Closing Market News January 23, 2008
The Dow closed up 298.98 at 12,270.17 and the Nasdaq closed up 24.35 at 2316.41. Transports closed up 293.68 at 4464.57.
Total volume on the NYSE was above average trading 2.81 billion shares. Up/down volume was 2.64 to 1 positive, Nasdaq up/down volume was 1.42 to 1 positive.
March E-mini S&P Futures closed up 32.25 at 1341.50 and the March Nasdaq 100 Futures closed up 6.50 at 1807.50. March E-mini S&P Futures total volume was above average trading 4.11 million contracts. March 30 Yr. T-Bond Futures are trading down 0-29 at 119-30.
March Oil Futures closed down 2.22 at 86.99 and Feb. Natural Gas Futures closed down 0.05 at 7.62.
Feb. overnight Oil Futures are trading up 1.40 at 892.00 and March Silver Futures closed down 0.155 at 15.95.
Grains were lower with March Wheat Futures closing down 29 cents at 9.05, March Beans closed down 50 cents at 11.89 ½, and March Corn closed down 19 ½ cents at 4.69 ¼.
Feb. Live Cattle Futures closed down 0.525 at 90.45 and March Feeder Cattle closed up 0.675 at 103.025. Feb. Lean Hogs closed at down 0.025 at 55.25.
“The truest greatness lies in being kind, the truest wisdom in a happy mind.”
Author: Ella Wheeler Wilcox
AS I SEE IT: Over sold markets can have volatile swings to the upside, and with that condition and rumors of further bailout the market turned near support and rallied big time. There are a lot of heavy short sellers that stopped out on the way up and new buyers stepped in to buy cheap stocks.
Bear market rallies sometimes come quickly and last until volume drops off. No one knows just how long they will continue so I believe traders need to pay close attention to their trading strategies and be ready to turn quickly with the market movement. Professional traders will sell the rallies when upward momentum stalls out.
I HOPE YOU HAD A PROFITABLE TRADING DAY TODAY!
Have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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