Friday, June 1, 2007

Closing Market News June 1, 2007

The Dow closed up 40.47 at 13,668.11 and the Nasdaq closed up 9.40 at 2613.92. The Dow high was 13,691.03 and the low was 13,624.39 for a 66.64 point range.

Total volume on the NYSE was below average trading 1.48 billion shares. Up/down volume was 2.49 to 1 positive, Nasdaq up/down volume was 1.88 to 1 positive.

June E-mini S&P futures closed up 6.50 at 1539.50 and the Nasdaq 100 futures closed unchanged at 1932.25. June E-mini S&P total volume was average trading 1.28 million contracts. June 30 Yr. T-Bond futures closed down 0-21 at 108-16.

July Oil futures closed up 1.07 at 65.08 and July Natural Gas futures closed down .06 at 7.88.

August Gold futures closed up 10.20 at 676.90 and July Silver closed up .27 at 13.74.

Grains were mixed with July Wheat closing up 3 ¾ at 5.20 ¾, July Beans were 11 ¼ cents higher closing at 8.17 ½, and July Corn futures closed down 3 ½ cents at 3.86 ¾.

August Live Cattle futures closed down 0.825 at 90.650 and August Feeder Cattle closed down 1.175 at 110.250. July Lean Hogs closed up 0.625 at 75.150.

“Common sense is genius dressed in its working clothes.”

Author: Ralph Waldo Emerson

AS I SEE IT: The S&P likes to follow patterns, so today’s market movement was the same as yesterday’s early this morning. Government reports rallied the market, then profits were taken at resistance and the market sold off. The middle of the day was sideways, and there was a small rally stopping out weak shorts on the close. The market continues to be overbought and interest rates are slowly going higher almost everyday but so far it hasn’t stopped the buyers.

I will be selling a higher overnight market over the weekend and I’ll buy it back at today’s closing price. Throughout the day I follow our day-trading strategies to profit from the market.


No comments: