Tuesday, November 27, 2007

Closing Market News November 27, 2007

The Dow closed up 215.00 points at 12,958.44 and the Nasdaq closed up 39.57 at 2580.56. Transports closed up 82.42 at 4466.78.

Total volume on the NYSE was average trading 1.64 billion shares. Up/down volume was 2.66 to 1 positive, Nasdaq up/down volume was 3.67 to 1 positive.

Dec. E-mini S&P Futures closed up 17.25 points at 1426.50 and the Dec. Nasdaq 100 Futures closed up 32.75 at 2032.50. Dec. E-mini S&P Futures total volume was above average trading 2.55 million contracts. Dec. 30 Yr. T-Bond Futures closed down 1-09 at 117-16.

Jan. Oil Futures closed down 3.30 at 94.40 and Dec. Natural Gas Futures closed down .16 at 7.57.

Dec. Gold Futures closed down 12.50 at 814.00 and Dec. Silver Futures closed down .49 at 14.34.

Grains were mixed with March Wheat Futures closing up 17 ¾ cents at 8.51 3/4, Jan Beans closed down 12 ½ cents at 10.91 ¼, and March Corn closed down 2 ¼ cents at 4.00 ¾.

Feb. Live Cattle Futures closed down 0.625 at 97.900 and Jan Feeder Cattle closed down .40 at 110.55. Feb. Lean Hogs closed down 0.375 at 62.200.

“Don’t worry about it. Babe Ruth struck out on occasion, too.”

Author: Walter Annenberg

AS I SEE IT: Yesterday I talked about trading reversals and today we got that. Markets were higher overnight on the news that Citi Group had gotten a 7 billion dollar loan from the Arabs. That sparked the market and it gained back most of yesterday’s loss. It was reported that they had to pay 11% interest on the loan. That tells me that they are in more trouble than anyone thought.

This is a fast trading market with large range days so day traders are having the best of times. The Short and Intermediate Trend is down and traders have been selling rallies successfully.



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