Wednesday, October 10, 2007

Closing Market News October 10, 2007

The Dow closed down 85.84 at 14,078.69 and the Nasdaq closed up 7.70 at 2811.61. Transports closed down 53.20.

Total volume on the NYSE was below average trading 1.15 billion shares. Up/down volume was 1.23 to 1 negative, Nasdaq up/down volume was 1.59 to 1 positive.

Dec. E-mini S&P Futures closed down 3.00 at 1573.25 and the Dec. Nasdaq 100 Futures closed up 2.25 at 2196.50. Dec. E-mini S&P Futures total volume was below average trading 1.30 million contracts. Dec. 30 Yr. T-Bond Futures closed up 0-01 at 110-26.

Nov. Oil Futures closed up 1.04 at 81.30 and Nov. Natural Gas Futures closed up .15 at 7.01.

Dec. Gold Futures closed up 2.90 at 746.00 and Dec. Silver Futures closed up 0.085 at 13.668.

Grains were higher with Dec. Wheat Futures closing up 7 ½ cents at 8.53, Nov. Beans closed up 18 cents at 9.68 ¼, and Dec. Corn closed 4 ¾ cents higher at 3.47 ¼.

Dec. Live Cattle Futures closed up 0.125 at 96.625 and Nov. Feeder Cattle closed down 0.175 at 113.075.

“Success is a lousy teacher. It seduces smart people into thinking they can’t lose.”

Author: Bill Gates

AS I SEE IT: The E-mini S&P Futures held on today even though they were down 10 points at the low. The Dow was 140 lower before rallying back near the close. The market is very resilient right now. The longs have the money, and we all know that money rules this game. The Dow took out yesterday’s low, but the S&P had an inside trading day and stayed in the up-channel. I would expect a lot of market movement in the days to come with earnings coming out everyday.

The Soaring Phoenix Day Trading Strategies had a very good day in the E-mini S&P, Grains, and the Oil contracts. The timed trades were the ones that worked the best.


Have as much fun trading as I do.


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