Tuesday, December 4, 2007

Closing Market News December 4, 2007








The Dow closed down 65.84 at 13,248.73 and the Nasdaq closed down 17.30 at 2619.83. Transports closed down 3.11 at 4619.06.

Total volume on the NYSE was below average trading 1.32 billion shares. Up/down volume was 2.29 to 1 negative, Nasdaq up/down volume was 2.46 to 1 negative.

Dec. E-mini S&P Futures closed down 12.25 at 1463.25 and the Dec. Nasdaq 100 Futures closed down 12.75 at 2062.25. Dec. E-mini S&P Futures total volume was below average trading 1.38 million contracts. March 30 Yr. T-Bond Futures closed up 0-05 at 118-06.

Jan. Oil Futures closed down .99 at 88.32 and Dec. Natural Gas Futures closed down .06 at 7.16.

Feb. Gold Futures closed up 12.90 at 807.60 and March Silver Futures closed up 0.255 at 14.465.

Grains were higher with March Wheat Futures closing up 17 ¼ cents at 8.94, Jan Beans closed up 12 ¾ at 10.91 ½, and March Corn closed up 7 ¾ cents at 411 ¼.

Feb. Live Cattle Futures closed down 0.075 at 96.300 and Jan Feeder Cattle closed down 1.05 at 107.00. Feb. Lean Hogs closed at down 0.900 at 60.325.

“Success is a science; if you have the conditions, you get the result.”

Author: Oscar Wilde

AS I SEE IT: The market couldn’t break above short term resistance and traded lower overnight. The S&P opened the regular session at 1465.50 and traded a little lower but reversed and tried to fill the overnight gap. It failed at the first resistance and traded back and forth between 1465.00 and 1472.00 until the last hour and a half when sellers took it down closing near the session low. Volume was very light today and trading patterns were not good in the S&P. Traders had to trade the ranges to make any money.

The Grains and Oil contracts had the best trading ranges for me today. I’ll be watching the overnight markets and short-term trading patterns to trade the S&P tomorrow. Our Short and Intermediate Term Trading Strategies for the S&P are still down with Long Term Strategies holding up.

I HOPE YOU HAD GOOD TRADING TODAY!

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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