Closing Market News February 25, 2008
The Dow closed up 189.20 at 12,570.22 and the Nasdaq closed up 24.13 at 2327.48. Transports closed up 78.97 at 4759.56.
Total volume on the NYSE was below average trading 1.51 billion shares. Up/down volume was 4.61 to 1 positive, Nasdaq up/down volume was 4.04 to 1 positive.
March E-mini S&P Futures closed up 16.00 at 1371.50 and the March Nasdaq 100 Futures closed up 4.50 at 1785.50. March E-mini S&P Futures total volume was above average trading 2.04 million contracts. March 30 Yr. T-Bond Futures are trading down 1-06 at 115-28.
April Oil Futures closed up .42 at 99.23 and March Natural Gas Futures closed up .04 at 9.19.
April Gold Futures closed down 7.30 at 940.50 and March Silver Futures closed
Grains were higher with March Wheat Futures closing, March Beans closed March Corn closed up 0.054 at 18.202.
April Live Cattle Futures closed up .85 at 94.825 and April Feeder Cattle closed up .15 at 107.45. April Lean Hogs closed down 3.00 at 60.50.
“Seek first to understand, then to be understood.”
Author Stephen Covey
AS I SEE IT: The market sold off for the first half hour before rallying back up above the opening price on the E-mini S&P. It kept selling off to support until mid day when more Ambac news rallied it up through short term resistance. It did close right at resistance so I’ll be watching overnight to see if further price gains can be achieved.
The fast price moves on news during the day doesn’t make this market easy to trade, but the price ranges are great enough for day traders to make a profit. The Producer Price Index at 8:30ET and Consumer Confidence at 10:00ET will move this market too.
I HOPE YOU MADE MONEY TODAY!
Have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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