Wednesday, July 11, 2007

Closing Market News July 11, 2007

The Dow closed up 76.17 at 13,577.87 and the Nasdaq closed up 12.63 at 2651.79. Transports closed up 89.36 at 5287.51.

Total volume on the NYSE was average trading 1.52 billion shares. Up/down volume was 1.77 to 1 positive, Nasdaq up/down volume was 1.80 to 1 positive.

Sept. E-mini S&P futures closed up 11.00 at 1531.00 and the Nasdaq 100 futures closed up 17.50 at 2009.50. Sept. E-mini S&P futures total volume was below average trading 1.60 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-15 at 107-06.

August Oil futures closed down .25 at 72.56 and August Natural Gas futures closed down 0.10 at 6.60.

August Gold futures closed down 2.30 at 662.10 and Sept. Silver futures closed unchanged at 12.975.

Grains were mixed with Sept. Wheat closing 20 ¼ cents higher at 6.22, Nov. Beans closed 2 ¼ cents higher at 9.22 ¾, and Dec. Corn closed down 1 ¼ at 3.55 ½.

August Live Cattle futures closed up 0.275 at 92.250 and August Feeder Cattle closed up 0.600 at 114.625. August Lean Hogs closed up 0.275 at 71.075.

“Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.”

Author: Mark Twain

AS I SEE IT: The S&P traded a little lower early this morning after the regular trading session opened on the NYSE, but when the first support prices held it started to move up. By mid-day the E-mini traded exactly up to my first resistance price of 1529.00 before backing off about 5 points. The next attempt up took out that resistance by a point before selling back 7 ½ points. Near the close the market rallied taking out the first resistance and closed at 1531.10. A couple good earnings reports came out after the close and in after hours trading the E-mini S&P is trading 2.50 higher at 1533.30. The Nadaq 100 is trading near recent highs.

If the S&P can continue to trade above the 1529.00 area the short-term trend is back up for me, with the second resistance in the 1534.50 area. Did the market have just a one day down move? We’ll see in the next day or two. Traders have been buying the dips, and today was just another example of it.

Day-trading profits were not big for me in the S&P or the Soybeans today, but the Oil market had great trading patterns that worked very well.

Have as much fun trading as I do.


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