Closing Market News August 22, 2007

The Dow closed up 145.27 at 13,236.13 and the Nasdaq closed up 31.50 at 2552.80. Transports closed up 102.14 at 4924.57.

Total volume on the NYSE was below average trading 1.44 billion shares. Up/down volume was 4.85 to 1 positive, Nasdaq up/down volume was 3.62 to 1 positive.

Sept. E-mini S&P futures closed up 18.50 at 1468.75 and the Nasdaq 100 futures closed up 25.25 at 1945.00. Sept. E-mini S&P futures total volume was below average trading 1.57 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-11 at 110-09.

Sept. Oil futures closed down .14 at 69.43 and Sept. Natural Gas futures closed down .24 at 5.58.

Dec. Gold futures closed up 2.30 at 668.50 and Sept. Silver futures closed up 0.055 at 11.565.

Grains were higher with Sept. Wheat closing up 27 cents at 7.18 ½, Nov. Beans closed up 16 cents at 8.47, and Dec. Corn closed up 9 ¼ at 3.64 ¼.

October Live Cattle futures closed down 0.925 at 95.475 and October Feeder Cattle closed down 1.025 at 116.750. October Lean Hogs closed down .40 at 57.80.

“A ‘No’ uttered from the deepest conviction is better than a ‘Yes’ merely uttered to please, or worse, to avoid trouble.”

Author: Mohandas Gandhi

AS I SEE IT: The market continued yesterdays rally in overnight trading, so our market gapped up this morning stopping out short-sellers. After the first hour’s high the S&P sold off 12.75 points, consolidated mid-day, and rallied up into the close. This has been a very interesting 5 day rally because volume has been light. Today’s close is very near short-term resistance and now we have a gap below today’s low. I’ll be watching the overnight market tonight to see if the momentum is up or down.

Day-trading was good in the E-mini S&P today. This was report day in the Oil market so I didn’t trade it. Charts look very good after the fact, but that market can jump your Stops in a big way when the report is announced.

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