Closing Market News January 10, 2008
The Dow closed up 117.78 at 12,853.09 and the Nasdaq closed up 14.49 at 2488.52. Transports closed up 111.29 at 4273.99.
Total volume on the NYSE was above average trading 2.05 billion shares. Up/down volume was 2.60 to 1 positive, Nasdaq up/down volume was 1.72 to 1 positive.
Dec. E-mini S&P Futures closed up 9.50 at 1421.00 and the Dec. Nasdaq 100 Futures closed up 4.25 at 1960.75. Dec. E-mini S&P Futures total volume was above average trading 2.73 million contracts. March 30 Yr. T-Bond Futures are trading down 1-10 at 117-16.
Feb. Oil Futures closed down 1.96 at 93.71 and Feb. Natural Gas Futures closed up .16 at 93.71.
Feb. Gold Futures closed up 11.90 at 893.60 and March Silver Futures closed up .44 at 16.28.
Grains were lower with March Wheat Futures closing down 4 ¼ cents at 8.85 1/4, March Beans closed down 2 ¼ at 12.60 ¼, and March Corn closed down 2 ¼ cents at 4.75.
Feb. Live Cattle Futures closed down 0.075 at 93.20 and March Feeder Cattle closed up 1.25 at 104.65. Feb. Lean Hogs closed down 1.00 at 55.525.
“Nothing will work unless you do.”
Author: Maya Angelou
AS I SEE IT: Oversold market conditions along with Fed Speak and news about Country Wide Financial being sold rallied the market today. This was a rough ride with large price swings in minutes, so traders had to stay on their toes to make money today.
Traders are following their trading strategies, and with all the news coming out that means that we both buy and sell moving this market quickly from one direction to the other. Oversold markets usually always have snap-back rallies and I believe we saw some of that again today. I talked about the credit card companies feeling the pinch a couple months ago, and now they are saying that late payments are really picking up. That makes me believe that most traders will be selling into the rallies for a while.
I HOPE YOU HAD A PROFITABLE DAY TODAY!
Have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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