Tuesday, October 16, 2007

Closing Market News October 16, 2007

The Dow closed down 71.86 at 13,912.94 and the Nasdaq closed down 16.14 at 2763.91. Transports closed down 55.64 at 4833.35.

Total volume on the NYSE was below average trading 1.28 billion shares. Up/down volume was 3.27 to 1 negative, Nasdaq up/down volume was 2.60 to 1 negative.

Dec. E-mini S&P Futures closed down 12.75 at 1547.50 and the Dec. Nasdaq 100 Futures closed down 4.50 at 2176.25. Dec. E-mini S&P Futures total volume was above average trading 1.84 million contracts. Dec. 30 Yr. T-Bond Futures closed up 0-05 at 110-19.

Nov. Oil Futures closed up 1.48 at 87.61 and Nov. Natural Gas Futures closed down .08 at 7.37.

Dec. Gold Futures closed down .20 at 7.62 and Dec. Silver Futures closed down 0.197 at 13.658.

Grains were lower with Dec. Wheat Futures down 5 cents at 8.28 ¼, Nov. Beans closed down 9 ½ cents at 9.77 ½, and Dec. Corn closed down 1 ½ cents at 3.60 ½.

Dec. Live Cattle Futures closed down .60 at 97.375 and Nov. Feeder Cattle closed down 0.700 at 112.525. Dec. Lean Hogs closed down 0.600 at 57.725.

“A fool with a plan is better than a genius with no plan.”

Author: Boone Pickens

AS I SEE IT: The S&P gapped lower this morning and continued to slowly trade down in a choppy channel all day. Much of today’s move happened in overnight markets so there was very little momentum or price change during the day. The Dow continued to trade a little lower, but with Nov. Oil hitting 88.10 a barrel it seemed to me that it held very well today.

Intel’s earnings numbers have rallied the market in after hours trading. At the present time the E-mini S&P is 6.00 points higher. The Nasdaq 100 is 14.50 points higher.

Today our Day-Trading Strategies continued to trade in the sell zone, but Short, Intermediate, and Long Term Strategies are all long.

The Soaring Phoenix Day-Trading Strategies were just OK today in the E-mini S&P even with the choppy momentum. The Wheat and Oil Futures contracts had great momentum and price ranges so they were by far the best today.


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