Thursday, October 18, 2007

Closing Market News October 18, 2007

The Dow closed down 3.58 points at 13,888.96 and the Nasdaq closed up 6.64 at 2799.31. Transports closed up 28.97 at 4908.58.

Total volume on the NYSE was below average trading 1.26 billion shares. Up/down volume was just a tad negative, Nasdaq up/down volume was 1.42 to 1 positive.

Dec. E-mini S&P Futures closed down 5.75 at 1546.75 and the Dec. Nasdaq 100 Futures closed up 9.25 at 2206.00. Dec. E-mini S&P Futures total volume was average trading 1.55 million contracts. Dec. 30 Yr. T-Bond Futures closed up 0-14 at 112-04.

Nov. Oil Futures closed up 2.07 at 89.47 and Nov. Natural Gas Futures closed down .08 at 7.37.

Dec. Gold Futures closed up 6.50 at 768.80 and Dec. Silver Futures closed up 0.053 at 13.803.

Grains were higher with Dec. Wheat Futures closing up 5 cents at 825 ¼, Nov. Beans closed up 17 ¼ at 991 ½, and Dec. Corn closed up 9 ¼ at 3.67 ¼.

Dec. Live Cattle Futures closed up 0.425 at 97.700 and Nov. Feeder Cattle closed up 0.150 at 112.225. Dec. Lean Hogs closed up 0.375 at 57.375.

“Nothing great was ever achieved without enthusiasm.”

Author: Ralph Waldo Emerson

AS I SEE IT: The E-mini S&P sold off early this morning in overnight trading on poor bank earnings. That set the tone for the early trading as the E-mini traded down to support during the first two hours. Like yesterday, a rally started at about 2:00 ET taking the E-mini back up close to the opening gap. From there it traded sideways to lower for the rest of the day waiting for Google’s earnings. Since they came out the market has held steady.

The Soaring Phoenix Market Trading, Short, Intermediate, and Long-Term Strategies are all long. I do believe that traders who have open long positions need to protect them because this market can move quickly from these levels. There are plenty of things not to like here. Oil at near $90 a barrel and the lack of volume are concerns for me, however, the trend is your friend, and so far the trend is still up.

Using the Soaring Phoenix Day-Trading Strategies I had a decent day in the E-mini S&P and the Grains. The star today was the Oil contract.

Have as much fun trading as I do.


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