Monday, December 17, 2007

Closing Market News December 17, 2007







The Dow closed down 172.65 at 13,167.20 and the Nasdaq closed down 61.28 at 2574.46. Transports closed down 34.81 at 4643.05.

Total volume on the NYSE was below average trading 1.43 billion shares. Up/down volume was 3.97 to 1 negative, Nasdaq up/down volume was 7.30 to 1 negative.

Dec. E-mini S&P Futures closed down 21.75 at 1456.75 and the Dec. Nasdaq 100 Futures closed down 44.25 points at 2049.50. Dec. E-mini S&P Futures total volume was above average trading 1.75 million contracts. March 30 Yr. T-Bond Futures closed down 0-29 at 114-23.

Feb. Oil Futures closed down .50 at 91.05 and Jan. Natural Gas Futures closed up .01 at 7.03.

Feb. Gold Futures closed up 1.50 at 799.50 and March Silver Futures closed down 0.0030 at 13.980.

Grains were mixed with March Wheat Futures closing down 13 ¼ cents at 9.66, Jan Beans closed down ¼ cent at 11.56 ¾, and March Corn closed up ½ cent at 4.38 ¾.

Feb. Live Cattle Futures closed up .15 at 95.625 and Jan Feeder Cattle closed down 0.125 at 103.675. Feb. Lean Hogs closed down 0.925 at 59.250.

“I have but one lamp by which my feet are guided, and that is the lamp of experience. I know no way of judging of the future but by the past.”

Author: Edward Gibbon

AS I SEE IT: The overnight markets were much lower this morning. Our regular session market opened lower and sold off a little from there before rallying back a little. After the first hour and a half it started selling off and besides a couple small rallies it closed near the low of the day. In the very short term I believe the market is getting a little oversold in here so I would expect some snap back rallies along the way.

Day trading patterns were not the best today, but the market internals were very weak all day so S&P prices continued to sell off after any 5 or 6 point rally. I would expect more volatility in days to come because of the quadruple witching this week.

I HOPE YOU HAD A GOOD TRADING DAY!

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

Ray

P 303-796-1005

F 303-796-1023

www.SoaringPhoenixLLC.com

soaringphoenix@qwest.net

www.SoaringPhoenixLLC.blogspot.com

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