Tuesday, October 9, 2007

Closing Market News October 9, 2007

The Dow closed up 120.80 at 14,164.53 and the Nasdaq closed up 16.54 at 2803.91. Transports closed up 51.76 at 4986.73.

Total volume on the NYSE was below average trading 1.18 billion shares. Up/down volume was 3.03 to 1 positive, Nasdaq up/down volume was 1.71 to 1 positive.

Dec. E-mini S&P Futures closed up 13.50 at 1576.25 and the Dec. Nasdaq 100 Futures closed up 14.00 at 2194.25. Dec. E-mini S&P Futures total volume was below average trading 1.28 million contracts. Dec. 30 Yr. T-Bond Futures closed down 0-01 at 110-24.

Nov. Oil Futures closed up 1.24 at 80.26 and Nov. Natural Gas Futures closed up .02 at 6.86.

Dec. Gold Futures closed up 4.50 at 743.20 and Dec. Silver Futures closed up 0.215 at 13.575.

Grains were mixed with Dec. Wheat Futures down 14 ½ cents closing at 8.45 ½, Nov. Beans closed up 24 ¾ cents at 9.50 ¼, and Dec. Corn closed up 2 ¾ at 3.42 ½.

Dec. Live Cattle Futures closed up .0325 at 96.575 and Nov. Feeder Cattle closed down .70 at 113.20. Dec. Lean Hogs closed up 0.250 at 59.725.

“All who have meditated on the art of governing mankind have been convinced that the fate of empires depends on the education of youth.”

Author: Aristotle

AS I SEE IT: The market jacked back and forth until the FOMC Minutes were read at 2:00ET, and then we got the second rally from the last Fed announcement. The path of least resistance was still up today as buyers took control and pushed the Dow and S&P to new all time highs. Earnings are starting to come out, so the market will take a good look at them everyday for the next week or so. I believe traders need to be nimble and not get to comfortable in this market.

Using the Soaring Phoenix Day-Trading Strategies the E-mini S&P, Grain, and the Oil Futures traded very well today. Our timed trades were especially good.


Have as much fun trading as I do.


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