Thursday, December 27, 2007

Closing Market News December 27, 2007

The Dow closed down 192.08 at 13,359.61 and the Nasdaq closed down 47.62 at 2676.79. Transports closed down 66.03 at 4619.73.

Total volume on the NYSE was below average trading 982,987 million shares. Up/down volume was 7.20 to 1 negative, Nasdaq up/down volume was 4.02 to 1 negative.

Dec. E-mini S&P Futures closed down 20.00 at 1489.75 and the Dec. Nasdaq 100 Futures closed down 28.00 at 2131.50. Dec. E-mini S&P Futures total volume was below average trading 901,031 contracts. March 30 Yr. T-Bond Futures are trading up 0-29 at 114-14.

Feb. Oil Futures closed up .65 at 96.62 and Feb. Natural Gas Futures closed up .04 at 7.20.

Feb. Gold Futures closed up 2.30 at 831.80 and March Silver Futures closed down 0.017 at 14.818.

Grains were mixed with March Wheat Futures closing down 26 ¼ cents at 9.15, March Beans closed down 8 cents at 12.31 ¼ cents, and March Corn closed up 2 ¼ cents at 4.54 ¾.

Feb. Live Cattle Futures closed up 1.175 at 96.175 and March Feeder Cattle closed up 1.30 at 106.325. Feb. Lean Hogs closed at down .70 at 59.275.

“Be as smart as you can, but remember that it is always better to be wise than to be smart.”

Author: Alan Alda

AS I SEE IT: The market had to deal with the Durable Goods Orders and the assassination of Benazir Bhutto at about the same time this morning. Without normal volume the path of least resistance was down. It attempted two small rallies mid-day but when those failed it put in the low for the day. There was a small rally into the close.

For me the first resistance in the S&P will be in the 1500.00 area with first support down in the 1475 area. Volume is still light but it was better today than yesterday. I’ll be following the Soaring Phoenix Market Trading Strategies for my day trading direction.


There is a reason some traders don’t have as much fun trading as I do!


P 303-796-1005

F 303-796-1023

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