Monday, August 6, 2007

Closing Market News August 6, 2007

The Dow closed up 286.87 at 13,470.16 and the Nasdaq closed up 36.08 at 2547.33. Transports closed up 91.28 at 4965.09.

Total volume on the NYSE was above average trading 2.28 billion shares. Up/down volume was 2.35 to 1 positive, Nasdaq up/down volume was 1.87 to 1 positive.

Sept. E-mini S&P futures closed up 24.75 at 1467.75 and the Nasdaq 100 futures closed up 23.00 at 1962.50. Sept. E-mini S&P futures total volume was above average trading 2.86 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-15 at 110-05.

Sept. Oil futures closed down 3.42 at 72.06 and Sept. Natural Gas futures closed up .12 at 6.21.

Dec. Gold futures closed down 1.10 at 683.30 and Sept. Silver futures closed 0.125 at 13.033.

Grains were mixed with Sept. Wheat up 14 cents closing at 6.64, Nov. Beans closed down 11 cents at 8.50, and Dec. Corn closed unchanged at 3.43.

October Live Cattle futures closed down 0.225 at 97.750 and October Feeder Cattle closed up 0.175 at 117.375. October Lean Hogs closed down 2.55 at 75.05.

“Education begins the gentleman, but reading, good company and reflection must finish him.”

Author: John Locke

AS I SEE IT: The sharp rally that I talked about on Friday happened today after the market went down and tested our intermediate-term support area. Now I’ll be watching the FOMC announcement at 2:15 ET tomorrow for further market direction. The large-range days we’ve had lately should continue as traders pile on in one direction or the other. Supprime news, interest rates, and the oil market should keep traders on their toes. Tomorrow could be another big up-day if traders think the language in tomorrow’s Fed Statement is positive, but if it is negative we could lose everything that was gained today.

When the E-mini S&P trades in a 41.25 point range, the Oil market trades in a $3.46 range, and the Soybeans trade 13 cents a bushel, my trading day goes by in a flash. Markets with trading ranges like this are difficult for position traders, but they are the best for day-traders.


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