Wednesday, November 7, 2007

Closing Market News November 7, 2007

The Dow closed down 360.92 at 13,300.02 and the Nasdaq closed down 76.42 at 2748.76. Transports closed down 155.49 at 4663.35.

Total volume on the NYSE was average trading 1.64 billion shares. Up/down volume was 15.19 to 1 negative, Nasdaq up/down volume was 6 to 1 negative.

Dec. E-mini S&P Futures closed down 42.75 at 1482.75 and the Dec. Nasdaq 100 Futures closed down 52.75 at 2233.50. Dec. E-mini S&P Futures total volume was above average trading 2.62 million contracts. Dec. 20 Yr. T-Bond Futures closed up 0-02 at 113-26.

Dec. Oil Futures closed down .33 at 96.37 and Dec. Natural Gas Futures closed down .24 at 7.62.

Dec. Gold Futures closed up 10.10 at 833.50 and Dec. Silver Futures closed down 0.055 at 15.325.

Grains were lower with Dec. Wheat Futures closing down 9 ¼ cents at 7.87 3/4, Jan Beans closed down 6 cents at 10.38 ½, and Dec. Corn closed down 1 ½ cents at 3.84 ¼.

Dec. Live Cattle Futures closed down 0.875 at 94.875 and Jan Feeder Cattle closed down 0.900 at 107.175. Dec. Lean Hogs closed at up 0.350 at 51.475.

“Develop success from failures. Discouragement and failure are two of the surest stepping stones to success.

Author: Dale Carnegie

AS I SEE IT: Overnight markets were much lower and when the regular market session opened it rallied a little for the first hour before falling again. Mid-day there was a little sideways action but sellers were the name of the game today and the market sold off sharply near the close. The E-mini S&P is trading 9 points lower right now in overnight trading.

The market changes direction from day to day as news comes out, so long-term predictions are worthless. Our Short-Term Trading Strategies are down. Intermediate and Long-Term Strategies are up in the S&P contract.

The Soaring Phoenix Day-Trading Strategies worked very well in the E-mini S&P and Oil contracts. I didn’t trade the Grains because it was all I could do to keep up with these two contracts.


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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