Tuesday, July 17, 2007

The Dow closed up 20.57 at 13,971.55 and the Nasdaq closed up 14.96 at 2712.29. Transports closed up 19.21 at 5397.89.

Total volume on the NYSE was below average trading 1.43 billion shares. Up/down volume was 1.43 to 1 negative, Nasdaq up/down volume was 1.89 to 1 positive.

Sept. E-mini S&P futures closed down 1.00 at 1558.75 and the Nasdaq 100 futures closed up 12.25 at 2060.75. Sept. E-mini S&P futures total volume was average trading 1.26 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-08 at 107-15.

Sept. Oil futures closed down .12 at 74.11 and August Natural Gas futures closed down 0.07 at 6.31.

August Gold futures closed down .40 at 665.90 and Sept. Silver futures closed down 0.047 at 13.018.

Grains were all lower with Sept. Wheat closing 1/2 cent lower at 6.01 ¼, Nov. Beans closed down 38 ¾ cents at 8.60 ½, and Dec. Corn closed down 11 ¾ cents at 3.36 ¾.

August Live Cattle futures closed up 0.075 at 91.425 and August Feeder Cattle closed up 0.725 at 115.875. August Lean Hogs closed up 1.050 at 74.025.

“Imagination is everything. It is the preview of life’s coming attractions.” Author: Albert Einstein

AS I SEE IT: The S&P rallied up near yesterday’s high as the Dow traded above 14,000 early this morning. There was a sell-off into the lunch hour and then another rally back up to the daily highs. During the last hour the S&P sold off again closing just a little lower on the day. Market internals were not good yesterday, and they were not good again today. The Nasdaq internals were better than the Dow, however.

The first support in the S&P contract will be in the 1555.00 area in the morning with the second support in the 1534.00 area. Traders have made a lot of money buying the dips, so I would expect lower prices to attract buyers.

The Soaring Phoenix Market Strategies worked very well for me today in the E-mini S&P, Oil, and the Soybean contracts. The Soybean market has had a 90 cent per bushel range as that market sold-off the last 2 days. The grain markets continue to have the most bang for the buck if you have the strategies to trade them.

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