Closing Market News Aug 1, 2007

The Dow closed up 150.38 at 13,362.37 and the Nasdaq closed up 7.60 at 2553.87. Transports closed up 15.95 at 5045.97.

Total volume on the NYSE was above average trading 2.40 billion shares. Up/down volume was 1.05 to 1 positive, Nasdaq up/down volume was 1.25 to 1 positive.

Sept. E-mini S&P futures closed up 8.00 at 1470.00 and the Nasdaq 100 futures closed up 14.75 at 1960.50. Sept. E-mini S&P futures total volume was heavy trading 3.40 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-06 at 109-28.

Sept. Oil futures closed down 1.66 at 76.55 and Sept. Natural Gas futures closed up .17 at 6.36.

Dec. Gold futures closed down 3.30 at 676.00 and Sept. Silver futures closed down 0.062 at 12.955.

Grains were mixed with Sept. Wheat closing up 7 cents at 6.37, Nov. Beans closed down 8 ¾ at 8.48 ¾, and Dec. Corn closed down 6 ¾ at 3.35 ½.

October Live Cattle futures closed down 1.20 at 98.90 and October Feeder Cattle closed down 0.675 at 118.200.

“The thing always happens that you really believe in; and the belief in a thing makes it happen.”

Author: Frank Lloyd Wright

AS I SEE IT: The market continued to trade down after a rally in early trading, but in the last half hour it caught a bid and rallied into the close. The S&P had a 26 point move up during the last half hour of trading. During the first few days of the month there is usually new money coming into the market. It looks like this market is going to have large-range days for a while because of the heavy volume.

This was another exceptional trading day because of the chart patterns in the E-mini S&P and the Oil contract. I didn’t trade the Soybeans today.