Thursday, January 24, 2008

Closing Market News January 24, 2008

The Dow closed up 108.44 at 12,378.61 and the Nasdaq closed up 44.51 at 2360.92. Transports closed up 8.43 at 4473.00.

Total volume on the NYSE was above average trading 2.16 billion shares. Up/down volume was 1.70 to 1 positive, Nasdaq up/down volume was 2.79 to 1 positive.

March E-mini S&P Futures closed up 10.75 at 1352.25 and the March Nasdaq 100 Futures closed up 29.50 at 1837.00. March E-mini S&P Futures total volume was above average trading 2.42 million contracts. March 30 Yr. T-Bond Futures are trading down 3-05 at 118-09.

March Oil Futures closed up 2.42 at 89.41and Feb. Natural Gas Futures closed up .18 at 7.80.

Feb. Overnight Gold Futures are trading up 31.40 at 913.10 and March Silver Futures closed up 0.363 at 16.333.

Grains were higher with March Wheat Futures closing up 4 cents at 9.09, March Beans closed up 41 cents at 12.30 ¼, and March Corn closed Limit Up at 4.89 ¼.

Feb. Live Cattle Futures closed up 0.675 at 91.125 and March Feeder Cattle closed down 0.325 at 102.70. Feb. Lean Hogs closed at up .75 at 56.00.

“A man may fulfill the object of his existence by asking a question he cannot answer, and attempting a task he cannot achieve.”

Author: Oliver Wendell Holmes

AS I SEE IT: The market continued its upward leg today in sideways to higher trading. Price patterns were a little erratic because of the uncertainty after the large range day yesterday. It’s not easy for traders to buy and hold a market that has been rewarding the downside since the first of the year.

The March E-mini S&P is trading up 9 points right now after Microsoft earnings after the closing bell. Upward price gaps should be hard to maintain in coming days. Gold, Oil and the Grains all had good relief rallies today. How long will the rally continue? There are a lot of shorts in this market and it could take a little while to shake some of them out.

Have as much fun trading as I do!


P 303-796-1005

F 303-796-1023

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