Friday, February 22, 2008

Closing Market News February 22, 2008

The Dow closed up 96.72 at 12,381.02 and the Nasdaq closed up 4.94 at 2304.72. Transports closed down 6.27 at 4680.59.

Total volume on the NYSE was below average trading 1.41 billion shares. Up/down volume was 2.35 to 1 positive, Nasdaq up/down volume was 1.02 to 1 negative.

March E-mini S&P Futures closed up 8.50 at 1355.50 and the March Nasdaq 100 Futures closed up 5.00 at 1781.00. March E-mini S&P Futures total volume was above average trading 2.01 million contracts. March 30 Yr. T-Bond Futures are trading down 0-10 at 116-30.

April Oil Futures closed up .58 at 98.81 and March Natural Gas Futures closed down up .25 at 9.15.

April Gold Futures closed down .40 at 947.80 and March Silver Futures closed up 0.060 at 18.12.

Grains were mixed with May Wheat Futures closing up 19 cents at 10.64 1/2, May Beans closed up 14 cents at 14.38 ¾, and May Corn closed down 2 ½ cents at 5.35.

April Live Cattle Futures closed down 0.525 at 93.975 and April Feeder Cattle closed down .75 at 107.35. April Lean Hogs closed at down .50 at 63.50.

“Generosity during life is a very different thing from generosity in the hour of death; one proceeds from genuine liberality and benevolence, the other from pride or fear.”

Author: Horace Mann

AS I SEE IT: The overnight market was fairly steady so when our regular session market opened a little higher traders immediately came in and sold it. The S&P gave sell signals and continued to trade lower for the first three hours before trading sideways for a couple hours. With an hour to go the S&P was setting new lows when CNBC announced that there were prospects that large banks were going to bail out Ambac, a troubled insurance company, over the weekend. That started a rally that stopped out short traders all the way into the close. The Dow rallied 243 points in 30 minutes.

The market would have broken down today if the Ambac announcement hadn’t been made. News and earnings are moving this market erratically so it isn’t the easiest to trade lately, but day traders who stay with it still have good profitable trading weeks. After all the up and down movement the E-mini S&P ended the week 4.25 points higher.



Have as much fun trading as I do!


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