Closing Market News September 24. 2007

The Dow closed down 61.13 at 13,759.06 and the Nasdaq closed down 3.27 at 2667.95. Transports closed down 59.61 at 4767.95.

Total volume on the NYSE was below average trading 1.34 billion shares. Up/down volume was 1.88 to 1 negative, Nasdaq up/down volume was 1.09 to 1 positive.

Dec. E-mini S&P futures closed down 2.75 at 1531.75 and the Dec. Nasdaq 100 futures closed up 11.25 at 2079.75. Dec. E-mini S&P futures total volume was below average trading 1.49 million contracts. Dec. 30 Yr. T-Bond futures closed up 0-03 at 110-27.

Nov. Oil futures closed down .67 at 80.95 and Nov. Natural Gas futures closed up .18 at 7.17.

Dec. Gold futures closed up .40 at 739.30 and Dec. Silver futures closed up 0.020 at 13.640.

Grains were mixed with Dec. Wheat closing up 3 ¾ cents at 8.77 ¾, Nov. Beans closed down ¼ cent at 9.78 ¾, and Dec. Corn closed down 3 cents at 3.73 ½.

Dec. Live Cattle futures closed up 0.575 at 100.750 and Nov. Feeder Cattle closed up 0.225 at 116.600. Dec. Lean Hogs closed down 0.475 at 63.325.

“To fly, we have to have resistance.”

Author: Maya Lin

AS I SEE IT: The E-mini S&P rallied in overnight trading, it traded lower closing the opening gap when the regular session opened, then traded higher to Friday’s resistance levels. From there it started selling off on the GM strike news closing a little lower on the day.

My short, intermediate, and long-term trading strategies are all higher. The market is consolidating the large gains we had last week, now we’ll have to see if the day-trading lows hold and we have another rally, or if they break down to major support.

Our Day-Trading Strategies worked very well in the E-mini S&P contract, and were just fair in the Grains and Oil contract for me today.

Have as much fun trading as I do.

Ray