Russell 5-22-07

The market opened with little activity and continued to consolidate for most of the morning in a fairly tight 1.5 point range.

First trade is short at 6:37 at 835.8 for +0.4. Second trade is long at 6:54 at 835.5 for +0.1. Third trade is short at 7:19 at 835.5 for -1.8. Fourth trade is long at 7:31 at 837.5 for -1.2.

Net on the morning: -2.5