Closing Market News December 14, 2007
The Dow closed down 178.11 at 13,339.85 and the Nasdaq closed down 32.75 at 2635.74. Transports closed down 81.07 at 4677.86.
Total volume on the NYSE was below average trading 1.30 billion shares. Up/down volume was 5.73 to 1 negative, Nasdaq up/down volume was 2.31 to 1 negative.
Dec. E-mini S&P Futures closed down 20.00 at 1478.50 and the Dec. Nasdaq 100 Futures closed down 20.25 at 2093.75. Dec. E-mini S&P Futures total volume was above average trading 1.4 million contracts. March 30 Yr. T-Bond Futures closed down 0-21 at 113-27.
Feb. Oil Futures closed down .91 at 91.55 and Jan. Natural Gas Futures closed down .17 at 7.03.
Feb. Gold Futures closed down 6.00 at 798.00 and March Silver Futures closed down 0.254 at 13.983.
Grains were higher with March Wheat Futures closing up 25 cents at 9.79 1/2, Jan Beans closed up 11 cents at 11.57, and March Corn closed up 3 ¼ cents at 4.38 ¼.
Feb. Live Cattle Futures closed up .30 at 95.475 and Jan Feeder Cattle closed unchanged at 103.800. Feb. Lean Hogs closed at down 1.250 at 60.175.
“The hardest thing in life is to know which bridge to cross and which to burn.”
Author: David Russell
AS I SEE IT: The market opened down this morning but traded higher for the first couple hours. Then it rolled over and traded lower but tried to rally mid-day. From there it sold off in choppy fashion into the close ending the day at the lows. Next week we have quadruple witching so the market should have plenty of volatility. Our short and intermediate term strategies are short, but I’m prepared for sharp snap-back rallies too. The S&P closed at short-term support. I’ll be watching the overnight market to see if these prices hold or if more selling is coming.
The Dow had a 453.30 point range this week. The S&P traded in a 58 point range and the Wheat market traded in a 40 cent range. The Oil contract had a 5.40 dollar price range. I hope that because traders will be evening up their books for the year end this volatility continues.
I HOPE YOU HAD A GREAT TRADING WEEK!
HAVE A FUN SAFE WEEKEND!
There’s no reason you can’t have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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