Monday, November 12, 2007

Closing Market News November 12, 2007

The Dow closed down 55.19 at 12,987.55 and the Nasdaq closed down 43.81 at 2584.13. Transports closed down 10.43 at 4593.49.

Total volume on the NYSE was above average trading 1.70 billion shares. Up/down volume was 1.88 to 1 negative, Nasdaq up/down volume was 2.69 to 1 negative.

Dec. E-mini S&P Futures closed down 14.75 at 1440.25 and the Dec. Nasdaq 100 Futures closed down 52.25 at 1989.50. Dec. E-mini S&P Futures total volume was above average trading 1.94 million contracts. Dec. 20 Yr. T-Bond Futures were closed today for Veterans Day.

Dec. Oil Futures closed down 1.70 at 94.62 and Dec. Natural Gas Futures closed up .06 at 7.96.

Dec. Gold Futures closed down 27.00 at 807.70 and Dec. Silver Futures closed down 0.783 at 14.762.

Grains were lower with Dec. Wheat Futures closing down 1 cent at 7.61, Jan Beans closed down 9 ¾ cents at 10.46 ¼, and Dec. Corn closed down 7 ¾ cents at 3.79.

Dec. Live Cattle Futures closed down .40 at 95.10 and Jan Feeder Cattle closed up 0.950 at 108.975. Dec. Lean Hogs closed down 1.35 at 52.55.

“Boundaries don’t keep other people out. They fence you in…So, you can waste your life drawing lines. Or you can live your life crossing them.”

Author: Ellen Pompeo

AS I SEE IT: The market did give us a nice snap-back rally from the short-term oversold conditions on Friday’s close, but after the E-mini rallied 18 points in the first two hours of trading the market rolled over again and headed lower for the rest of the day. The Dow rallied over 100 points and then sold off closing down 55 points.

The E-mini S&P is short-term oversold, but traders are selling rallies until some of the resistance prices are taken out.

The Soaring Phoenix Day Trading Strategies worked well in the E-mini S&P, Oil, and Wheat contracts today. Even with holiday trading the price formations were good today.


There’s no reason you can’t have as much fun trading as I do!


P 303-796-1005

F 303-796-1023

No comments: