Closing Market News February 27, 2008
The Dow closed up 9.36 at 12,694.28 and the Nasdaq closed up 8.79 at 2353.78. Transports closed down 75.71 points at 4748.97.
Total volume on the NYSE was below average trading 1.45 billion shares. Up/down volume was 1.03 to 1 negative, Nasdaq up/down volume was 1.55 to 1 positive.
March E-mini S&P Futures closed down 2.25 at 1380.50 and the March Nasdaq 100 Futures closed up 3.50 at 1800.25. March E-mini S&P Futures total volume was average trading 1.83 million contracts. March 30 Yr. T-Bond Futures are trading up 0-07 at 116-07.
April Oil Futures closed down 1.24 at 99.64 and March Natural Gas Futures closed down .28 at 8.93.
April Gold Futures closed up 11.80 at 960.70 and March Silver Futures closed up 0.489 at 19.33.
Grains were mixed with May Wheat Futures closing up 35 ½ cents at 12.50, May Beans closed down 9 cents at 14.75 ¼, and May Corn closed down 6 cents at 5.38.
April Live Cattle Futures closed down .95 at 94.55 and April Feeder Cattle closed up .50 at 108.20. April Lean Hogs closed up 0.225 at 60.975.
“When people talk, listen completely. Most people never listen.”
Author: Ernest Hemingway
AS I SEE IT: The Durable Goods Orders report was bearish before the regular market session opened and the market sold off. The last couple days a lower open has attracted buyers and that happened again today. After a couple tries to take the market down traders bought the market and ran it back up a couple points above yesterday’s S&P high. While Bernanke was talking the market traded sideways but sold off again mid day. It did try to make a come back but the S&P’s ended the day a little lower with the Dow gaining a few points. Transports ended the day down 75.71 points and that helped keep the market down.
I believe that this is a bear market so rallies will be sold. Now the market is in the window dressing time of the month so I want to see if we trade a little higher before the next down draft.
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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