Monday, January 14, 2008

Closing Market News January 14, 2008







The Dow closed up 171.85 at 12,778.15 and the Nasdaq closed up 38.36 at 2478.30. Transports closed 94.91 higher at 4282.51.

Total volume on the NYSE was below average trading 1.40 billion shares. Up/down volume was 2.52 to 1 positive, Nasdaq up/down volume was 3.03 to 1 positive.

Dec. E-mini S&P Futures closed up 12.50 at 1420.25 and the Dec. Nasdaq 100 Futures closed up 29.50 at 1955.00. Dec. E-mini S&P Futures total volume was below average trading 1.45 million contracts. March 30 Yr. T-Bond Futures are trading up 0-11 at 118-19.

Feb. Oil Futures closed up 1.51 at 94.20 and Feb. Natural Gas Futures closed up .14 at 8.35.

Feb. Gold Futures closed up 5.70 at 903.40 and March Silver Futures closed up 0.055 at 16.425.

Grains were mixed with March Wheat Futures closing up 7 ¾ cents at 9.17, March Beans closed down 1 ¾ at 12.97, and March Corn closed up 17 cents at 5.12.

Feb. Live Cattle Futures closed .45 cents lower at 90.90 and March Feeder Cattle closed down 1.05 at 101.45. Feb. Lean Hogs closed up .10 at 54.10.

“The intuitive mind is a sacred gift and the rational mind is a faithful servant. We have created a society that honors the servant and has forgotten the gift.”

Author: Albert Einstein

AS I SEE IT: The market did rally in overnight trading, and after a little sell off after the open the E-mini S&P did rally a little more on the day. This market has traded sideways for the last 6 days, and now I want to see if resistance is going to continue to hold or if there is more rally to come. The market was oversold at the low and I expected a rally from there, but traders are selling into strength. Of course I don’t know how far the rally will go, but I do believe there is more to go on the downside when it’s over.

In overnight trading on very light volume news about Citigroup and IBM caused the E-mini S&P to have a 63.75 point swing from low to high in one minute. I wondered if there were some bad ticks on the chart when I first looked at it this morning. These electronically traded markets are wonderful to trade but they can be dangerous too when volume is very light.

I HOPE YOU MADE MONEY TODAY!

Have as much fun trading as I do!

Ray

P 303-796-1005

F 303-796-1023

www.SoaringPhoenixLLC.com

soaringphoenix@qwest.net

www.soaringphoenix.blogspot.com

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