Closing Market News November 13, 2007
The Dow closed up 319.54 at 13,307.09 and the Nasdaq closed up 89.52 at 2673.65. Transports closed up 112.29 at 4705.78.
Total volume on the NYSE was below average trading 1.49 billion shares. Up/down volume was 12.07 to 1 positive, Nasdaq up/down volume was 9.75 to 1 positive.
Dec. E-mini S&P Futures closed up 43.00 at 1483.25 and the Dec. Nasdaq 100 Futures closed up 77.25 at 2066.75. Dec. E-mini S&P Futures total volume was above average trading 2.06 million contracts. Dec. 20 Yr. T-Bond Futures closed down 0-121 at 114-10.
Dec. Oil Futures closed down 3.32 at 90.20 and Dec. Natural Gas Futures closed down .01 at 7.95.
Dec. Gold Futures closed down 8.70 at 799.00 and Dec. Silver Futures closed down 0.152 at 14.610.
Grains were mixed with Dec. Wheat Futures closing down 13 cents at 7.48, Jan Beans closed up 10 cents at 10.56 ¼, and Dec. Corn closed down 4 ¼ cents at 3.74 ¾.
Dec. Live Cattle Futures closed up 0.475 at 95.575 and Jan Feeder Cattle closed up 0.275 at 109.250. Dec. Lean Hogs closed at up 1.50 at 54.05.
“Success is a science; if you have the conditions, you get the result.”
Author: Oscar Wilde
AS I SEE IT: The market started trading higher early in the overnight market and by this morning it had taken out short-term resistance prices. Traders jumped in this oversold market and the buying kept prices moving higher all day. The E-mini S&P has sold off 149 points from the high in October to the low yesterday, so we can expect good snap-back rallies.
If this market is going to continue the downtrend traders will step in and sell it again within a couple days.
There was plenty to help the market rally today. Oil was down over 4 dollars at the low, and Wall Mart earnings were better than expected. When traders reverse their positions these huge price range days should continue.
The Soaring
I HOPE YOU HAD AN EXCELLENT TRADING DAY TODAY!
There’s no reason you can’t have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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