Closing Market News July 18, 2007

The Dow closed down 53.33 at 13,918.22 and the Nasdaq closed down 12.80 at 2699.49. Transports closed up 31.94 at 5429.83.

Total volume on the NYSE was above average trading 1.76 billion shares. Up/down volume was 1.64 to 1 negative, Nasdaq up/down volume was 1.89 to 1 negative.

Sept. E-mini S&P futures closed down 3.00 at 1554.74 and the Nasdaq 100 futures closed at 2059.75 down .50. Sept. E-mini S&P futures total volume was above average trading 2.11 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-14 at 107-23.

Sept. Oil futures closed up 1.19 at 75.30 and August Natural Gas futures closed up .22 at 6.53.

August Gold futures closed up 7.70 at 673.70 and Sept. Silver futures closed up 0.272 at 13.290.

Grains were higher with Sept. Wheat closing up 22 1/4 cents at 6.23 ½, Nov. Beans closed 16 cents higher at 8.76 ½, and Dec. Corn closed up 5 ¾ at 3.42 ½.

August Live Cattle futures closed down 0.050 at 91.375 and August Feeder Cattle closed down 0.425 at 115.400. August Lean Hogs closed down 0.175 at 73.850.

“Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning.”

Author: Albert Einstein

AS I SEE IT: The lower prices that I was looking for occurred overnight and most of the trading day today, but as I expected buyers came in to buy the dip. Subprime worries and short-term overbought conditions dropped the Dow down 176 points from the 14000 range yesterday. During the last hour today the Dow rallied about 100 points off the low as buyers came storming back in. After the closing bell IBM came in with good earnings and the stock is trading up about 3 dollars in overnight trading right now.

The 1558.50 area will be resistance for me in the Sept. S&P contract tomorrow morning, with support in the 1534.00 area.

The trading ranges in the E-mini S&P, Oil, and Soybean contracts have been great for day-traders.