Wednesday, October 31, 2007

Closing Market News October 31, 2007

The Dow closed up 137.54 at 13,930.01 and the Nasdaq closed up 42.41 at 2859.12. Transports closed up 65.80 at 4907.96.

Total volume on the NYSE was average trading 1.54 billion shares. Up/down volume was 3.35 to 1 positive, Nasdaq up/down volume was 2.89 to 1 positive.

Dec. E-mini S&P Futures closed up 19.00 at 1555.00 and the Dec. Nasdaq 100 Futures closed up 34.75 at 2252.50. Dec. E-mini S&P Futures total volume was above average trading 1.95 million contracts. Dec. 30 Yr. T-Bond Futures closed down 0-29 at 112-22.

Dec. Oil Futures closed up 3.82 at 94.20 and Dec. Natural Gas Futures closed up .31 at 8.33.

Dec. Gold Futures closed up 8.20 at 796.00 and Dec. Silver Futures closed up 0.110 at 14.438.

Grains were mixed with Dec. Wheat Futures closing down 4 cents at 8.10, Nov. Beans closed up 18 cents at 10.10, and Dec. Corn closed up 5 ½ cents at 3.75 ¾.

Dec. Live Cattle Futures closed down .80 at 94.925 and Nov. Feeder Cattle closed down 1.50 at 108.45. Dec. Lean Hogs closed down 0.025 at 53.875.

“Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young. The greatest thing in life is to keep your mind young.”

Author: Henry Ford

AS I SEE IT: The E-mini S&P traded higher overnight and continued to move higher a little before the Fed lowered interest rates and the discount rate by .25 hundredths of a point. On that announcement the E-mini S&P dropped 14.25 points in 30 minutes. As happens so many times on Fed days the E-mini reversed course and rallied up 25 points from the low. It did sell off a little but closed near the highs of the day.

Now we’ll see if these gains hold. The trend is up and traders continue to buy this market. We are in the window dressing time of the month so traders should put money to work for the next couple days. I still caution long-term traders to keep protective stops close in this market. If it keeps going up you make money, but Oil in the overnight market is $95.08 a barrel at the moment and that concerns me. The Middle East poker game continues and the stakes have been raised. If Oil keeps going up we will find a price that starts hurting our economy.

Using the Soaring Phoenix Market Trading Strategies the E-mini S&P, Wheat, and the Oil contracts all did very well today.


Have as much fun trading as I do.


No comments: