Wednesday, September 19, 2007

Closing Market News September 19, 2007

The Dow closed up 76.17 at 13,815.56 and the Nasdaq closed up 14.82 at 2666.48. Transports closed down 27.30 at 4905.56.

Total volume on the NYSE was average trading 1.66 billion shares. Up/down volume was 2.26 to 1 positive, Nasdaq up/down volume was 1.71 to 1 positive.

Dec. E-mini S&P futures closed up 8.50 at 1541.50 and the Dec. Nasdaq 100 futures closed up 4.75 at 2064.00. Dec. E-mini S&P futures total volume was heavy trading 2.64 million contracts. Dec. 30 Yr. T-Bond futures closed down 0-25 at 111-25.

Nov. Oil futures closed up .62 at 80.85 and Nov. Natural Gas futures closed down .32 at 6.91.

Dec. Gold futures closed up 5.30 at 729.10 and Dec. Silver futures closed up .18 at 13.105.

Grains were mixed with Dec. Wheat down 24 cents closing at 8.45, Nov. Beans closed up 1 ½ cents at 9.71, and Dec. Corn closed up 6 cents at 3.58 ¼.

October Live Cattle futures closed down .15 at 95.50 and October Feeder Cattle closed down 0.175 at 116.275. October Lean Hogs closed down 0.675 at 63.20.

“It’s not where your dreams take you; it’s where you take your dreams.”

Author: Ann Dillaber

AS I SEE IT: The Dow, Nasdaq, and the S&P all traded higher early this morning, but by mid-day the short-term overbought condition caused traders to take some profits. The E-mini S&P sold off 17 points from the high before bouncing back into the close.

The market has moved up quickly so it wouldn’t surprise me if there was a little profit taking soon, but I also know there are a lot of large short positions that are still in the market. It will take a little time to see if those positions have to be taken off. I believe there could be a lot of market movement in the next couple of days.

There’s no doubt it is difficult for many traders to feel comfortable with large long positions when the Fed has to drop interest rates and the discount rate by 50 basis points to prop the market up, the Dollar is going down, Oil is about 82 dollars a barrel, Gold is running up, and the Grains are high. On top of all that there is some rumbling about problems with Iran again. After saying that, our short, intermediate, and long-term trading strategies are all turned up.

Day Trading was good again today in the E-mini S&P, Oil, and the Grains using our Technical Day-Trading Strategies.


Have as much fun trading as I do.


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