Closing Market News July 30, 2007

The Dow closed up 92.84 at 13,358.31 and the Nasdaq closed up 21.04 at 2583.28. Transports closed up 55.50 at 5094.67.

Total volume on the NYSE was above average trading 2.02 billion shares. Up/down volume was 3.12 to 1 positive, Nasdaq up/down volume was 2.20 to 1 positive.

Sept. E-mini S&P futures closed up 22.75 at 1480.75 and the Nasdaq 100 futures closed up 29.75 at 1993.25. Sept. E-mini S&P futures total volume was above average trading 2.21 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-06 at 109-19.

Sept. Oil futures closed down .19 at 76.83 and Sept. Natural Gas futures closed up .29 at 6.50.

August Gold futures closed up 3.90 at 664.00 and Sept. Silver futures closed up 0.185 at 12.900.

Grains were mixed with Sept. Wheat closing down 15 ¾ at 6.37 ½, Nov. Beans closed up 7 ¼ at 8.47 ¾, and Dec. Corn closed up 3 ½ cents at 3.40.

October Live Cattle futures closed up 0.325 at 98.975 and October Feeder Cattle closed up .10 at 118.20. October Lean Hogs closed up 1.25 at 73.80.

“Under certain circumstances, profanity provides a relief denied even to prayer.”

Author: Mark Twain

AS I SEE IT: The snap-back rally from short-term oversold prices on Friday gave some relief to traders who are long, but I believe that there will be more to come on the downside even if the rally continues a little further. Very seldom do markets continue their long-term trends without further backing and filling after a big dip in prices.

Day-trading was very good for me today in the E-mini S&P because of the price patterns and the large price ranges. Trading was good in the Oil and Soybean contracts too.

I HOPE YOU MADE MONEY TODAY.