Closing Market News January 31, 2008
The Dow closed up 207.53 at 12,650.36 and the Nasdaq closed up 36.09 at 2389.86. Transports closed up 136.67 at 4751.94.
Total volume on the NYSE was above average trading 2.15 billion shares. Up/down volume was 3.91 to 1 positive, Nasdaq up/down volume was 2.11 to 1 positive.
March E-mini S&P Futures closed up 29.00 at 1379.50 and the March Nasdaq 100 Futures closed up 36.25 at 1847.75. March E-mini S&P Futures total volume was above average trading 3.17 million contracts. March 30 Yr. T-Bond Futures are trading up 1-07 at 119-17.
March Oil Futures closed down .73 at 91.75 and Feb. Natural Gas Futures closed down .10 at 8.00.
Feb. Gold Futures closed up 2.10 at 922.70 and March Silver Futures closed up 0.235 at 16.995.
Grains were mixed with March Wheat Futures closing up 7 cents at 9.29 1/2, March Beans closed down 1 ¼ cents at 12.74 ½, and March Corn closed up 2 ¾ at 5.01 ¼.
Feb. Live Cattle Futures closed down .50 at 90.90 and March Feeder Cattle closed up .15 at 105.25. Feb. Lean Hogs closed up .10 at 58.55.
“It’s important to know that words don’t move mountains. Work, exacting work moves mountains.”
Author: Danilo Dolci
AS I SEE IT: The market continued to sell off after the close yesterday and this morning’s Jobless Claims report dropped it again. When the regular trading session opened buyers came into the market on this last day of the month. As prices continued to rise through resistance short sellers were stopped out and the market continued its strong rally. Near the close in a matter of minutes the S&P dropped a little over 26 points but gained a little of that back into the close.
Volatility is back and this market can move very quickly in either direction. We’re in the window dressing time of the month so I want to see if this buying is going to continue. In overnight trading Google is trading sharply lower.
I HOPE YOU HAD A GREAT TRADING DAY!
You can have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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