Closing Market News August 15, 2007

The Dow closed down 167.45 at 12,861.47 and the Nasdaq closed down 40.29 at 2458.83. Transports closed down 157.93 at 4692.32.

Total volume on the NYSE was above average trading 1.98 billion shares. Up/down volume was 5.45 to 1 negative, Nasdaq up/down volume was 5.12 to 1 negative.

Sept. E-mini S&P futures closed down 19.75 at 1414.50 and the Nasdaq 100 futures closed down 36.25 at 1878.50. Sept. E-mini S&P futures total volume was above average trading 2.96 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-11 at 109-15.

Oct. Oil futures closed up 1.07 at 73.09 and Sept. Natural Gas futures closed down .08 at 6.86.

Dec. Gold futures closed down .10 at 679.60 and Sept. Silver futures closed down 0.153 at 12.560.

Grains were mixed with Sept. Wheat down 14 cents at 6.78 ½, Nov. Beans closed down 10 ¼ cents at 8.55 ¾, and Dec. Corn closed up ¼ cent at 3.45 ¼.

October Live Cattle futures closed up .75 at 95.90 and October Feeder Cattle closed up 0.525 at 116.550. October Lean Hogs closed down 1.10 at 68.70.

“Sometimes, if you aren’t sure about something, you just have to jump off the bridge and grow your wings on the way down.”

Author: Danielle Steel

AS I SEE IT: The Dow had a 282 point range today and the S&P traded in a 37 point range. The credit problems that have developed continue, and highly leveraged longs are getting stopped out. I believe there will be some very strong snap-back rallies as this market gets oversold in the short-term. There’s no doubt there has been a lot of short protection put on, and in time all those positions will be taken off. Traders who sell in the hole will get stopped out of those positions on the upside.

Soaring Phoenix Market Strategies traders had a very good day trading the E-mini S&P today. The Oil and Soybean market also had good trading patterns.

I HOPE YOU MADE MONEY TODAY!