Thursday, September 6, 2007

Closing Market News September 6, 2007

The Dow closed up 57.88 at 13,363.35 and the Nasdaq closed up 8.37 at 2614.32. Transports closed up 2.68 at 4833.73.

Total volume on the NYSE was below average trading 1.27 billion shares. Up/down volume was 1.70 to 1 positive, Nasdaq up/down volume was 1.37 to 1 positive.

Sept. E-mini S&P futures closed up 3.00 at 1479.50 and the Nasdaq 100 futures closed up .50 at 2003.75. Sept. E-mini S&P futures total volume was average trading 1.52 million contracts. Sept. 30 Yr. T-Bond futures closed down 0-10 at 112-06.

Oct. Oil futures closed up .72 at 76.45 and Oct. Natural Gas futures closed down .16 at 5.65.

Dec. Gold futures closed up 13.90 at 7.04.60 and Sept. Silver futures closed up 0.175 at 12.365.

Grains were lower with Sept. Wheat down 26 ½ cents closing at 8.16, Nov. Beans closed down 10 ½ cents at 8.92 ½, and Dec. Corn closed down 6 ¼ cents at 3.39 ½.

October Live Cattle futures closed down .25 at 96.80 and October Feeder Cattle closed up .20 at 119.10. October Lean Hogs closed up .10 at 66.00.

“The young man knows the rules, but the old man knows the exceptions.”

Author: Oliver Wendell Holmes

AS I SEE IT: The S&P traded lower overnight, but support held and the market rallied this morning during the first couple hours. From then on it traded sideways to just a little higher. The market was waiting for the Employment Repot at 8:30ET tomorrow morning. There will be plenty of price movement one way or the other after that report is released.

Day-trading was good early in the E-mini S&P. The Oil and Grain contracts also had some good chart patterns today.

Have as much fun trading as I do.

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