Friday, July 27, 2007

Closing Market News July 27, 2007

The Dow closed down 208.10 at 13,265.47 and the Nasdaq closed down 37.28 at 2562.24. Transports closed down 67.09 at 5039.17.

Total volume on the NYSE was above average trading 2.26 billion shares. Up/down volume was 4.36 to 1 negative, Nasdaq up/down volume was 3.83 to 1 negative.

Sept. E-mini S&P futures closed down 30.00 at 1458.00 and the Nasdaq 100 futures closed down 37.00 at 1963.50. Sept. E-mini S&P futures total volume was heavy again today trading 3.04 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-02 at 109-31.

Sept. Oil futures closed up 2.07 at 77.02 and Sept. Natural Gas futures closed up .13 at 6.21.

August Gold futures closed down 2.70 at 660.10 and Sept. Silver futures closed down 0.235 at 12.715.

Grains were mixed with Sept. Wheat up 2 ¼ cents closing at 6.60.10, Nov. Beans closed down 6 cents at 8.40 ¾, and Dec. Corn closed up 3 ¼ cents at 3.36 ½.

October Live Cattle futures closed up 1.45 at 98.65 and October Feeder Cattle closed up 0.775 at 118.050. October Lean Hogs closed up 1.50 at 72.55.

“These day’s people seek knowledge, not wisdom. Knowledge is of the past, wisdom is of the future.”

Author: Vernon Cooper

AS I SEE IT: The market did give us the little rally I thought would come in overnight trading and early in the regular market session this morning, but after the government marched out the Bush Economic Team to tell us how good everything in the economy is, the market sold off hard. Anytime the government reaches out and puts their hand on my shoulder and tells me how good things are I can’t hit the sell button fast enough. If they weren’t worried about what’s happening with the subprime loans they wouldn’t have paraded them out.

The market is getting oversold at this point, so I wouldn’t be surprised to see a snap-back rally. Because this has been such a strong bull market there has been a lot of money made, so traders shouldn’t be in too much margin trouble. It all depends on how much leverage there is in the market that has to be unwound. These kinds of markets can spiral on down even though they are oversold. I will follow my strategies and go with the market movement.

Today was another very good day for me in the E-mini S&P contract. The Oil market was next, followed by the Soybean market.


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