Tuesday, August 7, 2007

Closing Market News August 7, 2007

The Dow closed up 35.52 at 13,504.30 and the Nasdaq closed up 14.27 at 2561.60. Transports closed up 42.28 at 5007.37.

Total volume on the NYSE was above average trading 2.23 billion shares. Up/down volume was 1.82 to 1 positive, Nasdaq up/down volume was 1.39 to 1 positive.

Sept. E-mini S&P futures closed up 14.75 at 1482.50 and the Nasdaq 100 futures closed up 11.50 at 1974.00. Sept. E-mini S&P futures total volume was above average trading 2.61 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-08 at 109-30.

Sept. Oil futures closed up .34 at 72.40 and Sept. Natural Gas futures closed down 0.0080 at 6.20.

Dec. Gold futures closed down 1.00 at 682.30 and Sept. Silver futures closed up 0.062 at 13.095.

Grains were mixed with Sept. Wheat down 2 ¼ cents closing at 6.61 ½, Nov. Beans closed up 12 ¾ at 8.62 ¾, and Dec. Corn closed up 9 ¼ at 352 ¼.

October Live Cattle futures closed down 1.80 at 95.90 and October Feeder Cattle closed down 2.075 at 115.300. October Lean Hogs closed down 2.40 at 72.65.

“At his best, man is the noblest of all animals; separated from law and justice he is the worst.”

Author: Aristotle

AS I SEE IT: The market sold off a little early in the trading session, but gained strength into the Fed Announcement. As soon as the Fed said that interest rates would stay the same the S&P fell 21 points. It traded a little below the overnight low before reversing and rallying 34 points. During the last half-hour it traded down 16.25 points. The Dow fell over 100 points from the high in about 10 minutes before closing just a little higher on the day. The Dow ended the day with a 260 point trading range and the S&P traded in a 34 point range. This market is on the move and I don’t see anything that would make it slow down. My short-term strategies are still short, but the intermediate and long-term strategies are long. I think there can be more down days if the short-term strategies don’t turn up soon.

I had two small trades in the E-mini S&P before the Fed Announcement, and two good trades after the announcement. The Oil market gave me two nice trades, also. I didn’t trade the Soybeans today even though the patterns turned out to be good.


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