Closing Market News July 13, 2007

The Dow closed up 45.52 at 13,907.25 and the Nasdaq closed up 12.00 at 2046.75. Transports closed up 28.20 at 5369.68.

Total volume on the NYSE was below average trading 1.34 billion shares. Up/down volume was 1.58 to 1 positive, Nasdaq up/down volume was 1.25 to 1 positive.

Sept. E-mini S&P futures closed up 4.25 at 1560.00 and the Nasdaq 100 futures closed up 12.00 at 2046.75. Sept. E-mini S&P futures total volume was below average trading 1.13 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-04 at 106-31.

August Oil futures closed up 1.43 at 73.93 and August Natural Gas futures closed up .17 at 6.66.

August Gold futures closed down 1.00 at 667.30 and Sept. Silver futures closed down 0.070 at 13.110.

Grains were mixed with Sept. Wheat closing down ¾ of a cent cents at 6.20 ¾, Nov. Beans closed 7 ¼ cents higher at 9.48 ¾, and Dec. Corn closed up 3 ¼ cents at 3.68 ½.

August Live Cattle futures closed down .500 at 91.625 and August Feeder Cattle closed down .45 at 113.85. August Lean Hogs closed down 0.625 at 73.450.

“Character is determined more by the lack of certain experiences than by those one has had.”

Author: Fredrich Nietzsche

As I See It: The S&P continued the tremendous rally we had on Thursday with a 4 wave move that ended higher on the day. Although the market sold off in the last 45 minutes, the E-mini S&P closed 4.25 higher. There’s no doubt that in the very short-term the market is a little overbought here, but I will follow the chart formations and go with the market momentum. First short-term support is in the 1542 area. The second support is clear down below Thursday’s low at 1529.50. The Dow set a high that’s never been seen today at 13,907.25.

Morgan and I spent a wonderful weekend in beautiful Crested Butte, Colorado. We try to spend a weekend a month over there during the summer. Everyone has their special place to visit, and Crested Butte is our gem town here in the mountains.

Have as much fun trading as I do.

Ray