Tuesday, September 11, 2007

Closing Market News September 11, 2007

The Dow closed up 180.54 at 13,308.39 and the Nasdaq closed up 38.36 at 2597.47. Transports closed up 79.78 at 4774.07.

Total volume on the NYSE was below average trading 1.30 billion shares. Up/down volume was 5.38 to 1 positive, Nasdaq up/down volume was 4.99 to 1 positive.

Sept. E-mini S&P futures closed up 17.50 at 1472.75 and the Nasdaq 100 futures closed up 25.25 at 1993.50. Sept. E-mini S&P futures total volume was above average trading 1.85 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-06 at 114.00.

Oct. Oil futures closed up .74 at 78.23 and Oct. Natural Gas futures closed up .04 at 5.93.

Dec. Gold futures closed up 9.60 at 721.70 and Dec. Silver futures closed up 0.135 at 12.835.

Grains were mixed with Dec. Wheat closing up 29 ½ cents at 8.90 ½, Nov. Beans closed up 2 ½ cents at 9.20 ¼, and Dec. Corn closed down 4 ¾ at 3.41 ¼.

October Live Cattle futures closed unchanged at 95.70 and October Feeder Cattle closed down 0.125 at 118.325. October Lean Hogs closed down .60 at 65.85.

“The thing always happens that you really believe in; and the belief in a thing makes it happen.”

Author: Frank Lloyd Wright

AS I SEE IT: Overseas markets were much higher overnight, and our market followed suit with the Dow closing up 180.54 points. The E-mini S&P rallied overnight, and at the open of the regular trading session on the NYSE it was up about 5 points to start with. The rally continued for the first hour, and during the next hour and a half the E-mini S&P pulled back about 4 points forming a bull-flag formation. It rallied 7 points from that formation to the high of the day. There was a pull-back during the last half hour of trading, but the market rallied right back to the highs on the close. I was surprised there wasn’t more volume on the NYSE today.

My short-term trading strategies are still short, but the intermediate and long-term strategies are long. I use our Day-Trading Market Strategies every day so it makes no difference to me where the market goes. I just want good trading ranges and price formations, and enough volume to keep the prices moving. The Short, Intermediate, and Long-Term Trading Strategies are used by traders who have other jobs and do not sit in front of a computer trading all day.

Day-trading was good in the E-mini S&P, Grains, and the Oil market today.


Have as much fun trading as I do.

No comments: