Friday, June 8, 2007

Closing Market News June 8, 2007

The Dow closed up 157.66 at 13,424.39 and the Nasdaq closed up 32.16 at 2573.54. The Transports closed up 85.09 at 5120.00. The Dow high was 13,431.22 and the low was 13,251.53 for a total range of 179.69 point range.

Total volume on the NYSE was average trading 1.56 billion shares. Up/down volume was 6.45 to 1 positive, Nasdaq up/down volume was 5.29 to 1 positive.

Sept. E-mini S&P futures closed up 18.75 at 1522.50 and the Sept. Nasdaq 100 futures closed up 26.75 at 1934.00. Sept. E-mini S&P futures total volume was twice the normal volume trading 2.0 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-08 at 106-21.

July Oil futures closed down 2.17 at 64.76 and the July Natural Gas futures closed down .16 at 7.66.

Grains were mixed with July Wheat up 3 cents closing at 5.27 ½, July Beans were down 10 ½ cents at 8.21 ½, and July Corn futures closed down 2 ½ cents at 3.82.

August Live Cattle futures closed up 0-100 at 89.625 and August Feeder Cattle closed down 0.650 at 108.200. July Lean Hogs closed down .20 at 73.75.

“It ain’t those parts of the Bible that I can’t understand that bother me, it is the parts that I do understand.”

Author: Mark Twain

AS I SEE IT: The short-term oversold market yesterday turned into a return of the bull market run today. The Oil market fell over two dollars, and after much higher interest rates overnight the Bond market rallied back up most of the day today. The very heavy volume in the E-mini S&P just kept the day-trading trend moving up today. I thought there would be some selling near the close but it didn’t happen. Now I’ll have to see what happens in the overnight market early Monday morning to see if this market still wants to trade higher, or if the Friday run was just a snap-back rally.

The market will have large heavy volume days for a while now. The tremendous ranges are very good for day-traders, so I hope all of you in this day-trading business are making a lot of money now.



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