Tuesday, August 21, 2007

Closing Market News August 21, 2007

The Dow closed down 30.49 points at 13,090.86 and the Nasdaq closed up 12.71 at 2521.30. Transports closed down 33.04 at 4822.43.

Total volume on the NYSE was below average trading 1.34 billion shares. Up/down volume was 1.40 to 1 positive, Nasdaq up/down volume was 1.45 to 1 positive.

Sept. E-mini S&P futures closed up 1.25 at 1450.25 and the Nasdaq 100 futures closed up 22.00 at 1919.75. Sept. E-mini S&P futures total volume was average trading 1.75 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-11 at 110-19.

Sept. Oil futures closed down 1.32 at 69.66 and Sept. Natural Gas futures closed down .22 at 5.82.

Dec. Gold futures closed down .30 at 666.20 and Sept. Silver futures closed down 0.225 at 11.510.

Grains were higher with Sept. Wheat up 16 ¼ cents at 6.91 ¼, Nov. Beans closed up 3 ¾ cents at 8.31, and Dec. Corn closed up 6 ¼ at 3.55.

October Live Cattle futures closed up .75 at 96.40 and October Feeder Cattle closed down 0.075 at 117.775. October Lean Hogs closed up 1.25 at 68.35.

“One person with a belief is equal to ninety-nine who have only interests.”

Author: John Stuart Mill

AS I SEE IT: The market has stabilized a little for the last two days on light volume, but unless buying picks up soon I believe there will be a test of the recent lows. Traders seem to be waiting for the Fed to bail this market out, and if they do come in and throw a lot of money at it we’ll get a good rally. Our Short-term trading strategies are still short, but the intermediate and long-term strategies are long.

Trading in the E-mini S&P was good early, but during the rest of the day traders were just kind of pickin’ each others pockets. The Oil contract had the best trading patterns today. I didn’t trade the Soybeans contract, but it did have some good small range price patterns.


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