Wednesday, August 29, 2007

Closing Market News August 29, 2007

The Dow closed up 247.44 at 13,289.29 and the Nasdaq closed up 53.25 at 1961.00. Transports closed up 104.44.

Total volume on the NYSE was below average trading 1.32 billion shares. Up/down volume was 16.75 to 1 positive, Nasdaq up/down volume was 9.50 to 1 positive.

Sept. E-mini S&P futures closed up 27.25 at 1465.50 and the Nasdaq 100 futures closed up 53.25 at 1961.00 Sept. E-mini S&P futures total volume was above average trading 2.01 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-08 at 111-12.

Sept. Oil futures closed up 1.84 at 73.57 and Sept. Natural Gas futures closed down .16 at 5.43.

Dec. Gold futures closed up 1.90 at 675.40 and Sept. Silver futures closed up 0.080 at 11.845.

Grains were mixed with Sept. Wheat closing up 21 ½ cents at 7.42, Nov. Beans closed up 2 cents at 8.74 ¼, and Dec. Corn closed down 4 ½ cents at 3.40 ¼.

October Live Cattle futures closed up .50 at 98.10 and October Feeder Cattle closed up 0.125 at 118.975. October Lean Hogs closed down .15 at 67.75.

“Any fool can criticize, condemn and complain and most fools do.”

Author: Benjamin Franklin

AS I SEE IT: This market has a little something for everyone. Yesterday the Dow went down 280.28 points and today it rallied 247.44 points. The E-mini S&P was down yesterday 31.50 points and back up 27.25 points today. Some traders think Bernanke is going to save the market from any of the credit problems that exist now. The NYSE volume was light again today, but the E-mini S&P had above normal volume. Late sellers yesterday were stopped out of the market today driving prices higher. Now I’ll be watching to see if month end window dressing is going to continue the rally for a few days, or if more credit worries drive it lower again.

The Soaring Phoenix Market Trading Strategies worked very well for traders that follow them again today. These large-range days are the best for our strategies. Price formations were good in the E-mini S&P and the Oil contract. Soybeans traded sideways to higher.


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