Friday, December 28, 2007

Closing Market News December 28, 2007

The Dow closed up 6.26 at 13,365.87 and the Nasdaq closed down 2.33 at 2674.46. Transports closed up 5.84 at 4625.57.

Total volume on the NYSE was below average trading 1.02 billion shares. Up/down volume was 1.22 to 1 negative, Nasdaq up/down volume was 1.53 to 1 negative.

Dec. E-mini S&P Futures closed down 4.25 at 1485.50 and the Dec. Nasdaq 100 Futures closed down 6.50 at 2125.00. Dec. E-mini S&P Futures total volume was below average trading 792,586 contracts. March 30 Yr. T-Bond Futures closed up 1-16 at 115-30.

Feb. Oil Futures closed down .62 at 96.00 and Feb. Natural Gas Futures closed up .19 at 7.39.

Feb. Gold Futures closed up 10.90 at 842.70 and March Silver Futures closed up 0.077 at 14.895.

Grains were lower with March Wheat Futures closing LIMIT DOWN at 8.85, March Beans closed down 8 ¼ cents at 12.23, and March Corn closed down 2 ¾ cents at 4.52.

Feb. Live Cattle Futures closed down 0.125 at 96.05 and March Feeder Cattle closed up 0.025 at 106.35.

“Everyone is a genius at least once a year. The real geniuses simply have their bright ideas closer together.”

George C. Lichtenberg

AS I SEE IT: The market traded higher in overnight trading, but when the New Homes Sales Report came out very weak this morning the S&P started selling off. It closed the opening price gap, traded sideways for a couple hours, and then traded down near support before rallying mid day.

Volume was light and traders had a chance to really push stock prices lower today. Because they didn’t I don’t think this was a bad close. There will be light volume on the shortened trading day Monday so prices can be pushed in either direction.



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


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