Friday, July 20, 2007

Closing Market News July 20, 2007

The Dow closed down 149.33 at 13,851.08 and the Nasdaq closed down 32.44 at 2687.60. Transports closed down 86.67 at 5359.82.

Total volume on the NYSE was above average on this double witch day trading 1.98 billion shares. Up/down volume was 6.23 to 1 negative, Nasdaq up/down volume was 3.49 to 1 negative.

Sept. E-mini S&P futures closed down 14.74 at 1545.00 and the Nasdaq 100 futures closed down 10.25 at 2055.25. Sept. E-mini S&P futures total volume was above average trading 2.1 million contracts on this double witch day. Sept. 30 Yr. T-Bond futures closed up 0-23 at 108-16.

Sept. Oil futures closed down .28 at 75.79 and August Natural Gas futures closed down .26 at 6.45.

August Gold futures closed up 6.60 at 684.70 and Sept. Silver futures closed up 0.028 at 13.403.

Grains were all lower with Sept. Wheat down 3 ¾ cents closing at 6.16 ¼, Nov. Beans closed down 6 ¾ at 8.75 ¼, and Dec. Corn closed down 2 ¾ cents closing at 3.33 ½.

October Live Cattle futures closed up .15 at 96.60 and October Feeder Cattle closed up .20 at 116.925. October Lean Hogs closed down 0.425 at 71.975.

“I think God’s going to come down and pull civilization over for speeding.”

Author: Steven Wright

AS I SEE IT: What a difference a day makes. Google and Caterpillar had disappointing earnings, so the market sold-off hard. At the low the Dow was down a little over 200 points before support held. As usual, buyers came in near support and rallied the market back some after mid-day. Even with the sell-off my short, intermediate, and long-term charts are still in buy zones. Only the day-trading charts have rolled over.

First resistance in the S&P contract will be in the 1554.00 area Monday morning for me, and support will be in the 1534.50 area.

Day-trading was very good for me again today in the E-mini S&P, Oil, and Soybean contracts. If you are a day-trader and would like to learn the strategies I use, take a look at the Day-Trading E-Book I wrote.

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