Closing Market News August 27, 2007

The Dow closed down 56.74 at 13,332.13 and the NASDAQ closed down 15.44 at 2561.25. Transports closed down 48.98 at 4866.97.

Total volume on the NYSE was very light trading 1.10 billion shares. Up/down volume was 3.42 to 1 negative, NASDAQ up/down volume was 1.81 to 1 negative.

Sept. E-mini S&P futures closed down 13.75 at 1469.75 and the NASDAQ 100 futures closed down 19.00 at 1950.50. Sept. E-mini S&P futures total volume was way below average trading 911,862 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-21 at 111-16.

Sept. Oil futures closed up .96 at 72.05 and Sept. Natural Gas futures closed down 0.14 at 5.38.

Dec. Gold futures closed down 1.30 at 676.20 and Sept. Silver futures closed down 0.175 at 11.765.

Grains were mixed with Sept. Wheat down 3 ¼ cents at 8.72 ¾, Nov. Beans closed up 7 ¾ at 8.72 ¾, and Dec. Corn closed down 5 ¾ at 3.53.

October Live Cattle futures closed down 0.075 at 97.750 and October Feeder Cattle closed up 0.575 at 118.875. October Lean Hogs closed down 2.95 at 67.70.

“I am enough of an artist to draw freely upon my imagination. Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”

Author: Albert Einstein

AS I SEE IT: The market started selling off overnight, and when the Existing Home Sales Report came out this morning it continued to go lower. After the first 2 hours the market traded sideways to higher, but with an hour and a half left to trade it sold off closing near the low of the day. The 1483 to 84 area was strong resistance today. Volume is very light so I believe the market can be pushed one way or the other very easily. My short-term strategies are still short.

Day-trading was good during the first two hours and the last 2 hours in the E-mini S&P contract. It traded sideways mid-day. The big winner today was the Oil market. The trading patterns were very good.

I HOPE YOU MADE MONEY TODAY!