Closing Market News July 24, 2007

The Dow closed down hard 226.47 points at 13,716.95 and the Nasdaq closed down 50.72 at 2639.86. Transports closed down 101.90.

Total volume on the NYSE was above average trading 1.98 billion shares. Up/down volume was 13.33 to 1 negative, Nasdaq up/down volume was 5.32 to 1 negative.

Sept. E-mini S&P futures closed down 26.50 at 1522.50 and the Nasdaq 100 futures closed down 28.00 at 2025.50. Sept. E-mini S&P futures total volume was above average trading 2.10 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-10 at 108-22.

Sept. Oil futures closed down 1.33 at 73.56 and August Natural Gas futures closed down .17 at 5.95.

August Gold futures closed up 3.30 at 684.80 and Sept. Silver futures closed UP 0.113 AT 13.443.

Grains were higher with Sept. Wheat closing up 23 ¾ cents at 6.44, Nov. Beans closed up 4 ½ at 8.45 ½, and Dec. Corn closed up 1 ¾ at 3.27 ¾.

October Live Cattle futures closed up 0.300 at 97.475 and October Feeder Cattle closed unchanged at 117.850. October Lean Hogs closed down 0.775 at 71.400.

“Ye can lead a man up to the university, but you can’t make him think.”

Author: Finley Peter Dunne

AS I SEE IT: Overseas markets were lower early this morning, and the S&P was trading down about 4 points when I looked the market. As time went on the S&P continued its slide, and when the regular market session opened the sell-off continued on down to the first support. There was sideways trading for a couple hours and then the market dropped like a hot rock through support. There was a little rally into the close, but the internals were very negative, and the volume was heavy on this down day.

Sub prime worries were back in the news and financials took a hit. Now I want to see if there is a bounce from these very short-term oversold prices, or if the market continues to slide from here. The first resistance for me is in the 1535.00 area with the first support in the 1515.00 area. My day-trading strategies turned down yesterday, and the short-term strategies turned down when support was broken today. Intermediate and long-term strategies are still in buy zones.

Day-trading was good in the Oil and Soybean markets today, but the big gains were made in the E-mini S&P contract.