Closing Market News February 1, 2008
The Dow closed up 92.83 at 12,743.19 and the Nasdaq closed up 23.50 at 2413.36. Transports closed up 55.41 at 4807.35.
Total volume on the NYSE was average trading 1.78 billion shares. Up/down volume was 5.55 to 1 positive, Nasdaq up/down volume was 2.51 to 1 positive.
March E-mini S&P Futures closed up 17.50 at 1397.00 and the March Nasdaq 100 Futures closed up 15.75 at 1863.50. March E-mini S&P Futures total volume was above average trading 2.29 million contracts. March 30 Yr. T-Bond Futures are trading up 0-20 at 119-30.
March Oil Futures closed down 2.79 at 88.96 and Feb. Natural Gas Futures closed down .10 at 8.00.
Feb. Gold Futures closed down 14.00 at 908.70 and March Silver Futures closed down 0.125 at 16.870.
Grains were mixed with March Wheat Futures closing up 13 ½ cents at 9.43, March Beans closed up 12 ¾, and March Corn closed down ¾ of a cent at 5.00 ½.
Feb. Live Cattle Futures closed down 0.675 at 90.225 and March Feeder Cattle closed up 0.050 at 105.30. Feb. Lean Hogs closed up 1.40 at 59.875.
“The secret of joy in work is contained in one word – excellence. To know how to do something well is to enjoy it.”
Author:
AS I SEE IT: The market continued to rally on news that Microsoft is bidding for Yahoo. In January there was the first Jobs loss in 4 years dropping 12,000 Jobs. The market rallied on the Microsoft news, sold off sharply on the Jobs news, rallied back and fell again when the government said they were going to take a look at the Microsoft deal. Then in light trading the market continued to rally back to the highs of the day. Window dressing is still going on so I want to see how the market reacts when overseas banks come out with earnings next week.
This is a very jittery market that can run $1000.00 dollars in the E-mini S&P contract in minutes, so it keeps me and other day traders on their toes all day. This week the market ended near the highs so I’ll be watching to see if this rally continues, but I still believe there will be some very sharp sell offs as we move forward.
I HOPE YOU HAD A VERY PROFITABLE TRADING WEEK!
ENJOY THE SUPER BOWL WEEKEND!
You can have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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