Thursday, August 2, 2007

Closing Market News August 2, 2007

The Dow closed up 100.96 at 13,463.33 and the Nasdaq closed up 22.11 at 2575.98. Transports closed up 18.39 at 5064.36.

Total volume on the NYSE was above average trading 1.97 billion shares. Up/down volume was 1.68 to 1 positive, Nasdaq up/down volume was 1.86 to 1 positive.

Sept. E-mini S&P futures closed up 11.75 at 1481.75 and the Nasdaq 100 futures closed up 19.50 at 1980.00. Sept. E-mini S&P futures total volume was above average trading 2.20 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-03 at 109-31.

Sept. Oil futures closed up .33 at 76.86 and Sept. Natural Gas futures closed down .24 at 6.11.

Dec. Gold futures closed up .80 at 676.70 and Sept. Silver futures closed up 0.040 at 12.995.

Grains were higher with Sept. Wheat up 5 ¾ cents closing at 6.41 ¾, Nov. Beans closed up 5 ¾ at 8.54 ½, and Dec. Corn closed up 5 cents at 3.41 ¼.

October Live Cattle futures closed down .70 at 98.10 and October Feeder Cattle closed down 0.875 at 117.325. October Lean Hogs closed up 0.225 at 74.800.

“As the eagle was killed by the arrow winged with his own feather, so the hand of the world is wounded by its own skill.”

Author: Helen Keller

AS I SEE IT: New money is put to work in the market the first few days of each new month, so yesterday and today during the last hour of trading the market rallied. I don’t believe the credit problems will go away quickly, so the market can still have more of these large-range days coming.

Only my short-term daily strategies have turned down. The intermediate and long-term strategies are still in up-trends.

Day-trading was good for me today in the E-mini S&P because I sold rallies until the last hour of trading. Because of the big rally near the close yesterday, I was looking for the same thing to happen today. At times traders follow the same patterns for a couple days in a row.

The Oil contract had some good trading patterns for my timed trades, but trading patterns were not good for me in the Soybean market so I didn’t trade them today.


Have as much fun trading as I do.


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