Monday, August 20, 2007

Closing Market News August 20, 2007

The Dow closed up 42.27 at 13,121.35 and the Nasdaq closed up 3.56 at 2508.59. Transports closed up 87.49 at 4855.47.

Total volume on the NYSE was average trading 1.53 billion shares. Up/down volume was 1.14 to 1 positive, Nasdaq up/down volume was 1.46 to 1 positive.

Sept. E-mini S&P futures closed down 1.00 at 1449.00 and the Nasdaq 100 futures closed up 5.50 at 1897.75. Sept. E-mini S&P futures total volume was average trading 1.75 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-10 at 110-05.

Sept. Oil futures closed down .87 at 70.95 and Sept. Natural Gas futures closed down .97 at 6.04.

Dec. Gold futures closed down .30 at 666.50 and Sept. Silver futures closed down 0.065 at 11.735.

Grains were mixed with Sept. Wheat up 3 cents closing at 6.75, Nov. Beans closed down ½ cent at 8.27 ¼, and Dec. Corn closed up 3 cents at 3.48 ¾.

October Live Cattle futures closed up 0.175 at 95.650 and October Feeder Cattle closed up 0.625 at 117.850. October Lean Hogs closed down 0.175 at 67.100.

“Life is the continuous adjustment of internal relations to external relations.”

Author: Herbert Spencer

AS I SEE IT: The Dow fell about 97 points before rallying up 199 points from the low to close up 42 points. The E-mini S&P opened higher but sold off 18 points during the first 4 hours of trading. From that low the E-mini rallied up 22 points in 2 hours before closing down 1 point on the day. Volume was much lighter today, and during the lunch hour traders jumped on the technical trading signals pushing the market up.

I believe there will be more problems popping up in the credit market, so carrying long positions overnight without protection is still dangerous. There’s no way to know how many financial institutions are in trouble.

Because of the large trading ranges and the price patterns in the E-mini S&P and the Oil market, trading was good today.


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