Thursday, October 25, 2007

Closing Market News October 25, 2007

The Dow closed down 3.33 at 13,671.92 and the Nasdaq closed down 23.90 at 2750.86. Transports closed down 60.52 at 4835.27.

Total volume on the NYSE was average trading 1.60 billion shares. Up/down volume was 1.04 to 1 negative, Nasdaq up/down volume was 2.89 to 1 negative.

Dec. E-mini S&P Futures closed up 3.00 at 1525.00 and the Dec. Nasdaq 100 Futures closed down 9.75 at 2193.25. Dec. E-mini S&P Futures total volume was above average trading 1.95 million contracts. Dec. 30 Yr. T-Bond Futures closed down 0-12 at 113-18.

Dec. Oil Futures closed up 3.36 at 90.46 and Dec. Natural Gas Futures closed up .16 at 7.82.

Dec. Gold Futures closed up 5.40 at 771.00 and Dec. Silver Futures closed up 0.315 at 13.905.

Grains were mixed with Dec. Wheat Futures closing down 9 cents at 8.02, Nov. Beans closed up 18 ½ cents at 9.94 ¾, and Dec. Corn closed up 9 ¾ at 3.66 ¼.

Dec. Live Cattle Futures closed up 0.375 at 96.250 and Nov. Feeder Cattle closed down 0.050 at 110.450. Dec. Lean Hogs closed down 0.750 at 54.600.

“The only way to make sure people you agree with can speak is to support the rights of people you don’t agree with.”

Author: Eleanor Holmes Norton

AS I SEE IT: The market trading pattern today was very similar to yesterday. The S&P was higher in overnight trading, but when the regular session opened in sold off for 30 minutes before rallying back to overnight price resistance. Then the market turned lower for the next 3 ½ hours before turning again and rallying back up 3 points above yesterday’s close.

There is uncertainty in this market so there is a trade for everyone as we wait for the Fed announcement on the 31st of the month. IBM came out with good numbers a while ago and the E-mini S&P is trading 4 points higher in the overnight market.

Oil closed above $90 dollars a barrel on the announcement by the government that they were placing more sanctions on Iran’s banks. How will our market react to $100 dollar Oil prices? Some stocks are getting killed on earnings now and others are flying high so there isn’t a good trend to follow in the S&P right now for Long-Term Traders. I still recommend that traders exercise a little caution on their long positions, keeping protection close.

The Soaring Phoenix Market Trading Strategies worked well in the E-mini S&P and the wheat contracts. The big winner again today was the Oil contract.


Have as much fun trading as I do.


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