Closing Market News August 16, 2007
The Dow closed down 15.69 at 12,845.78 and the Nasdaq closed down 7.76 at 2451.07. Transports closed down 19.97 at 4672.35.
Total volume on the NYSE was huge trading 2.96 billion shares. Up/down volume was 1.30 to 1 negative, Nasdaq up/down volume was 1.87 to 1 negative.
Oct. Oil futures closed down 1.81 at 71.40 and Sept. Natural Gas futures closed up .08 at 6.94.
Dec. Gold futures closed down 21.70 at 658.00 and Sept. Silver futures closed down 1.060 at 11.495.
Grains were lower with Sept. Wheat down 5 ½ cents closing at 6.73, Nov. Beans closed down 40 cents at 8.14 ½, and Dec. Corn closed down 6 ¼ at 3.39.
October Live Cattle futures closed down 2.225 at 93.700 and October Feeder Cattle closed down 1.10 at 115.45. October Lean Hogs closed down 1.425 at 67.150.
“Stretching his hand up to reach the stars, too often man forgets the flowers at his feet.”
Author: Jeremy Bentham
AS I SEE IT: I’ve traded some wild swings in the market, but in recent years this has to be one for the records. The S&P traded down 35.25 points from the opening high to the first swing low, and then rallied back up 35.50 points before trading back down 28.75 points. From that low the S&P rallied up 51.75 points into the close. The Dow traveled down 366.77 points to the low before turning back up to close only 15.69 points lower. The snap-back rallies I talked about yesterday happened a couple times today. Shorts will be a little nervous after this reversal, but the credit problems are not over so I believe we’ll have more wild swings in the near future.
Trading patterns were not good for the first 2 hours in the E-mini S&P, but the rest of the day the Soaring
Without trading strategies that work it is dangerous to get in markets like this. The volume is huge and the price movement is very fast.
I HOPE YOU MADE MONEY TODAY!
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