Friday, November 9, 2007

Closing Market News November 9, 2007

The Dow closed down 223.55 at 13,042.74 and the Nasdaq closed down 68.06 at 2627.94. Transports closed down 92.81 at 4603.92.

Total volume on the NYSE was above average trading 1.82 billion shares. Up/down volume was 2.32 to 1 negative, Nasdaq up/down volume was 4.15 to 1 negative.

Dec. E-mini S&P Futures closed down 20.50 at 1455.00 and the Dec. Nasdaq 100 Futures closed down 63.75 at 2041.75. Dec. E-mini S&P Futures total volume was above average trading 2.5 million contracts. Dec. 20 Yr. T-Bond Futures closed up 0-20 at 114-22.

Dec. Oil Futures closed up .86 cents at 96.32 and Dec. Natural Gas Futures closed down up .18 at 7.90.

Dec. Gold Futures closed down 2.80 at 834.70 and Dec. Silver Futures closed up 0.025 at 15.540.

Grains were mixed with Dec. Wheat Futures closing unchanged at 7.62, Jan Beans closed up 14 ¾ cents at 10.56, and Dec. Corn closed down 2 ¾ cents at 3.86 ¾.

Dec. Live Cattle Futures closed unchanged at 95.40 and Jan Feeder Cattle closed up 0.275. Dec. Lean Hogs closed at up 2.425 at 53.900.

“Most people give up just when they’re about to achieve success. They quit on the one yard line. They give up at the last minute of the game one foot from a winning touchdown.”

Author: Ross Perot

AS I SEE IT: The market was lower again in the overnight market. During the first 30-minutes of trading the E-mini S&P traded exactly to support and then rallied 14.50 points. The next hour it traded down and took out yesterday’s low by a couple points before turning and rallying all the way back up closing the gap. During the last hour the E-mini fell back 24 points into the close.

The market is getting a little oversold at these prices, but the news over the weekend and earnings the first few days next week will give us direction.

The Soaring Phoenix Day-Trading Market Strategies got off to a rocky start in the E-mini S&P for the first 3 hours but made up for it during the last 2 hours. The Oil contract also traded well today. I didn’t trade the grains again today because two fast markets are all I can concentrate on at one time. Because of the large range days this has been a very good week for us.



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


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