Closing Market News February 20, 2008
The Dow closed up 90.04 at 12,427.26 and the Nasdaq closed up 20.90 at 2327.10. Transports closed up 40.75 at 4736.57.
Total volume on the NYSE was below average trading 1.46 billion shares. Up/down volume was 2.16 to 1 positive, Nasdaq up/down volume was 1.73 to 1 positive.
March E-mini S&P Futures closed up 3.50 at 1359.00 and the March Nasdaq 100 Futures closed up 7.75 at 1789.25. March E-mini S&P Futures total volume was above average trading 2.20 million contracts. March 30 Yr. T-Bond Futures are trading up 0-07 at 116-09.
April Oil Futures closed unchanged at 99.70 and March Natural Gas Futures closed down .01 at 8.97.
April Gold Futures closed up 8.20 at 938.00 and March Silver Futures closed up 0.252 at 17.76.
Grains were mixed with March Wheat Futures closing down 16 cents at 10.20, March Beans closed down ¾ of a cent at 13.97 ¾, and March Corn closed up 3 ¼ cents at 5.23 ½.
April Live Cattle Futures closed up 1.025 at 94.95 and March Feeder Cattle closed up .70 at 105.60. April Lean Hogs closed at up 0.525 at 65.05.
“In the middle of every difficulty lies opportunity.”
Author: Albert Einstein
AS I SEE IT: Overnight the market sold off hard, but on the regular session open the E-mini S&P formed what looked like a Bear Flag for the first two and a half hours. Instead of selling off the market rallied sharply for thirty minutes and then chopped back and forth before putting in a final rally toward the close.
This morning the market sold off taking out the last four days lows in the E-mini S&P before rallying to close higher on the day. Instead of selling rallies traders were buying dips today so I’ll be watching the market to see if it can continue the rally for the next few days. I do realize that everyday new news can affect the market but it looked strong today. If it trades lower overnight I’ll be watching for buy signals using our day trading strategies.
I LOST MONEY TODAY, BUT I HOPE YOUR TRADING WAS GOOD!
Have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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