Closing Market News January 22, 2008

CLOSING MARKET NEWS AND CHARTS

January 22, 2008

The Dow closed down 128.11 at 11,971.19 and the Nasdaq closed down 47.75 at 2292.27. Transports closed down 8.81 at 4170.89.

Total volume on the NYSE was above average trading 2.58 billion shares. Up/down volume was 1.44 to 1 negative, Nasdaq up/down volume was 3.82 to 1 negative.

March E-mini S&P Futures closed down 16.00 at 1309.25 and the March Nasdaq 100 Futures closed down 48.50 at 1801.00. March E-mini S&P Futures total volume was above average trading 4.70 million contracts. March 30 Yr. T-Bond Futures are trading up 1-10 at 120-29.

Feb. Oil Futures went off the board down .72 at 89.85 and Feb. Natural Gas Futures closed down .33 at 7.67.

Feb. Gold Futures closed up 8.60 at 890.30 and March Silver Futures closed down 0.110 at 16.105.

Grains were lower with March Wheat Futures closing down 28 ½ cents at 9.34, March Beans closed down 24 ½ cents at 12.39 ½, and March Corn closed down 9 ¼ cents at 4.89.

Feb. Live Cattle Futures closed up 0.025 at 91.025 and March Feeder Cattle closed up 0.050 at 102.35. Feb. Lean Hogs closed at up 0.275 at 55.25.

“There are no gains without pains.”
Author: Benjamin Franklin

AS I SEE IT: Long term traders had the air taken out of them this weekend as overseas markets traded much lower. The S&P was hitting curb prices when I first looked at them this morning even though they were short term oversold on Friday. The Fed did come in and lowered interest rates by .75 hundredths of a point giving traders a little breathing room. Now we’ll see if this is just a one day bounce or if there is a little more to go before the next leg down.

This market is very volatile and I believe it will remain so as it moves forward. The E-mini S&P had the highest volume that I can remember today. Traders are jumping in and out taking whatever the market will give them in the very short term.

I HOPE YOUR TRADING STRATEGIES MADE MONEY FOR YOU TODAY!

Have as much fun trading as I do!
Ray

P 303-796-1005
F 303-796-1023

http://www.soaringphoenixllc.com/

http://mail2.pvco.net:8000/_compose?id=F08QFEIpLzlqp7iECsYggPn041532wnaC6JD20080122192748&mailto=soaringphoenix@qwest.net

http://www.soaringphoenixllc.blogspot.com/