Monday, July 23, 2007

Closing Market News July 23, 2007

The Dow closed up 92.34 at 13,943.42 and the Nasdaq closed up 2.98 at 2690.58. Transports closed up 7.18 at 5367.00.

Total volume on the NYSE was average trading 1.51 billion shares. Up/down volume was 1.32 to 1 positive, Nasdaq up/down volume was 1.17 to 1 positive.

Sept. E-mini S&P futures closed up 4.00 at 1549.00 and the Nasdaq 100 futures closed down 1.75 at 2053.50. Sept. E-mini S&P futures total volume was average trading 1.14 million contracts. Sept. 30 Yr. T-Bond futures closed unchanged at 108-13.

Sept. Oil futures closed down .86 at 74.93 and August Natural Gas futures closed down .41 at 6.12.

August Gold futures closed down 3.20 at 681.50 and Sept. Silver futures closed down 0.073 at 13.33.

Grains were mixed with Sept. Wheat up 4 cents closing at 6.20 ¼, Nov. Beans closed down hard 34 ¼ cents at 8.41, and Dec. Corn closed down 8 cents closing at 3.24 ¼.

October Live Cattle futures closed up .65 at 97.25 and October Feeder Cattle closed up 0.925 at 117.850. October Lean Hogs closed up .200 at 72.175.

“It is, in fact, nothing short of a miracle that the modern methods of instruction have not entirely strangled the holy curiosity of inquiry.”

Author: Albert Einstein

AS I SEE IT: The market continued Friday’s snap-back rally opening with a gap higher. After a small pull-back during the first hour, the S&P rallied on up through my first day-trading resistance by a couple points before selling back into the close. The S&P closing higher and the Nasdaq 100 closing lower tells me that the market isn’t firing on all cylinders yet today. The inside-day chart formation should resolve itself tomorrow. For me, today’s S&P high needs to be taken out for this market to continue the advance. Short, intermediate, and long-term strategies are still in the buy zone until the support areas are taken out.

For my trading, the 1552.00 area will be the first day-trading resistance in the E-mini S&P. Support will be in the 1535.00 area.

Day-trading was just ok for me in the E-mini S&P, it made a little money but nothing to shout about. The Oil market gave me nice returns, and the big winner today was the Soybean contract as it walked the dog down in a perfect channel.

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