Closing Market News August 14, 2007
The Dow closed down 207.61 at 13,028.92 and the Nasdaq closed down 43.12 at 2499.12. Transports closed down 161.24.
Total volume on the NYSE was above average trading 1.79 billion shares. Up/down volume was 10.39 to 1 negative, Nasdaq up/down volume was 5.27 to 1 negative.
Sept. E-mini S&P futures closed down 20.75 at 1434.25 and the Nasdaq 100 futures closed down 27.75 at 1914.75. Sept. E-mini S&P futures total volume was above average trading 2.59 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-09 at 109-24.
Sept. Oil futures closed up 94 at 72.56 and Sept. Natural Gas futures closed up .15 at 6.94.
Dec. Gold futures closed down 1.20 at 6.79.70 and Sept. Silver futures closed down 0.107 at 12.748.
Grains were mixed with Sept. Wheat closing up 26 cents at 6.92 ½, Nov. Beans closed down 15 ¾ at 8.66, and Dec. Corn closed down 4 cents at 3.45.
October Live Cattle futures closed up .10 at 95.15 and October Feeder Cattle closed up .15 at 116.025. October Lean Hogs closed down 1.60 at 69.80.
“A man is what he thinks about all day long.”
Author: Ralph Waldo Emerson
AS I SEE IT: The E-mini S&P gave me a sell-signal right out of the gate this morning and continued to trade lower all day. Wal Mart earnings were not good, and again today there were credit worries popping up. Even with all the very negative news the intermediate-term support held for the third time. If the S&P closes below today’s low my intermediate-term strategies will turn down.
One reason for the great trading ranges and the speed of the market when it moves lower is because of the change in the Up Tick Rule. Until the middle of July traders couldn’t sell stocks until there was an up-tick. Now they can place sell-stops under the market and drive it down just like futures traders. This rule change has been very good for day-traders, but I know it increases the worries of stock investors. I think we reach the same price now that we would have before the rule change, but it doesn’t take as long to get there.
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