Thursday, July 5, 2007

Closing Market News July 5, 2007

The Dow closed down 11.46 at 13,565.84 and the Nasdaq closed up 11.70 at 2656.65. Transports closed down 13.89 at 5205.67.

Total volume on the NYSE was below average trading 1.37 billion shares. Up/down volume was about even, Nasdaq up/down volume was 1.91 to 1 positive.

Sept. E-mini S&P futures closed down 1.75 at 1534.50 and the Nasdaq 100 futures closed up 13.50 at 1998.00. Sept. E-mini S&P futures total volume was below average. Sept. 30 Yr. T-Bond futures closed down 0-30 at 106-18.

August Oil futures closed up .40 at 71.81 and August Natural Gas futures closed down .14 at 6.62.

August Gold futures closed down 4.80 at 650.60 and Sept. Silver futures closed down 0.105 at 12.580.

Grains were higher with Sept. Wheat closing up 21 cents at 6.04, Nov. Beans closed up 4 ¼ at 8.86 ½, and Dec. Corn closed up 4 ½ cents at 3.42 ½.

August Live Cattle futures closed up 0.725 at 90.700 and August Feeder Cattle were up .60 at 112.15. August Lean Hogs closed up .40 at 70.60.

“The only way to make sense out of change is to plunge into it, move with it, and join the dance.”

Author: Alan Watts

AS I SEE IT: The market was higher in overnight trading but started selling off immediately after the regular session open. Mid-day support held and the S&P rebounded all the way back up near the morning highs before selling off a couple points at the close. The Nasdaq was strong all day dragging the S&P up with it. Even with Oil near $72.00 a barrel, and the Bond market down hard this market held today. S&P chart formations look like the market could tip over here, but the Jobless Claims Report at 8:30ET will probably set the tone for early morning trading. First support in the S&P contract is in the 1527.00 area for me.

I had a dentist appointment after the close today. I don’t know how the rest of you feel about going to the dentist, but it’s not my favorite place to spend an afternoon.

Have as much fun trading as I do.


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