Friday, November 2, 2007

Closing Market News November 2, 2007

The Dow closed up 27.23 at 13,595.10 and the Nasdaq closed up 15.55 at 2810.38. Transports closed up 28.06 at 4802.75.

Total volume on the NYSE was above average trading 1.71 billion shares. Up/down volume was 1.19 to 1 negative, Nasdaq up/down volume was 1.91 to 1 positive.

Dec. E-mini S&P Futures closed up 1.75 at 1517.50 and the Dec. Nasdaq 100 Futures closed up 8.00 at 2223.50. Dec. E-mini S&P Futures total volume was above average trading 2.77 million contracts. Dec. 30 Yr. T-Bond Futures closed up 0-12 at 114-07.

Dec. Oil Futures closed up 2.44 at 95.93 and Dec. Natural Gas Futures closed down 0.22 at 8.42.

Dec. Gold Futures closed up 14.80 at 808.50 and Dec. Silver Futures closed up 0.274 at 14.599.

Grains were higher with Dec. Wheat Futures closing up ¼ cent at 7.78 ¼, Nov. Beans closed up 11 cents at 10.01 ¾, and Dec. Corn closed up 8 ¼ at 3.77.

Dec. Live Cattle Futures closed up 0.675 at 94.775 and Nov. Feeder Cattle closed down 0.275 at 108.350. Dec. Lean Hogs closed up .30 at 52.55.

“It is easy to follow, but it is uninteresting to do easy things. We find out about ourselves only when we take risks, when we challenge a question.”

Author: Magdalena Abakanowicz

AS I SEE IT: The market rallied after the Jobs Report, but before the regular trading session opened I had sell signals in the E-mini S&P that took us down 17.75 points from the high. Support held and the market had a snap-back rally of 21.25 E-mini S&P points before another 16.25 point sell-off. Then the E-mini rallied back 17.50 points into the close. There was more trading action today than I’ve seen for months. The daily price formations are very similar to the big drop the market had a couple weeks ago. The chart formation tells me that support held and unless that is taken out the market could move higher. However, this market changes from day to day with all the news that comes out. Also, the Oil contract closed again near the $96.00 dollar level. There is more going in the market than any of us know, so I still believe caution is needed.

The Soaring Phoenix Market Trading Strategies worked very well in the E-mini S&P and the Oil contract. They kept me busy so I didn’t trade the Wheat contract today.



Have as much fun trading as I do.


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