Closing Market News September 4, 2007

The Dow closed up 91.12 at 13,448.86 and the Nasdaq closed up 33.88 at 2630.24. Transports closed up 41.04 at 4919.79.

Total volume on the NYSE was average trading 1.36 billion shares. Up/down volume was 4.14 to 1 positive, Nasdaq up/down volume was 6.18 to 1 positive.

Sept. E-mini S&P futures closed up 12.75 at 1498.50 and the Nasdaq 100 futures closed up 30.00 at 3024.75. Sept. E-mini S&P futures total volume was average trading 1.60 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-04 at 111-21.

Oct. Oil futures closed up 1.06 at 75.10 and Oct. Natural Gas futures closed up .16 at 5.63.

Dec. Gold futures closed up 9.60 at 691.50 and Sept. Silver futures closed up 0.218 at 12.281.

Grains were higher with Sept. Wheat closing up 40 cents at 8.07, Nov. Beans closed up 25 cents at 9.07 ½, and Dec. Corn closed up 13 ¼ at 3.53 ¼.

October Live Cattle futures closed up 0.725 at 97.625 and October Feeder Cattle closed up 1.425 at 119.050. October Lean Hogs closed up 0.250 at 67.075.

“Success is often the result of taking a misstep in the right direction.”

Author: Al Bernstein

AS I SEE IT: The Dow and the Indexes rallied right out of the gate on this first trading day of the new month. Friday’s resistance high was taken out on the E-mini S&P contract, and it rallied on up to the second resistance prices. There was a 10 point sell-off during the last 45 minutes of trading as traders sold into the rally high. The market continued to climb up the price channel of the last four days, so I’ll see if it can continue the rally, or if it is going to start rolling over here.

Day-trading was very good in the E-mini S&P, Oil and the Grains today. Trading ranges and price patterns were good.