Closing Market News September 17, 2007
The Dow closed down 39.10 at 13,403.42 and the Nasdaq closed down 20.52 at 2581.66. Transports closed down 49.99 at 4746.63.
Total volume on the NYSE was below average trading 1.10 billion shares. Up/down volume was 2.32 to 1 negative, Nasdaq up/down volume was 3.69 to 1 negative.
Dec. E-mini S&P futures closed down 8.25 at 1489.75 and the Dec. Nasdaq 100 futures closed down 19.00 at 2006.00. Dec. E-mini S&P futures total volume was below average trading 1.35 million contracts. Dec. 30 Yr. T-Bond futures closed up 0-05 at 113-00.
Oct. Oil futures closed up 1.47 at 80.57 and Oct. Natural Gas futures closed up .37 at 6.65.
Dec. Gold futures closed up 6.00 at 723.80 and Dec. Silver futures closed up 0.195 at 12.900.
Grains were mixed with Dec. Wheat up 29 cents closing at 8.75, Nov. Beans closed up 13 ¾ cents at 9.68 ½, and Dec. Corn closed up 3 ¼ cents at 3.52 ¼.
October Live Cattle futures closed down 0.275 at 94.975 and October Feeder Cattle closed down 1.35 at 115.50. October Lean Hogs closed down 0.525 at 65.025.
“There is no man so good, who, were he to submit all his thoughts and actions to the laws would not deserve hanging 10 times in his life.”
Author: Michel De Montaigne
AS I SEE IT: The market traded lower overnight on subprime worries in the
Tomorrow the market will trade on the PPI Report at 8:30ET and the FOMC Announcement at 2:15ET. I believe traders need to have their strategies laid out tomorrow because this market is going to move quickly in one direction or the other. For me the resistance in the E-mini S&P is in the 1501 area, and the support is in the 1484.00 area.
Our Day-Trading Strategies worked very well in the E-mini S&P contract using our timed trades during the day. The Oil market also had some very nice price patterns today. I didn’t trade the grains.
I HOPE YOUR TRADING DAY WAS GOOD TOO!
IF YOU WOULD LIKE TO LEARN MORE ABOUT OUR TRADING STRATEGIES TAKE A LOOK AT THE E-BOOKS.
Have as much fun trading as I do.
Ray
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