Monday, December 10, 2007

Closing Market News December 10, 2007








The Dow closed up 101.45 at 13,727.03 and the Nasdaq closed up 12.79 at 2718.95. Transports closed up 24.76 at 4901.11.

Total volume on the NYSE was below average trading 1.17 billion shares. Up/down volume was 2.68 to 1 positive, Nasdaq up/down volume was 1.81 to 1 positive.

Dec. E-mini S&P Futures closed up 11.50 at 1518.75 and the Dec. Nasdaq 100 Futures closed up 6.50 at 2138.50. Dec. E-mini S&P Futures total volume was below average trading 1.1 million contracts. March 30 Yr. T-Bond Futures closed down 0-14 at 114-23.

Jan. Oil Futures closed down .42 at 87.86 and Jan. Natural Gas Futures closed down .12 at 7.03.

Feb. Gold Futures closed up 13.30 at 813.50 and March Silver Futures closed up .34 at 14.85.

Grains were higher with March Wheat Futures closing up 8 cents at 9.29 1/4, Jan Beans closed up 6 cents at 11.25 ¾, and March Corn closed up ½ cent at 4.17 ¾.

Feb. Live Cattle Futures closed up 0.375 at 97.125 and Jan Feeder Cattle closed up .15 at 106.10. Feb. Lean Hogs closed up 1.65 at 63.35.

“If we could sell our experiences for what they cost us, we’d all be millionaires.”

Author: Abigail Van Buren

AS I SEE IT: The market opened a little higher this morning and then sold off to fill the opening gap. From there it rallied for an hour before trading sideways to higher for the rest of the day. Traders all think the Fed will lower interest rates from .25 to .50 basis points tomorrow. Many also think the discount rate will be lowered by a half point. If the market reacts like it has in the past there should be some large price swings.

Day trading was much better early in the E-mini S&P, Grains, and the Oil contracts today than it was later in the day. It looked like many traders evened up waiting for the Fed tomorrow. Now that everyone in the market knows there is going to be a rate cut will the market continue to rally, or is the cut and their statement already in the market?

“I HOPE YOU HAD A PROFITABLE TRADING DAY!

There’s no reason you can’t have as much fun trading as I do!

Ray

P 303-796-1005

F 303-796-1023

www.SoaringPhoenixLLC.com

soaringphoenix@qwest.net

www.SoaringPhoenixLLC.blogspot.com

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