Wednesday, September 12, 2007

Closing Market News September 12, 2007

The Dow closed down 16.74 at 13,291.65 and the Nasdaq closed down 5.40 at 2592.07. Transports closed down 36.21 at 4772.87.

Total volume on the NYSE was below average trading 1.28 billion shares. Up/down volume was 1.12 to 1 negative, Nasdaq up/down volume was 1.50 to 1 negative.

Sept. E-mini S&P futures closed up 3.50 at 1476.25 and the Nasdaq 100 futures closed up 2.75 at 1996.25. Sept. E-mini S&P futures total volume was above average trading 1.80 million contracts. Dec. 30 Yr. T-Bond futures closed down 0-11 at 113-14.

Oct. Oil futures closed up 1.40 at 79.63 and Oct. Natural Gas futures closed up .50 at 6.44.

Dec. Gold futures closed down .90 at 720.00 and Dec. Silver futures closed down 0.042 at 12.793.

Grains were mixed with Dec. Wheat closing down 30 cents at 8.60 ½, Nov. Beans closed up 18 cents at 9.38 ½, and Dec. Corn closed up 15 ¼ at 3.56 ½.

October Live Cattle futures closed down .85 at 94.85 and October Feeder Cattle closed down 1.575 at 116.700. October Lean Hogs closed down .65 at 65.20.

“Bite off more than you can chew, then chew it.”

Author: Ella Williams

AS I SEE IT: The market is marking time waiting for the Fed meeting next Tuesday. The trading range in the Dow was 96.98 points and the S&P traded in a 14 point range. Everyone has decided that the Fed is going to lower interest rates on Tuesday, now the only argument is by how much. How about this Oil market today? In electronic trading the Oct. Oil contract hit $80.18 a barrel.

Rosh Hashanah starts at sundown today and Yom Kippur begins at sundown a week from tomorrow. Traders over the years have wanted to sell on Yom Kippur and buy on Rosh Hashanah. There’s sure no guarantee this will work this year, but there are traders that pay attention to it. I prefer to trade with our Day Trading Strategies and let the market tell me where it’s going.

Trading was good again today in the E-mini S&P, Grains were great, and the Oil market was good too.


Have as much fun trading as I do.


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