Thursday, November 8, 2007

Closing Market News November 8, 2007

The Dow closed down 33.38 at 13,266.29 and the Nasdaq closed down 54.56 at 2696.00. Transports closed up 33.38 at 4696.73.

Total volume on the NYSE was above average trading 2.18 billion shares. Up/down volume was 1.06 to 1 positive, Nasdaq up/down volume was 3.65 to 1 negative.

Dec. E-mini S&P Futures closed down 7.25 at 1475.50 and the Dec. Nasdaq 100 Futures closed down 75.50 at 2105.50. Dec. E-mini S&P Futures total volume was above average trading 3.09 million contracts. Dec. 20 Yr. T-Bond Futures closed up 0-11 at 114-02.

Dec. Oil Futures closed down .91 at 95.46 and Dec. Natural Gas Futures closed up .09 at 7.71.

Dec. Gold Futures closed up 4.00 at 837.50 and Dec. Silver Futures closed up 0.190 at 15.515.

Grains were mixed with Dec. Wheat Futures closing down 25 ¾ cents at 7.62, Jan Beans closed up 2 ¾ cents at 10.41 ¼, and Dec. Corn closed up 5 ¼ at 3.89 ½.

Dec. Live Cattle Futures closed up 0.525 at 95.400 and Jan Feeder Cattle closed up .0.525 at 95.400. Dec. Lean Hogs closed at unchanged at 51.475.

“Don’t aim for success if you want it; just do what you love and believe in, and it will come naturally.”

Author: David Frost

AS I SEE IT: The market started out trading lower overnight, but by early this morning the E-mini S&P was up about 9 points. When the regular session opened it sold off 33.50 points during the first four hours. Support held and the E-mini S&P rallied 31 points from the low before closing down 7.25 points on the day. The Dow traded 274 points from high to low closing down just 33.38 points.

It looks like the market found some short-term support today because of the reversal late in the day. However, overnight news can change everything in a moment so traders need to trade with caution. There is a lot of built in risk in this market.

The Soaring Phoenix Day-Trading Market Strategies worked very well in the E-mini S&P and the Wheat contracts for me today. I didn’t trade the Oil because of the speed of the E-mini S&P contract. If you have trading strategies that make money for you I know that you love these large range days as much as I do.


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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