Monday, August 20, 2007

Closing Market News August 17, 2007

The Dow closed up 233.30 at 13,079.08 and the Nasdaq closed up 53.96 at 2505.03. Transports closed up 95.63 at 2505.03.

Total volume on the NYSE was above average trading 2.46 billion shares. Up/down volume was 9.80 to 1 positive, Nasdaq up/down volume was 6.71 to 1 positive.

Sept. E-mini S&P futures closed up 25.50 at 1450.00 and the Nasdaq 100 futures closed up 35.75 at 1892.25. Sept. E-mini S&P futures total volume was above average trading 3.32 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-18 at 110-01.

Oct. Oil futures closed up .73 at 71.60 and Sept. Natural Gas futures closed up .14 at 7.01.

Dec. Gold futures closed up 8.80 at 666.80 and Sept. Silver futures closed up 0.305 at 11.800.

Grains were mixed with Sept. Wheat down 1 cent closing at 6.72, Nov. Beans closed up 13 ¼ at 8.27 ¾, and Dec. Corn closed up 6 ¾ at 3.45 ¾.

October Live Cattle futures closed up 1.775 at 95.475 and October Feeder Cattle closed up 1.700 at 117.225. October Lean Hogs closed up 0.300 at 67.275.

“The real question is not whether machines think but whether men do. The mystery which surrounds a thinking machine already surrounds a thinking man.”

Author: B.F. Skinner

AS I SEE IT: The Fed stepped in and lowered the Discount Rate before the market opened this morning sending the E-mini S&P up 45.50 points. Immediately after the open the S&P dropped 10.25 points but flagged up from there the rest of the day. For the week the S&P is about unchanged after all the up and down movement we’ve seen. Today was another short squeeze. This was an Options Expiration Day and I would have thought there would have been a lot more volume. It told me that new buyers were not anxious to put their money to work.

Trading was good in the E-mini S&P, Oil, and the Soybean market again today. This was a very nice trading week. I think the large trading ranges will be very good for traders for a long time to come.

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