Thursday, June 14, 2007

Closing Market News June 14, 2007

The Dow closed up 71.38 points at 13,553.73 and the Nasdaq closed up 17.10 at 2599.41. The Transports closed up 75.08 at 5155.53. The Dow high was 13,581.61 and the low was 13,479.35 for a 102.26 point range.

Total volume was below average on the NYSE trading 1.44 billion shares. Up/down volume was 2.47 to 1 positive. Nasdaq up/down volume was 2.73 to 1 positive.

Sept E-mini S&P futures closed up 9.25 at 1539.50 and the Nasdaq 100 closed up 14.00 at 1951.25. Sept. E-mini futures total volume was above average trading 1.71 million contracts. Sept. 30-Yr. T-Bond futures closed down 0-06 at 105-27.

August Oil futures closed up 1.21 at 68.14 and the July Natural Gas futures closed up .20 at 7.81.

August Gold futures closed up 3.10 at 655.70 and July Silver futures closed up 0.105 at 13.165.

Grains were all higher with July Wheat closing up 17 cents at 6.06 ½, July Beans were up 1 ¾ cents at 8.27 ½, and July Corn was up 5 cents at 4.09 ½.

August Live Cattle futures closed up 1.050 at 90.60 and August Feeder Cattle closed up 0.975 at 107.575. July Lean Hogs closed up 1.075 at 76.350.

“What saves a man is to take a stop. Then another step.”

Author: C.S. Lewis

AS I SEE IT: The bullish market momentum that started yesterday continued today. After the first hour and a half the market stalled and traded sideways waiting for the CPI Report tomorrow morning at 8:30ET.

Interest rates were a little higher but not enough to stall the rally. Bonds were oversold yesterday and as they rallied stocks traded higher, but now that strengths have eased off we’ll see if rates resume their rally, or continue to ease a little. Interest rates are the name of the game now, so as they move the market is moving with them. In the long-run I believe interest rates will be much higher.

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