Wednesday, January 2, 2008

Closing Market News January 2, 2008

The Dow closed down 220.86 at 13,043.96 and the Nasdaq closed down 42.65 at 2609.63. Transports closed down 99.89 at 4470.66.

Total volume on the NYSE was below average trading 1.42 billion shares. Up/down volume was 3.56 to 1 negative, Nasdaq up/down volume was 3.46 to 1 negative.

Dec. E-mini S&P Futures closed down 18.75 at 1458.50 and the Dec. Nasdaq 100 Futures closed down 34.75 at 2070.00. Dec. E-mini S&P Futures total volume was average trading 1.61 million contracts. March 30 Yr. T-Bond Futures closed up 1-14 at 117-26.

Feb. Oil Futures closed up 3.64 at 99.62 and Feb. Natural Gas Futures closed up .37 at 7.85.

Feb. Gold Futures closed up 22.00 at 860.00 and March Silver Futures closed up .37 at 15.30.

Grains were higher with March Wheat Futures closing LIMIT UP at 9.15, March Beans closed up 34 ½ cents at 12.48 ¾, and March Corn closed up 7 cents at 4.62 ½.

Feb. Live Cattle Futures closed up 0.125 at 96.30 and March Feeder Cattle closed down .55 at 106.55. Feb. Lean Hogs closed down 0-675 at 57.20.

“Few things help an individual more than to place responsibility upon him, and to let him know that you trust him.”

Author: Booker T. Washington

AS I SEE IT: The market traded on both sides of Monday’s close overnight, but when the ISM Mfg Index report came out it traded down hard until mid-day. The last Fed Minutes were released and there was a 9 point rally in the S&P but that failed and the market set new lows. Another 9 point S&P rally carried the market into the close.

The Dow volume was a little light and the S&P volume was average so it wasn’t hard for traders to push the market lower. There is some support in the S&P right under today’s lows, but this market is news driven lately so I believe a market move in either direction is possible. Volatility continues so traders are making money, but this is a difficult time for investors. The market has been down 4 days in a row so it is getting a little oversold at today’s low so it wouldn’t surprise me to see a rally soon.

Have as much fun trading as I do!


P 303-796-1005

F 303-796-1023

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