Friday, August 31, 2007

Closing Market News August 31, 2007





The Dow closed up 119.01 at 13,357.74 and the Nasdaq closed up 29.37 at 2596.36. Transports closed up 91.61 at 4878.75.

Total volume on the NYSE was below average trading 1.38 billion shares. Up/down volume was 11.09 to 1 positive, Nasdaq up/down volume was 5.61 to 1 positive.

Sept. E-mini S&P futures closed up 15.25 at 1476.75 and the Nasdaq 100 futures closed up 20.00 at 1994.75. Sept. E-mini S&P futures total volume was above average trading 1.71 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-10 at 111-25.

Oct. Oil futures closed up .55 at 73.91 and Oct. Natural Gas futures closed down .17 at 5.47.

Dec. Gold futures closed up 8.00 at 681.90 and Sept. Silver futures closed up 0.272 at 12.063.

Grains were mixed with Sept. Wheat down 3 cents closing at 7.67, Nov. Beans closed down 2 ¼ cents at 8.82 ½, and Dec. Corn closed up ¼ cent at 3.40.

October Live Cattle futures closed down 0.175 at 96.900 and October Feeder Cattle closed down 0.525 at 117.625. October Lean Hogs closed down 1.025 at 66.825.

“Imagination was given to man to compensate him for what he is not; a sense of humor to console him for what he is.”

Author: Francis Bacon

AS I SEE IT: Much of the market gain today happened in the overnight market when the Bush plan to help subprime borrowers was announced. He and Bernanke were both in the news today, and that did boost the market along with the end of the month window dressing. The S&P broke through overhead resistance by a point, but it couldn’t hold the gain. The Soaring Phoenix Short-Term Trading Strategies are still short, even though the market has rallied off the lows.

Day-trading in the E-mini S&P was good for me during the first couple hours of trading, with sideways action mid-day, and a great trade near the close. The Oil contract had some very good trading patterns for me today. I didn’t trade the grains.


I HOPE YOU MADE MONEY THIS WEEK!

HAVE A GREAT LONG WEEKEND!

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