Wednesday, November 28, 2007

Closing Market News November 28, 2007

The Dow closed up 331.01 at 13,289.45 and the Nasdaq closed up 81.18 at 2662.91. Transports closed up 158.79 at 4625.43.

Total volume on the NYSE was above average trading 1.74 billion shares. Up/down volume was 20.42 to 1 positive, Nasdaq up/down volume was 7.49 to 1 positive.

Dec. E-mini S&P Futures closed up 44.00 at 1470.50 and the Dec. Nasdaq 100 Futures closed up 63.00 at 2095.50. Dec. E-mini S&P Futures total volume was above average trading 2.41 million contracts. Dec. 30 Yr. T-Bond Futures closed down 0-23 at 116-27.

Jan. Oil Futures closed down 3.80 at 90.62 and Dec. Natural Gas Futures closed down .33 at 7.23.

Dec. Gold Futures closed down 13.70 at 800.30 and Dec. Silver Futures closed down 0.150 at 14.335.

Grains were higher with March Wheat Futures closing LIMIT UP at 8.81 ¾, Jan Beans closed up 5 ¾ cents at 10.96 3/4, and March Corn closed up 3 ¾ cents at 4.04 ½.

Feb. Live Cattle Futures closed down .90 at 97.05 and Jan Feeder Cattle closed down 1.000 at 109.575. Feb. Lean Hogs closed at up 0.625 at 62.825.

“A word to the wise ain’t necessary. It’s the stupid ones who need the advice.”

Author: Bill Cosby

AS I SEE IT: Is the down move in the market over? I doubt it, but today everything fit to rally the market. Oil fell almost 4 bucks a barrel, a Fed Official hinted that interest rates might be lowered at the next meeting on December 11th, and the S&P Futures gave a short-term buy signal in overnight trading that caused short sellers to reverse positions.

All the government reports are showing that the economy is weak, the consumer is slowing down, and there is a credit crunch. However, credit seems to be available at a price from the Middle East. We buy their $90 dollar oil and they loan our money back to us at high interest rates. What a deal!

The end of the month is window dressing time again, so I want to watch the momentum and see if this rally goes further or if we roll over again when it’s over. These large price range days are the best for day traders. Today the S&P had a 34 point range in the regular trading session, Oil had over a 4 dollar range, and the Wheat traded LIMIT UP 30 cents higher. It doesn’t get much better than this.


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


P 303-796-1005

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