Monday, July 16, 2007

Closing Market News July 16, 2007

The Dow closed up 43.73 at 13,950.98 and the Nasdaq closed down 9.67 at 2697.33. Transports closed up 9.00 at 5378.68.

Total volume on the NYSE was below average trading 1.36 billion shares. Up/down volume was 1.88 to 1 negative, Nasdaq up/down volume was 1.38 to 1 negative.

Sept. E-mini S&P futures closed down .25 at 1559.75 and the Nasdaq 100 futures closed up 1.75 at 2048.50. Sept. E-mini S&P futures total volume was average trading 1.08 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-22 at 107-21.

Sept. Oil futures closed up .10 at 74.23 and August Natural Gas futures closed down .29 at 6.38.

August Gold futures closed down .80 at 666.50 and Sept. Silver futures closed down 0.045 at 13.065.

Grains were all much lower with Sept. Wheat closing down 19 cents at 6.01 3/4, Nov. Beans closed (limit) down 50 cents at 8.98 ¾, and Dec. Corn closed down 19 ¾ cents at 3.48 ½.

August Live Cattle futures closed down 0.275 at 91.350 and August Feeder Cattle closed up 1.23 at 115.10. August Lean Hogs closed down 0.475 at 72.975.

“Every nation ridicules other nations, and all are right.”

Author: Arthur Schopenhauer

AS I SEE IT: The S&P ended the day .25 lower after running up 6 points early, selling off 9.50 points, and moving back up 5 points from the low. This was a very good day-trading day even though the S&P and the Oil contracts didn’t change much in price. Both of them had very good chart formations, so nice profits were made. The Soybeans traded straight down the limit.

The Dow continues to drive higher. Even though it is a little overbought short-term the trend is up. The internals were not good for the indexes today, so we’ll see how the overseas markets handle them in the morning. Traders have been making a lot of money buying the dips, and I would imagine that any lower prices will have some bounce in them.

Have as much fun trading as I do.


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