Tuesday, August 28, 2007

Closing Market News August 28, 2007

August 28, 2007

The Dow closed down 280.28 at 13,041.85 and the Nasdaq closed down 60.61 at 2500.64. Transports closed down 133.99 at 4732.98.

Total volume on the NYSE was below average trading 1.38 billion shares. Up/down volume was 21 to 1 negative, Nasdaq up/down volume was 7.73 to 1 negative.

Sept. E-mini S&P futures closed down 31.50 at 1438.25 and the Nasdaq 100 futures closed down 42.25 at 1908.25 Sept. E-mini S&P futures total volume was above average trading 1.95 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-13 at 111-24.

Sept. Oil futures closed down .45 at 71.55 and Sept. Natural Gas futures closed up .21 at 5.59.

Dec. Gold futures closed down 2.70 at 673.50 and Sept. Silver futures closed up 0.0050 at 11.770.

Grains were lower with Sept. Wheat closing down 1 ¾ cents at 7.20 ½, Nov. Beans closed down ½ cent at 8.72 ¼, and Dec. Corn closed down 8 ¼ at 3.44 ¾.

October Live Cattle futures closed down .15 at 97.60 and October Feeder Cattle closed down 0.150 at 97.600. October Lean Hogs closed up .20 at 67.90.

“An investment in knowledge pays the best interest.”

Author: Benjamin Franklin

AS I SEE IT: The Bear-Flag formation broke down in the E-mini S&P contract today, and it closed down 31.50 points. The Dow sold off 280.28 after rallying up on light volume the last few days. Volume on the Dow was still light today, but the E-mini S&P volume was above average. In the short-term our trading strategies have been turned down for the last 5 weeks, and if it gets a little lower our intermediate-term strategies will also turn down.

Day-traders who followed the Soaring Phoenix Market Trading Strategies had a very good day today. The E-mini S&P, Oil, and the Soybean market all had good trading patterns for our strategies.


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