Monday, October 22, 2007

Closing Market News October 22, 2007

The Dow closed up 44.95 at 13,566.97 and the Nasdaq closed up 28.77 at 2753.93. Transports closed up 43.91 at 4845.27.

Total volume on the NYSE was below average trading 1.39 billion shares. Up/down volume was 1.55 to 1 positive, Nasdaq up/down volume was 2.93 to 1 positive.

Dec. E-mini S&P Futures closed up 7.75 at 1513.50 and the Dec. Nasdaq 100 Futures closed up 22.00 at 2171.75. Dec. E-mini S&P Futures total volume was above average trading 2.40 million contracts. Dec. 30 Yr. T-Bond Futures closed up 0-01 at 113-08.

Nov. Oil Futures closed down 1.04 at 87.56 and Nov. Natural Gas Futures closed down .15 at 6.89.

Dec. Gold Futures closed down 10.60 at 758.00 and Dec. Silver Futures closed down 0.080 at 13.555.

Grains were mixed with Dec. Wheat Futures closing up 15 ½ at 8.71, Nov. Beans closed down 6 ¾ at 9.76 ½, and Dec. Corn closed down 5 ¾ at 3.64 ½.

Dec. Live Cattle Futures closed up 0.275 at 97.575 and Nov. Feeder Cattle closed up 0.325 at 111.625. Dec. Lean Hogs closed down 0.025 at 56.900.

“Both optimists and pessimists contribute to our society. The optimist invents the airplane and the pessimist the parachute.”

Author: G.B. Stern

AS I SEE IT: The market did open lower after the big down move on Friday, but buyers soon came in and rallied it up closing the overnight gap. It had a mid-day sell off before rallying into the close.

It’s not unusual for the market to get a bounce after a huge down day, so now I’ll be watching to see if this market can continue to rally, or if it continues the short term down trend.

The Soaring Phoenix Market Trading Strategies worked well in the E-mini S&P, Wheat, and the Oil contracts today.

Have as much fun trading as I do.


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