Closing Market News January 11, 2208
The Dow closed down 246.79 at 12,606.30 and the Nasdaq closed down 48.58 at 2439.94. Transports closed down 86.39 at 4187.60.
Total volume on the NYSE was above average trading 1.78 billion shares. Up/down volume was 2.77 to 1 negative, Nasdaq up/down volume was 3.27 to 1 negative.
Dec. E-mini S&P Futures closed down 13.25 at 1407.75 and the Dec. Nasdaq 100 Futures closed down 35.25 at 1925.50. Dec. E-mini S&P Futures total volume was above average trading 2.19 million contracts. March 30 Yr. T-Bond Futures are trading up 1-00 at 118-14.
Feb. Oil Futures closed down 1.02 at 92.69 and Feb. Natural Gas Futures closed down .05 at 8.21.
Feb. Gold Futures closed up 4.10 at 897.70 and March Silver Futures closed up 0.095 at 16.37.
Grains were higher with March Wheat Futures closing up 26 ¾ at 9.09 1/4, March Beans closed up 38 ½ cents at 12.98 ¾, and March Corn closed LIMIT UP at 4.95.
Feb. Live Cattle Futures closed down 1.85 at 91.35 and March Feeder Cattle closed down 2.275 at 102.50. Feb. Lean Hogs closed down 1.525 at 54.00.
“The world has achieved brilliance without wisdom, power without conscience. Ours is a world of nuclear giants and ethical infants.”
Author: Omar N. Bradley
AS I SEE IT: The Dow opened 100 points lower and sold off from there closing down 246.79 points, but the S&P held better on the day because it sold off after the Dow closed yesterday. Traders did sell the rallies again today but I thought the S&P toughed it out and held support fairly well. Traders I know think it is possible for the Fed to react in here someplace if this market continues to deteriorate.
After all the huff and puff for the week the S&P was only down 14.75 points. The 1400.00 area is support so I want to see how the market reacts off that level. Someplace in here I think the market will catch a bid and the reaction could be big even though the trend is lower.
I HOPE YOU HAD A VERY PROFITABLE TRADING WEEK!
HAVE A GOOD WEEKEND!
Have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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