Closing Market News January 8, 2008
The Dow closed down 238.42 at 12,589.07 and the Nasdaq closed down 46.75 at 1928.50. Transports closed down 136.72 at 4146.46.
Total volume on the NYSE was above average trading 1.84 billion shares. Up/down volume was 3.84 to 1 negative, Nasdaq up/down volume was 4.06 to 1 negative.
Dec. E-mini S&P Futures closed down 24.50 at 1397.00 and the Dec. Nasdaq 100 Futures closed down 46.75 at 1928.50. Dec. E-mini S&P Futures total volume was above average trading 2.90 million contracts. March 30 Yr. T-Bond Futures are trading up 0-10 at 118-23.
Feb. Oil Futures closed up 1.24 at 96.33 and Feb. Natural Gas Futures closed up .09 at 7.97.
Feb. Gold Futures closed up 18.30 at 880.30 and March Silver Futures closed up 0.525 at 15.815.
Grains were higher with March Wheat Futures closing up 4 ½ cents at 9.07 1/2, March Beans closed up 17 ¼ at 12.67, and March Corn closed up 12 ¼ cents at 4.78 ¾.
Feb. Live Cattle Futures closed down 0.525 at 94.075 and March Feeder Cattle closed down 0.575 at 103.125. Feb. Lean Hogs closed at up .30 at 56.00.
“When one door of happiness closes, another opens; but often we look so long at the closed door that we do not see the one which has been opened for us.”
Author: Helen Keller
AS I SEE IT: The market traded higher overnight and when our regular trading session opened the first trades were to the upside. The S&P contract did sell off to fill the opening gap, but then turned and rallied back up above opening prices. During the last two hours of trading sellers came in and took the market down through yesterday’s low.
My indicators are telling me the market is short term oversold, but when very negative news keeps coming out it can stay oversold for some time. We have been getting some snap back rallies along the way and I do expect that to continue. We all know that oversold markets can really spring back to the up-side very quickly, so I will continue to trade the Soaring
I HOPE YOU HAD A PROFITABLE TRADING DAY!
Have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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