turned down. Tonight the June E-mini S&P would have to go back up above the 1528.00 area to turn higher for me.


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