Monday, October 29, 2007

Closing Market News October 29, 2007

The Dow closed up 63.56 at 13,870.26 and the Nasdaq closed up 13.25 at 2817.44. Transports closed up down 22.46 at 4844.51.

Total volume on the NYSE was below average trading 1.21 billion shares. Up/down volume was 1.83 to 1 positive, Nasdaq up/down volume was 1.67 to 1 positive.

Dec. E-mini S&P Futures closed up 4.50 at 1547.00 and the Dec. Nasdaq 100 Futures closed up 8.25 at 2215.50. Dec. E-mini S&P Futures total volume was below average trading 1.01 million contracts. Dec. 30 Yr. T-Bond Futures closed up 0-06 at 113-22.

Dec. Oil Futures closed up 1.67 at 93.58 and Dec. Natural Gas Futures closed up .17 at 7.97.

Dec. Gold Futures closed up 5.10 at 792.60 and Dec. Silver Futures closed up .15 at 14.43.

Grains were higher with Dec. Wheat Futures closing up 28 ½ cents at 8.28 ½, Nov. Beans closed up 15 ½ cents at 10.11, and Dec. Corn closed up 4 cents at 3.76.

Dec. Live Cattle Futures closed up 0.225 at 95.350 and Nov. Feeder Cattle closed up 0.250 at 109.300. Dec. Lean Hogs closed down 0.075 at 54.450.

“When you meet someone better than yourself, turn your thoughts to becoming his equal. When you meet someone not as good as you are, look within and examine your own self.”

Author: Confucius

AS I SEE IT: The market rallied in overnight trading and when the regular session opened it traded just a little higher before reversing back to fill the opening gap. The E-mini S&P traded sideways to just a little higher the rest of the day. Volume was very light as the markets wait for the Fed decision on interest rates Wednesday. Unless there is some news event that moves the market I would imagine that trading will continue to be light for a couple days.

The Soaring Phoenix Market Trading Strategies gave me a couple little trades in the E-mini S&P but most of the day was a sideways light volume market, so I concentrated on the Wheat and Oil contracts. The Wheat traded well and so did the Oil contract.

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