Thursday, September 27, 2007

Closing Market News September 27, 2007

The Dow closed up 34.79 at 13,912.94 and the Nasdaq closed up 10.56 at 2709.50. Transports closed up 15.46 at 4849.58.

Total volume on the NYSE was below average trading 1.17 billion shares. Up/down volume was 1.97 to 1 positive, Nasdaq up/down volume was 1.34 to 1 positive.

Dec. E-mini S&P futures closed up 8.25 at 1544.50 and the Dec. Nasdaq 100 futures closed up 12.25 at 2121.75. Dec. E-mini S&P futures total volume was below average trading 1.31 million contracts. Dec. 30 Yr. T-Bond futures closed up 0-19 at 111-10.

Nov. Oil futures closed up 2.58 at 82.88 and Nov. Natural Gas futures closed down .13 at 6.92.

Dec. Gold futures closed up 4.50 at 740.00 and Dec. Silver futures closed up 0.100 at 13.645.

Grains were higher with Dec. Wheat closing up 15 ¾ at 9.33, Nov. Beans closed up 18 ¼ at 10.09 and Dec. Corn closed up 11 ¾ at 3.86 ¾.

Dec. Live Cattle futures closed up .15 at 100.20 and Nov. Feeder Cattle closed down 0.425 at 115.825. Dec. Lean Hogs closed up 0.125 at 62.525.

“Wealth is not his that has it, but his that enjoys it.”

Author: Benjamin Franklin

AS I SEE IT: The market was higher in overnight trading. On the open the E-mini S&P pulled back to support during the first two hours, then chopped higher into the close. The Dow didn’t do much all day until the last couple hours when it had a mild rally. Volume was very light today, but the internals of the market were slightly bullish. During the last two days of the month and the first day or two of the new month Window Dressing usually rules holding the market up.

I do believe we could see some very good market movement in the near future. The market needs to rally on up taking out resistance, or it could sell-off quickly.

Day-Trading was just OK for me today in the E-mini S&P. Low volume and small trading ranges don’t work the best for me. If it hadn’t been for the rally on the close I would have lost money in this contract today. Our timed trades in the Grains and the Oil worked well.

Have as much fun trading as I do.


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