Monday, September 10, 2007

Closing Market News September 10, 2007

The Dow closed up 14.47 at 13,127.85 and the Nasdaq closed down 6.59 at 2559.11. Transports closed down 38.64 at 4694.29.

Total volume on the NYSE was below average trading 1.34 billion shares. Up/down volume was 2.13 to 1 negative, Nasdaq up/down volume was 1.05 to 1 negative.

Sept. E-mini S&P futures closed down 4.50 at 1455.25 and the Nasdaq 100 futures closed down 2.25 at 1968.25. Sept. E-mini S&P futures total volume was above average trading 2.08 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-20 at 114-05.

Oct. Oil futures closed up 1.34 at 78.04 and Oct. Natural Gas futures closed up .39 at 5.89.

Dec. Gold futures closed up 2.40 at 712.10 and Sept. Silver futures closed down 0.060 at 12.532.

Grains were mixed with Sept. Wheat closing up 9 cents at 8.49, Nov. Beans closed up 12 ¾ at 9.18, and Dec. Corn closed down 1 ½ cents at 3.46.

October Live Cattle futures closed down .40 at 95.70 and October Feeder Cattle closed up 0.125 at 118.450. October Lean Hogs closed up .15 at 66.45.

“We must learn our limits. We are all something, but none of us are everything.”

Author: Blaise Pascal

AS I SEE IT: The market had something for everyone today. The Dow was down 92 points early and up 94 points on the day before selling off and closing up 14.47 points. The S&P fell 19 points before rallying 23.50 points then sold off 9 points into the close. Volume in the E-mini S&P contract was heavy because of the points traveled today from high to low and back to the high again. The E-mini S&P intermediate-term support prices held today and the market rallied from there. Short-term my trading strategies are short, while intermediate and long-term strategies are long.

Day-trading patterns were good for me today in the E-mini S&P. I didn’t trade the Grains or the Oil contracts.

Have as much fun trading as I do.

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