Wednesday, January 16, 2008

Closing Market News January 16, 2008

The Dow closed down 34.95 at 12,466.16 and the Nasdaq closed down 23.00 at 2394.59. Transports closed up 31.61 at 4249.28.

Total volume on the NYSE was above average trading 2.10 billion shares. Up/down volume was 1.12 to 1 negative, Nasdaq up/down volume was 1.30 to 1 negative.

Dec. E-mini S&P Futures closed down 12.00 at 1376.00 and the Dec. Nasdaq 100 Futures closed down 31.00 at 1881.00. Dec. E-mini S&P Futures total volume was above average trading 3.22 million contracts. March 30 Yr. T-Bond Futures are trading down 0-18 at 118-31.

Feb. Oil Futures closed down 1.06 at 90.84 and Feb. Natural Gas Futures closed down .06 at 8.13.

Feb. Gold Futures closed down 20.60 at 882.00 and March Silver Futures closed down 0.405 at 15.895.

Grains were lower with March Wheat Futures closing down 5 ½ cents at 9.26 1/4, March Beans closed down 24 ½ cents at 12.77, and March Corn closed down 6 ¾ cents at 5.02 ¼.

Feb. Live Cattle Futures closed down .75 at 90.05 and March Feeder Cattle closed down 0.125 at 100.975. Feb. Lean Hogs closed at down .20 at 54.45.

“First say to yourself what you would be; and then do what you have to do.”

Author: Epictetus

AS I SEE IT: The market opened lower but rallied and filled the opening gap before selling off again. The S&P took out short term support by a couple points and then turned and rallied back up through the opening price. The rest of the day the market traded in an up channel until the last half hour when it sold off into the close.

I think traders need to get prepared for the Fed to lower interest rates. Options expire Friday morning and if the Fed is going to lower rates before the next Fed Meeting it could happen then. Otherwise the rates will be lowered at the Fed meeting the end of the month. One way or the other I believe the government is going to start throwing money at the market soon.


Have as much fun trading as I do!


P 303-796-1005

F 303-796-1023

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