Friday, September 7, 2007

Closing Market News September 7, 2007





The Dow closed down 249.97 at 13,113.38 and the Nasdaq closed down 48.62 at 2565.70. Transports closed down 100.80 at 4732.93.

Total volume on the NYSE was below average trading 1.45 billion shares. Up/down volume was 7.13 to 1 negative, Nasdaq up/down volume was 7.67 to 1 negative.

Sept. E-mini S&P futures closed down 19.75 at 1459.75 and the Nasdaq 100 futures closed down 33.25 at 1970.50. Sept. E-mini S&P futures total volume was above average trading 2.46 million contracts. Sept. 30 Yr. T-Bond futures closed up 1-06 at 113-15.

Oct. Oil futures closed up .37 at 76.67 and Oct. Natural Gas futures closed down .15 at 5.50.

Dec. Gold futures closed up 4.80 at 709.70 and Sept. Silver futures closed up 0.227 at 12.592.

Grains were mixed with Sept. Wheat up 24 cents closing at 8.40, Nov. Beans closed up 12 ¾ at 9.05 ¼, and Dec. Corn closed up 8 ¼ at 3.47 ½.

October Live Cattle futures closed down .70 at 96.10 and October Feeder Cattle closed down 0.825 at 118.325. October Lean Hogs closed up .30 at 66.30.

“The secret of joy in work is contained in one word – excellence. To know how to do something well is to enjoy it.”

Author: Pearl S. Buck

AS I SEE IT: Because the Employment Report showed negative job growth, the S&P contract dropped about 15 points on the news before the regular market session opened. It was down a little over 28 points at the low but rallied 9 points closing 19.75 lower. I believe the market could have been much lower after that bearish report, but traders are afraid the Fed is going to come in and lower the Fed Funds Rate, catching them short. I think that was the reason for the late rally in the S&P futures contract. If the Fed doesn’t come into the market it looks to me like it could continue the short-term downtrend.

Day-trading was good for me today in the E-mini S&P contract. The price patterns our Day Trading Strategies use were very good. If you are interested in learning these strategies check out the E-Books on our Web and Blog spot sites.


I HOPE YOU MADE MONEY TODAY!

HAVE A GREAT WEEKEND EVERYONE!

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