Closing Market News January 4, 2007
The Dow closed down 256.54 at 12,800.18 and the Nasdaq closed down 98.03 at 2504.65. Transports closed down 158.17 at 4260.39.
Total volume on the NYSE was average trading 1.64 billion shares. Up/down volume was 12.75 to 1 negative, Nasdaq up/down volume was 13.52 to 1 negative.
Dec. E-mini S&P Futures closed down 35.75 at 1423.00 and the Dec. Nasdaq 100 Futures closed down 91.15 at 1985.00. Dec. E-mini S&P Futures total volume was above average trading 2.19 million contracts. March 30 Yr. T-Bond Futures closed up 0-06 at 117-30.
Feb. Oil Futures closed down 1.27 at 97.91 and Feb. Natural Gas Futures closed up .14 at 7.82.
Feb. Gold Futures closed down 3.40 at 865.70 and March Silver Futures closed down 0.030 at 15.47.
Grains were mixed with March Wheat Futures closing down 13 ½ cents at 9.31 1/2, March Beans closed down 5 cents at 12.62 ¼, and March Corn closed up ¾ of a cent at 4.66 ¾.
Feb. Live Cattle Futures closed down 0.225 at 94.550 and March Feeder Cattle closed down 0.575 at 103.35. Feb. Lean Hogs closed at down 0.075 at 56.40.
“Although he’s regularly asked to do so, God does not take sides in American politics.”
Author: George J. Mitchell
AS I SEE IT: A weak Employment Situation Report sent the market lower from the get go. There were a couple 7 to 9 point rallies in the S&P contract during the trading session, but each time sellers came in and took the market lower. There was a 5 point S&P rally in the last 15 minutes of trading. The mindset is negative in the market right now so I would expect some strong snap-back rallies along the way.
I believe volatility is here to stay so day traders should continue to have very profitable trading. There are days when the E-mini S&P trades up to 4 times the average volume it traded just a few years ago, so as long as that continues this market is going to continue to have large range days.
I HOPE YOU HAD A PROFITABLE TRADING WEEK!
HAVE A GREAT WEEKEND!
Have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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