Wednesday, September 5, 2007

Closing Market News September 5, 2007

The Dow closed down 143.39 at 13,305.47 and the Nasdaq closed down 24.29 at 2605.95. Transports closed down 88.74.

Total volume on the NYSE was below average trading 1.38 billion shares. Up/down volume was 4.46 to 1 negative, Nasdaq up/down volume was 2.46 to 1 negative.

Sept. E-mini S&P futures closed down 13.00 points at 1476.50 and the Nasdaq 100 futures closed down 21.50 at 2003.25. Sept. E-mini S&P futures total volume was above average trading 1.93 million contracts. Sept. 30 Yr. T-Bond futures closed up 0-27 at 112-16.

Oct. Oil futures closed up .73 at 75.81 and Oct. Natural Gas futures closed up .18 at 5.80.

Dec. Gold futures closed down .80 at 6.90.70 and Sept. Silver futures closed down 0.091 at 12.190.

Grains were mixed with Sept. Wheat up 35 ¼ cents closing at 8.42 ½, Nov. Beans closed down 4 ½ cents at 9.03, and Dec. Corn closed down 7 ¼ cents at 3.45 ¾.

October Live Cattle futures closed down 0.575 at 97.050 and October Feeder Cattle closed down .10 at 118.90. October Lean Hogs closed down 1.175 at 65.900.

“Life is like playing a violin solo in public and learning the instrument as one goes on.”

Author: Samuel Butler

AS I SEE IT: Yesterday the S&P ran up to strong resistance before running backwards like a banker with subprime loans. It continued to run down in overnight trading and after the open of our regular market session. Yesterday’s E-mini S&P low was support today, keeping the price in the up-channel from the recent lows. Our short-term trading strategies are still short, but the intermediate and long-term strategies are long. My E-mini S&P first support is in the 1468.00 area.

Day-trading patterns fit out strategies very well in the E-mini S&P and the Oil contract. I haven’t been trading the Nasdaq 100, but the price patterns have been excellent in that contract too.

Have as much fun trading as I do.

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