Thursday, January 17, 2008

Closing Market News January 17, 2008

The Dow closed down 306.95 at 12,159.21 and the Nasdaq closed down 47.69 at 2346.90. Transports closed down 108.99 at 4140.29.

Total volume on the NYSE was above average trading 1.49 billion shares. Up/down volume was 9.44 to 1 negative, Nasdaq up/down volume was 4.04 to 1 negative.

Dec. E-mini S&P Futures closed down 36.25 at 1339.75 and the Dec. Nasdaq 100 Futures closed down 25.00 at 1856.00. Dec. E-mini S&P Futures total volume was above average trading 3.38 million contracts. March 30 Yr. T-Bond Futures are trading up 0-30 at 120-04.

Feb. Oil Futures closed down .84 at 90.00 and Feb. Natural Gas Futures closed down .05 at 8.09.

Feb. Gold Futures closed down 1.80 at 880.20 and March Silver Futures closed up 0.105 at 16.010.

Grains were mixed with March Wheat Futures closing up 14 cents at 9.40 1/2, March Beans closed down 6 cents at 12.71, and March Corn closed up ¼ cent at 5.02 ¾.

Feb. Live Cattle Futures closed up .85 at 90.90 and March Feeder Cattle closed up 0.225 at 101.20. Feb. Lean Hogs closed up .75 at 55.20.

“Common sense ain’t common.”

Will Rogers

AS I SEE IT: The Philadelphia Fed Report helped take the Dow down hard again today. Even though Bernanke and Congress agreed there was a need for a stimulus package as soon as possible the market continued to trade lower. Because he said the market needed help quickly, will he lower the interest rates before the Fed meeting? He has a chance in the morning before the market opens if he’s serious.

The S&P did trade through some support prices today that could let it trade lower, but I’m always cautious when oversold readings are as high as they are at these prices.


Have as much fun trading as I do!


P 303-796-1005

F 303-796-1023

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