Thursday, August 23, 2007

Closing Market News August 23, 2007

The Dow closed down .25 at 13,235.88 and the Nasdaq closed down 11.10 at 2541.70. Transports closed down 63.49 at 4861.08.

Total volume on the NYSE was below average trading 1.37 billion shares. Up/down volume was 1.10 to 1 negative, Nasdaq up/down volume was 1.46 to 1 negative.

Sept. E-mini S&P futures closed down 2.25 at 1466.50 and the Nasdaq 100 futures closed down 5.50 at 1939.50. Sept. E-mini S&P futures total volume was below average trading 1.63 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-06 at 110-18.

Sept. Oil futures closed up .59 at 69.85 and Sept. Natural Gas futures closed up .04 at 5.62.

Dec. Gold futures closed down .30 at 668.40 and Sept. Silver futures closed up 0.075 at 11.640.

Grains were mixed with Sept. Wheat closing up 4 cents at 7.22 ½, Nov. Beans closed up 11 ¼ at 8.58 ¼, and Dec. Corn closed down 2 ¼ at 3.62.

October Live Cattle futures closed up 1.375 at 96.850 and October Feeder Cattle closed up 0.750 at 117.500. October Lean Hogs closed up 0.675 at 68.475.

“Bitterness is like cancer. It eats upon the host. But anger is like fire. It burns it all clean.”

Author: Maya Angelou

AS I SEE IT: In overnight trading the E-mini S&P shot up 13 points after the $2 billion investment in Countrywide Financial Corp. was announced. Early this morning it started selling off. It gave me a sell signal that lasted most of the day. The Dow closed about unchanged and the S&P was just a little lower today. It had a chance to move substantially lower but there wasn’t enough down volume to push prices lower. Even though the market sold off from the high, it is still trading in a channel that looks like a bear-flag. Our short-term trading strategies are still turned down, but I have to take this market one day at a time. There is something new hitting the market everyday so traders need to be nimble.

Day Trading was very good for me in the E-mini S&P today. There was a problem with the quotes in the Soybean market so I didn’t trade it. The Oil contract also had very good trading patterns for me today.



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