Closing Market News February 26, 2008
The Dow closed up 114.70 at 12,684.92 and the Nasdaq closed up 17.51 at 2344.99. Transports closed up 65.07 at 4824.63.
Total volume on the NYSE was below average trading 1.53 billion shares. Up/down volume was 2.57 to 1 positive, Nasdaq up/down volume was 2.48 to 1 positive.
March E-mini S&P Futures closed up 11.25 at 1382.75 and the March Nasdaq 100 Futures closed up 11.25 at 1796.75. March E-mini S&P Futures total volume was above average trading 2.08 million contracts. March 30 Yr. T-Bond Futures are trading up 0-08 at 116-03.
April Oil Futures closed up 1.65 at 100.88 and March Natural Gas Futures closed up .02 at 9.21.
April Gold Futures closed up 8.40 at 948.90 and May Silver Futures closed up 0.639 at 18.841.
Grains were mixed with March Wheat Futures closing up 90 cents at 12.14 ½, March Beans closed up 15 cents at 14.84 ¼, and March Corn closed down 2 ¾ cents at 5.44 ¼.
April Live Cattle Futures closed up .0675 at 95.50 and April Feeder Cattle closed up .40 at 107.85. April Lean Hogs closed up .35 at 60.85.
“Everything is vague to a degree; you do not realize it till you have tried to make it precise.”
Author: Bertrand Russell
AS I SEE IT: The Producer Price Index and the Consumer Confidence numbers were bearish this morning so the market sold off a little on the regular session open. It could not be pressured much below short term support so it rallied to fill the morning gap. As that was happening IBM announced they were authorizing a 15 billion dollar buy back and the market continued to rally up through resistance. There was a small sell off near the close.
Durable Goods Orders at 8:30ET and New Home Sales at 10:30ET will move the market, but the most important market mover will probably happen when Bernanke talks to Congress. The market has been up 3 days in a row so I’m anxious to see it there is more to come or if it will roll over again. How about Oil trading up to 101.43 this evening?
I HOPE YOU HAD A MONEY MAKING DAY!
Have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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