Friday, October 26, 2007

Closing Market News October 26, 2007

The Dow closed up 134.78 at 13,806.70 and the Nasdaq closed up 53.33 at 2804.19. Transports closed up 31.70 at 4866.97.

Total volume on the NYSE was below average trading 1.40 billion shares. Up/down volume was 4.93 to 1 positive, Nasdaq up/down volume was 2.19 to 1 positive.

Dec. E-mini S&P Futures closed up 17.50 at 1542.50 and the Dec. Nasdaq 100 Futures closed up 14.00 at 2207.25. Dec. E-mini S&P Futures total volume was average trading 1.55 million contracts. Dec. 30 Yr. T-Bond Futures closed down 0-15 at 113-10.

Dec. Oil Futures closed up 1.40 at 91.86 and Dec. Natural Gas Futures closed down 0.0080 at 7.81.

Dec. Gold Futures closed up 16.60 at 787.60 and Dec. Silver Futures closed up 0.375 at 14.280.

Grains were mixed with Dec. Wheat Futures down 2 cents at 8.00, Nov. Beans closed up ¾ of a cent at 9.95 ½, and Dec. Corn closed up 5 ¾ cents at 3.72.

Dec. Live Cattle Futures closed down 1.00 at 95.25 and Nov. Feeder Cattle closed down 1.40 at 109.05. Dec. Lean Hogs closed down .05 at 54.55.

“Do more than is required. What is the distance between someone who achieves their goals consistently and those who spend their lives and careers merely following? (The extra mile.)

Author: Gary Ryan Blair

AS I SEE IT: Trading patterns often repeat themselves, and today’s patterns were very similar to those of the last two days. Overnight the market was higher on Microsoft earnings. (Yesterday I said IBM earnings which was wrong.) When the regular market session opened the E-mini S&P sold back near yesterdays close but missed filling the gap by a little. At 12:00ET a rally started that lasted into the close.

Because of all the negativity in the market prices continued to trade higher again today. Oil hit $92.22 a barrel in overnight trading, and traders are still thinking there can be more fallout from the subprime mess. There are a lot of shorts in the market and as good earnings come out those shorts are getting stopped out helping buyers take the market higher. Traders are also hoping that Bernanke will give this market another boost on the 31st.

I am a technical day-trader so I don’t care where the market goes. I just want nice price formations and good trading ranges. However, I do believe we are in a period of time when Long-Term Traders need to keep protection near their long positions. That doesn’t mean not to trade the long side of the market though.

I believe the High Stakes Poker Game we’re playing in the Middle East just had the Stakes Raised again yesterday when we put sanctions on Iran’s banks. I just hope our leaders now when to Hold’em and when to Fold’em, or poking this stick in the Bumble Bees Nest can come back and sting us.

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


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