Thursday, June 7, 2007

Closing Market News June 7, 2007





The Dow closed down 198.94 at 13,266.73 and the Nasdaq closed down 45.89 at 2541.38. Transports closed down 124.07 at 5034.91. The Dow high was 13,489.22 and the low was 13,259.82 for a 229.40 point range.

Total volume on the NYSE was above average trading 1.90 billion shares. Up/down volume was 16.10 to 1 negative, Nasdaq up/down volume was 6.68 to 1 negative.

June E-mini S&P futures closed down 27.25 at 1489.25 and the Nasdaq 100 futures closed down 31.50 at 1882.50. June E-mini S&P total volume was above average trading 1.50 million contracts. Sept. 30 Yr. T-Bond futures closed down 1-21 points at 106.20.

July Oil futures closed up 97 cents at 66.93 and July Natural Gas futures closed down .25 at 7.82.

Grains all closed higher with July Wheat up 4 ¾ closing at 5.24 ½, July Beans closed up 9 ¾ at 8.32, and July Corn futures closed up 10 cents at 3.84 ¾.

August Live Cattle futures closed down 0.225 at 89.525 and August Feeder Cattle closed down 0.925 at 108.850. July Lean Hogs closed down .30 at 73.95.


“Go to Heaven for the climate, Hell for the company.”

Author: Mark Twain

AS I SEE IT: Overnight the market gave us another great bear flag formation on day-trading charts, and when that formation was broken early this morning the market headed lower, closing near the low of the day. Very short-term market strengths are oversold, but we’ll see how many traders want to go into the weekend holding long positions.

The volume is above average, so the E-mini S&P, Nasdaq 100, and the Bond futures trading ranges should be exaggerated tomorrow, just like they were today.

I don’t know when I’ve had more fun trading.

Ray

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