Thursday, July 19, 2007

Closing Market News July 19, 2007

The Dow closed up 82.19 at 14000.41 and the Nasdaq closed up 20.55 at 2720.04. Transports closed up 16.66 at 5446.49.

Total volume on the NYSE was average trading 1.52 billion shares. Up/down volume was 1.47 to 1 positive, Nasdaq up/down volume was 2.60 to 1 positive.

Sept. E-mini S&P futures closed up 5.00 at 1559.75 and the Nasdaq 100 futures closed up 5.75 at 2065.50. Sept. E-mini S&P futures total volume was average trading 1.33 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-06 at 107-25.

August Oil futures closed up .77 at 76.07 and August Natural Gas futures closed up .18 at 6.71.

August Gold futures closed up 4.30 at 678.00 and Sept. Silver futures closed up 0.085 at 13.375.

Grains were mixed with Sept. Wheat closing down 3 ½ cents at 6.20, Nov. Beans closed 5 ¼ cents higher at 8.82 and Dec. Corn closed down 6 ¼ cents at 3.36 ¼.

October Live Cattle futures closed down 0.825 at 96.450 and Oct. Feeder Cattle closed unchanged at 116.725. Oct. Lean Hogs closed down .35 at 72.40.

“There is no sadder sight than a young pessimist.”

Author: Mark Twain

AS I SEE IT: The S&P futures rallied in overnight trading because of the IBM earnings. That strong rally continued in early trading, and the rest of the day was basically a sideways to higher market. The Dow was able to close above the 14000 level for the first time.

In after hours trading the S&P is 3 points lower because the Google earnings disappointed. We’ll see how that affects the market in the morning. There is a gap under the S&P that will fill in time.

First support in the S&P tomorrow morning will be in the 1557.00 area with major support in the 1535.00 area. Day trading was ok in the E-mini S&P contract, but my best trades were in the Oil and Soybean contracts.

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