Tuesday, September 18, 2007

Closing Market News September 18, 2007

The Dow closed up 335.97 at 13,739.39 and the Nasdaq closed up 70.00 at 2651.66. Transports closed up 186.23 at 4932.86.

Total volume on the NYSE was average trading 1.64 billion shares. Up/down volume was 25.35 to 1 positive, Nasdaq up/down volume was 9.87 to 1 positive.

Dec. E-mini S&P futures closed up 43.25 at 1533.00 and the Dec. Nasdaq 100 futures closed up 53.25 at 2059.25. Dec. E-mini S&P futures total volume was above average trading 2.60 million contracts. Dec. 30 Yr. T-Bond futures closed down 0-11 at 112-17.

Nov. Oil futures closed up 1.50 at 80.88 and Nov. Natural Gas futures closed down .09 at 7.23.

Dec. Gold futures closed down .10 at 723.70 and Dec. Silver futures closed up 0.025 at 12.925.

Grains were mixed with Dec. Wheat down 6 cents at 8.69, Nov. Beans closed up 1 cent at 9.69 ½, and Dec. Corn closed unchanged at 3.52 ¼.

October Live Cattle futures closed up 0.675 at 95.65 and October Feeder Cattle closed up .95 at 116.45. October Lean Hogs closed down 1.150 at 63.875.

“My dear friend, clear your mind of can’t.

Author: Samuel Johnson

AS I SEE IT: WOW!! I was expecting the market to move very quickly after the Fed Announcement, but of course I had no idea Bernanke would cut both the Discount Rate and the Fed Funds Rate by .50 basis points. The Dow closing up 335.97 and the Dec. E-mini S&P up 43.25 points was huge. I was very surprised that Bernanke would lower the interest rates this much, but I’ve traded for so long I’ve learned to go with what is happening instead of trading my opinions.

In overnight trading the E-mini S&P support prices held, and this morning after the Lehman Brothers earnings report and the PPI Report the Dow rallied about 100 points. The Dec. E-mini S&P rallied up above resistance and held in that area until the Fed Announcement. From there it was straight up for the market into the close. Our Short, Intermediate, and Long-Term Trading Strategies are all turned up in the Dec. E-mini S&P contract.

In the very short-term the market is getting overbought, but I expect trading ranges and price formations to be very good for day-traders in the Dec. E-mini S&P contract in the coming days. In overnight trading Oct. Oil futures made a high at 82.38.

Traders using the Soaring Phoenix Market Trading Strategies had a huge day today. The Oil contract gave buy signals early this morning and closed near the high too. I didn’t trade the Grains today.


Have as much fun trading as I do.


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