Closing Market News October 1, 2007

The Dow closed up 191.92 at 14,087.55 and the Nasdaq closed up 39.49 at 2740.99. Transports closed up 72.88 at 4909.20.

Total volume on the NYSE was below average trading 1.41 billion shares. Up/down volume was 5.08 to 1 positive, Nasdaq up/down volume was 3.37 to 1 positive.

Dec. E-mini S&P futures closed up 18.50 at 1556.50 and the Dec. Nasdaq 100 futures closed up 21.25 at 2135.25. Dec. E-mini S&P futures total volume was above average trading 1.70 million contracts. Dec. 30 Yr. T-Bond futures closed up 0-15 at 111-26.

Nov. Oil futures closed down 1.42 at 80.24 and Nov. Natural Gas futures closed up .18 at 7.05.

Dec. Gold futures closed up 4.00 at 7.53.90 and Dec. Silver futures closed down 0.065 at 13.855.

Grains were mixed with Dec. Wheat closing up 13 ½ cents at 9.52 ½, Nov. Beans closed up ¼ cent at 9.91 ½, and Dec. Corn closed down 4 ¼ cents at 3.68 ¾.

Dec. Live Cattle futures closed down 1.20 at 98.60 and Nov. Feeder Cattle closed down 1.675 at 114.950. Dec. Lean Hogs closed down 2.70 at 59.55.

“I am not young enough to know everything.”

Author: Oscar Wilde

AS I SEE IT: The E-mini S&P Futures contract took off to the upside immediately on the ringing of the regular session opening bell. The Dow closed at all time highs even though volume was a little light. I’ve wanted this market to take out short-term resistance if the uptrend was going to continue, and today it sure did that. No doubt part of this rally today was window dressing on the first day of the month, but there was new buying and a lot of short-covering too. Now we’ll have to see if this rally can continue through the intermediate and long-term resistance levels in the S&P Futures contract.

I am sure not young enough to know everything, but I do know how to follow the Soaring Phoenix Day-Trading Strategies. They gave me some very good buy signals today in the E-mini S&P Futures contract.

Have as much fun trading as I do.

Ray