Closing Market News January 18, 2008
The Dow closed down 59.91 at 12,099.30 and the Nasdaq closed down 6.50 at 1849.50. Transports closed up 39.41 at 4179.70.
Total volume on the NYSE was above average trading 2.44 billion shares. Up/down volume was 1.49 to 1 negative, Nasdaq up/down volume was 1.72 to 1 negative.
Dec. E-mini S&P Futures closed down 14.50 at 1325.25 and the Dec. Nasdaq 100 Futures closed down 6.50 at 1849.50. Dec. E-mini S&P Futures total volume was above average trading 3.21 million contracts. March 30 Yr. T-Bond Futures closed down 0-16 at 119-19.
Feb. Oil Futures closed up .44 at 90.57and Feb. Natural Gas Futures closed down .09 at 7.99.
Feb. Gold Futures closed up 1.20 at 881.70 and March Silver Futures closed up 0.205 at 16.215.
Grains were mixed with March Wheat Futures closing up 22 cents at 9.62 ½, March Beans closed down 8 ½ cents at 12.63, and March Corn closed down 3 ¾ at 4.98 ¼.
Feb. Live Cattle Futures closed up .10 at 91.00 and March Feeder Cattle closed up 1.15 at 102.45. Feb. Lean Hogs closed down 0.225 at 54.975.
“First say to yourself what you would be; and then do what you have to do.”
Author: Epictetus
AS I SEE IT: The market traded higher on earnings reports and traders thinking the Fed might lower interest rates overnight. When the market opened and they hadn’t lowered rates sellers came back again. The President talked about his stimulus plan and the market dropped. Paulson actually said the market needed to come down and the market dropped. Now the market is extremely oversold so I want to see what happens over this three day weekend.
Most markets are closed on Monday so is this the time the Fed will lower interest rates before the next Fed meeting? I can’t help but think they want the most bang for the buck, and when better for a big surprise than a three day weekend? Or, do they want the market to continue to sell off?
I HOPE YOU HAD A VERY PROFITABLE TRADING WEEK!
ENJOY THE LONG WEEKEND!
Have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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