Closing Market News August 9, 2007

The Dow closed down 387.18 points at 13,270.68 and the Nasdaq closed down 56.49 at 2556.49. Transports closed down 108.46 at 4970.93.

Total volume on the NYSE was very heavy trading 2.77 billion shares. Up/down volume was 5.40 to 1 negative, Nasdaq up/down volume was 2.81 to 1 negative.

Sept. E-mini S&P futures closed down 46.00 at 1458.00 and the Nasdaq 100 futures closed down 53.75 at 1945.50. Sept. E-mini S&P futures total volume was heavy trading 3.20 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-09 at 109-07.

Sept. Oil futures closed down .61 at 71.57 and Sept. Natural Gas futures closed up .37 at 6.59.

Dec. Gold futures closed down 13.60 at 672.70 and Sept. Silver futures closed down 0.465 at 12.705.

Grains were unchanged to higher with Sept. Wheat down 4 cents closing at 6.75, Nov. Beans closed unchanged at 8.78, and Dec. Corn closed down 9 ¼ cents at 3.48 ¾.

October Live Cattle futures closed down 0.725 at 94.850 and October Feeder Cattle closed up .30 at 115.70. October Lean Hogs closed down .75 at 71.20.

“By trying we can easily endure adversity. Another man’s, I mean.”

Author: Mark Twain

AS I SEE IT: The Dow, Nasdaq, and the Transports all traded much lower today. Traders did smell smoke this morning after hearing the news about a French Bank locking up funds, and they headed for the door. We’ve all known there could be problems with the supprime loans, but it seems to always take longer than I expect to run through the system. Now I’m wondering how much trouble the banks will have when these same people who are leaving their homes max out their credit cards.

The Soaring Phoenix Market Trading Strategies worked perfectly in the E-mini S&P market. The Oil contract traded well, but it was a little jumpy at times. Soybeans traded up, but the patterns were not good for me today. I was busy enough with the S&P and the Oil, so I left them alone.

I HOPE YOU MADE MONEY TODAY!