Tuesday, January 29, 2008

Closing Market News January 29, 2008

The Dow closed up 96.41 at 12,480 and the Nasdaq closed up 8.15 at 2358.06. Transports closed up 53.20 at 4576.53.

Total volume on the NYSE was below average trading 1.55 billion shares. Up/down volume was 1.94 to 1 positive, Nasdaq up/down volume was 1.60 to 1 positive.

March E-mini S&P Futures closed up 7.50 at 1362.00 and the March Nasdaq 100 Futures closed up 1.75 at 1812.00. March E-mini S&P Futures total volume was below average trading 1.58 million contracts. March 30 Yr. T-Bond Futures are trading down 0-30 at 119-01.

March Oil Futures closed up .65 at 91.64 and Feb. Natural Gas Futures closed down .10 at 8.00.

Feb. Gold Futures closed down 2.00 at 925.10 and March Silver Futures closed up 0.065 at 16.815.

Grains were mixed with March Wheat Futures closing down 19 cents at 9.44, March Beans closed up 13 cents at 12.66 ¾, and March Corn closed down 1 ¼ cents at 5.01.

Feb. Live Cattle Futures closed up .40 at 91.15 and March Feeder Cattle closed up 1.575 at 104.25. Feb. Lean Hogs closed up .65 at 57.90.

“The thing always happens that you really believe in; and the belief in a thing makes it happen.”

Author: Frank Lloyd Wright

AS I SEE IT: The market was higher in overnight trading, and we traded back and forth in a small trading range all day. On the close the S&P traded just a point lower than the regular trading session opening price.

Tomorrow there will be some good market action after Fed announcement on interest rates. Most traders think there will be a .50 basis point cut in rates, while others think there will only be a .25 basis point cut. Will the market trade higher or lower? Looking at the chart patterns it looks to me like a bear flag is forming, so even though a half point cut can rally the market in the longer term I believe the market will sell off again.


You can have as much fun trading as I do!


P 303-796-1005

F 303-796-1023




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