Tuesday, November 6, 2007

Closing Market News November 6, 2007

The Dow closed up 117.54 at 13,660.94 and the Nasdaq closed up 30.00 at 2825.18. Transports closed up 40.75.

Total volume on the NYSE was below average trading 1.49 billion shares. Up/down volume was 2.58 to 1 positive, Nasdaq up/down volume was 1.33 to 1 positive.

Dec. E-mini S&P Futures closed up 19.50 at 1525.00 and the Dec. Nasdaq 100 Futures closed up 20.75 at 2233.50. Dec. E-mini S&P Futures total volume was above average trading 1.72 million contracts. Dec. 20 Yr. T-Bond Futures closed down 0-19 at 113-19.

Dec. Oil Futures closed up 2.72 at 96.70 and Dec. Natural Gas Futures closed down .17 at 7.83.

Dec. Gold Futures closed up 12.60 at 823.40 and Dec. Silver Futures closed up 0.595 at 15.38.

Grains were higher with Dec. Wheat Futures closing up 12 cents at 7.87, Jan Beans closed up 23 ½ cents at 10.44 ½, Dec. Corn closed up 10 ½ cents at 3.85 ¾.

Dec. Live Cattle Futures closed down .10 at 95.75 and Jan Feeder Cattle closed down 1.000 at 108.075. Dec. Lean Hogs closed down 0.900 at 51.125.

“Flaming enthusiasm, backed up by horse sense and persistence, is the quality that most frequently makes for success.”

Author: Dale Carnegie

AS I SEE IT: The market traded higher in overnight trading. When the regular trading session opened it sold off to yesterday’s closing gap and then rallied up in a channel the rest of the day, closing near the highs going away.

For the last three days support has held and traders started buying the dips. If anyone had told me that the market could rally with $97.00 dollar Oil and $825.00 an oz Gold, and a financial market that was stressed, I can’t imagine the names that might have escaped me. That’s the reason I’m a technical trader and pay little attention to fundamentals. I believe that’s the reason so many traders have a hard time making money in this business. The best trades many times are those that make little common sense.

Soaring Phoenix Market Trading Strategies were very good in the E-mini S&P, and the Oil contracts today. Grains were OK but not great.


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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