Monday, November 19, 2007

Closing Market News November 19, 2007

The Dow closed down 218.35 at 12,958.44 and the Nasdaq closed down 43.86 points at 2493.38. Transports closed down 105.87 at 4457.97.

Total volume on the NYSE was average trading 1.67 billion shares. Up/down volume was 7.73 to 1 negative, Nasdaq up/down volume was 5.21 to 1 negative.

Dec. E-mini S&P Futures closed down 22.75 at 1437.50 and the Dec. Nasdaq 100 Futures closed down 27.25 at 2028.00. Dec. E-mini S&P Futures total volume was above average trading 2.10 million contracts. Dec. 20 Yr. T-Bond Futures closed up 0-19 at 116-05.

Jan. Oil Futures closed up .80 at 94.64 and Dec. Natural Gas Futures closed down .21 at 7.79.

Dec. Gold Futures closed down 7.80 at 778.00 and Dec. Silver Futures closed down .30 at 14.16.

Grains were mixed with Dec. Wheat Futures closing up 6 ¾ cents at 7.56 ¼, Jan Beans closed down 7 ¼ cents at 10.70 ½, and Dec. Corn closed down 2 cents at 3.77 ½.

Dec. Live Cattle Futures closed down 0.050 at 95.250 and Jan Feeder Cattle closed down 0.300 at 108.825. Dec. Lean Hogs closed at down 0.525 at 52.000.

“I don’t look to jump over 7-boot bars; I look around for 1-foot bars that I can step over.”

Author: Warren Buffett

AS I SEE IT: Overnight markets were lower again and when the opening bell sounded on the NYSE the drop continued in earnest. The market did get a little rally mid-day but sold off again into the close. The Dow and E-mini S&P closed below recent lows, but the Nasdaq did not. Market internals were very negative again today.

The volatility continues as expected, so day-traders are having a good time in these markets. We are getting near a time of the year when it is possible to get large reversals, so here at Soaring Phoenix we pay special attention to market momentum along with our trading strategies.


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


P 303-796-1005

F 303-796-1023

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