Wednesday, October 3, 2007

Closing Market News October 3, 2007

The Dow closed down 79.26 at 13,968.05 and the Nasdaq closed down 17.68 at 2729.43. Transports closed down 73.89 at 4848.96.

Total volume on the NYSE was below average trading 1.24 billion shares. Up/down volume was 1.60 to 1 negative, Nasdaq up/down volume was 1.73 to 1 negative.

Dec. E-mini S&P Futures closed down 3.75 at 1550.75 and the Dec. Nasdaq 100 Futures closed down 14.75 at 2120.75. Dec. E-mini S&P Futures total volume was below average trading 1.38 million contracts. Dec. 30 Yr. T-Bond Futures closed down 0-08 at 111-24.

Nov. Oil Futures closed down .11 at 79.94 and Nov. Natural Gas Futures closed down .15 at 7.28.

Dec. Gold Futures closed down .60 at 735.70 and Dec. Silver Futures closed up .02 at 13.47.

Grains were mixed with Dec. Wheat Futures closing up 4 ½ cents at 9.27, Nov. Beans closed up 7 ¼ cents at 9.51, and Dec. Corn closed down 4 ¼ cents at 3.44 ½.

Dec. Live Cattle Futures closed down 0.575 at 97.400 and Nov. Feeder Cattle closed down 0.975 at 114.700. Dec. Lean Hogs closed up 1.225 at 60.600.

“No person is your friend who demands your silence, or denies your right to grow.”

Author: Alice Walker

AS I SEE IT: The S&P sold off a little for the first half-hour of the regular trading session, then rallied back up to overnight resistance. About mid-day there was another sell-off that checked out the early morning support prices. There was a little rally going into the close.

Even though the market traded a little lower today our Short, Intermediate, and Long-Term trading strategies are still long. Tomorrow we’ll see how the Jobless Claims Report and the Factory Orders move the market. The big report traders are waiting for is the Employment Situation on Friday.

Even though the price range in the E-mini S&P Futures was just average, it was a very good trading day for me. The price patterns worked well with our Day Trading Strategies. The Grain Futures topped the list with excellent price patterns, and the Oil contract was just average for me.


Have as much fun trading as I do.


No comments: