Monday, October 8, 2007

Closing Market News October 8, 2007

The Dow closed down 22.28 at 14,043.73 and the Nasdaq closed up 6.25 at 2787.37. Transports closed down 62.20 at 4934.97.

Total volume on the NYSE was below average trading 849,278 million shares. Up/down volume was 2.51 to 1 negative, Nasdaq up/down volume was 1.42 to 1 negative.

Dec. E-mini S&P Futures closed down 8.00 at 1562.75 and the Dec. Nasdaq 100 Futures closed up 9.25 at 2180.00. Dec. E-mini S&P Futures total volume was below average trading 718,340 contracts. Dec. 30 Yr. T-Bond Futures were closed today.

Nov. Oil Futures closed down 2.20 at 79.02 and Nov. Natural Gas Futures closed down .23 at 6.85.

Dec. Gold Futures closed down 8.50 at 738.70 and Dec. Silver Futures closed down .13 at 13.36.

Grains were lower with Dec. Wheat Futures Limit-Down 30 cents closing at 8.60, Nov. Beans closed down 15 cents at 9.25 ¼, and Dec. Corn closed down 2 ¼ cents at 3.39 ¾.

Dec. Live Cattle Futures closed up 0.275 at 96.400 and Nov. Feeder Cattle closed up .40 at 113.90. Dec. Lean Hogs closed down 0.825 at 59.475.

“An expert is a man who has made all the mistakes which can be made in a very narrow field.”

Author: Niels Bohr

AS I SEE IT: The market did pull back a little today as I expected. Volume was extremely light on this Columbus Day Holiday, so S&P prices were pushed down easily. Today Ryder came out with lower earnings than expected and traders began to wonder if other earnings that are going to start coming out this week will follow suit. (See the R chart below.)

Day-Trading was good for me today in the E-mini S&P Futures and the Oil contract. The Wheat market traded to Limit-Down quickly this morning so that trading was over for the day. I didn’t trade the Soybeans or the Corn Futures today.


Have as much fun trading as I do.


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