Wednesday, July 25, 2007

Closing Market News July 25, 2007

The Dow closed up 68.12 at 13,785.07 and the Nasdaq closed up 8.31 at 2648.17. Transports closed down 33.14 at 5231.96.

Total volume on the NYSE was above average trading 2.02 billion shares. Up/down volume was 1.16 to 1 negative, Nasdaq up/down volume was 1.22 to 1 positive.

Sept. E-mini S&P futures closed up 2.25 at 1524.75 and the Nasdaq 100 futures closed up 1.00 at 2026.50. Sept. E-mini S&P futures total volume was above average trading 2.37 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-13 at 108-28.

Sept. Oil futures closed up 2.32 at 75.88 and August Natural Gas futures closed up .11 at 6.06.

August Gold futures closed down 11.00 at 673.80 and Sept. Silver futures closed down 0.293 at 13.150.

Grains were mixed with Sept. Wheat down 6 ½ cents closing at 6.35, Nov. Beans closed down 6 ¼ at 8.39 ¼, and Dec. Corn closed up ½ cent at 3.27 ¼.

October Live Cattle futures closed down 0.650 at 96.825 and October Feeder Cattle closed down 0.875 at 116.950. October Lean Hogs closed up 0.650 at 72.000.

“In times of change, learners inherit the Earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.”

Author: Eric Hoffer

AS I SEE IT: If you are a trader you had to enjoy the market movement today. The Dow rallied up 100 points early and then sold off 140 points during the first 2 hours. It traded back and forth around the unchanged area most of the day before closing a little higher. The S&P rallied up 9 points to check out overhead resistance, and sold off 20 before rallying back up 18 points near the close. Markets like this are a lot of fun for traders, but I know that investors are not enjoying this kind of uncertainty. The subprime worries keep coming everyday now, and I believe that there will be a lot of stocks sold on any rally.

First resistance will be in the 1535.00 area for me tomorrow, and the first support will be in the 1510 area. The second support will be in the 1495.00 area.

This was another good day for me in the Sept. E-mini S&P contract. The Soybean contract gave me one good trade that lasted all day, and the Oil market was good early, but I was out of that market during the Petroleum Status Report. Shortly after that the Globex broke down and there were no quotes for about 80 minutes. The market rallied during the time I had no charts, and I didn’t get with it the rest of the day. There was a tremendous rally that I missed entirely.

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