Wednesday, October 24, 2007

Closing Market News October 24, 2007

The Dow closed down .98 at 13,675.25 and the Nasdaq closed down 24.50 at 2774.76. Transports closed down 46.69 at 4895.79.

Total volume on the NYSE was average trading 1.57 billion shares. Up/down volume was 1.74 to 1 negative, Nasdaq up/down volume was 2.07 to 1 negative.

Dec. E-mini S&P Futures closed down 3.50 at 1522.00 and the Dec. Nasdaq 100 Futures closed down 9.00 at 2203.00. Dec. E-mini S&P Futures total volume was above average trading 2.68 million contracts. Dec. 30 Yr. T-Bond Futures closed up 0-24 at 113-30.

Dec. Oil Futures closed up 1.73 at 87.00 and Dec. Natural Gas Futures closed up .19 at 7.66.

Dec. Gold Futures closed up 2.50 at 765.70 and Dec. Silver Futures closed down 0.070 at 13.580.

Grains were lower with Dec. Wheat Futures closing LIMIT DOWN at 8.11, Nov. Beans closed down 5 ½ cents at 9.76 ¼, and Dec. Corn closed down 4 ½ cents at 3.56 ½.

Dec. Live Cattle Futures closed down 1.325 at 95.900 and Nov. Feeder Cattle closed down .60 at 110.50. Dec. Lean Hogs closed down 0.925 at 55.350.

“Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.”

Author: Franklin D. Roosevelt

AS I SEE IT: The market gapped a little lower this morning and sold off sharply after the regular session opened. The Dow went down 200 points and the E-mini S&P fell 26.50 points checking out support. About 2:30ET there was a rumor on the floor that the Fed was going to step in and lower the Discount Rate and the markets took off. The Dow rallied 240 points from the low and the E-mini rallied 28 points. Volume on the NYSE was just average but the E-mini volume was huge because of the market reversal. Now I want to see if the snap back rally we had this afternoon continues in the morning or if the market stays in the down channel.

The Soaring Phoenix Day-Trading Market Strategies had a good day in the E-mini S&P because of the huge price swings. The Wheat and Oil contracts also worked well with our trading strategies today.


Have as much fun trading as I do.


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