Friday, September 28, 2007

Closing Market News September 28, 2007

The Dow closed down 17.31 at 13,895.63 and the Nasdaq closed down 8.09 at 2701.50. Transports closed down 13.26 at 4836.32.

Total volume on the NYSE was below average trading 1.30 billion shares. Up/down volume was 1.47 to 1 negative, Nasdaq up/down volume was 1.09 to 1 negative.

Dec. E-mini S&P futures closed down 6.50 at 1538.00 and the Dec. Nasdaq 100 futures closed down 7.75 at 2114.00. Dec. E-mini S&P futures total volume was below average trading 1.45 million contracts. Dec. 30 Yr. T-Bond futures closed down 0-01 at 111-10.

Nov. Oil futures closed down 1.33 at 81.55 and Nov. Natural Gas futures closed down .06 at 6.87.

Dec. Gold futures closed up 10.10 at 7.50 and Dec. Silver futures closed up 0.265 at 13.910.

Grains were mixed with Dec. Wheat closing up 6 cents at 9.39, Nov. Beans closed down 17 ¾ cents at 9.91 ¼, and Dec. Corn closed down 13 ¾ cents at 3.73.

Dec. Live Cattle futures closed down .35 at 99.85 and Nov. Feeder Cattle closed up 0.675 at 116.500. Dec. Lean Hogs closed down 0.275 at 62.250.

“Consciously or unconsciously we all strive to make the kind of a world we like.”

Author: Oliver Wendell Holmes

AS I SEE IT: The market traded a little lower overnight. On the regular session open the E-mini S&P traded higher filling the opening gap but stopped at resistance. It sold off 10 points, traded sideways mid-day and rallied into the noon hour eastern-time. Then Fed Governor Poole gave a speech that suggested the Fed might not lower interest rates at the October meeting, and the E-mini sold off 9.75 points before rallying a little into the close.

Our short, intermediate, and long-term trading strategies are long, but the market internals were a little negative today. I’ll be watching the overseas markets on Sunday night and early Monday morning to see what the tone of the market is. This market hasn’t been able to get out of its tracks for the last 7 trading sessions. I believe that resistance needs to be taken out soon or the market could sell-off.

Using our Day-Trading Strategies the E-mini, Grains, and the Oil, all traded very well for us today. Because of the large trading ranges in the Grains and the Oil contract they work very well with our strategies too.



Have as much fun trading as I do.


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