Friday, February 29, 2008

Closing Market News February 29, 2008

The Dow closed down 315.79 at 12,266.39 and the Nasdaq closed down 60.07 at 2271.48. Transports closed down 125.41 at 4550.58.

Total volume on the NYSE was average trading 1.72 billion shares. Up/down volume was 15.89 to 1 negative, Nasdaq up/down volume was 8.93 to 1 negative.

March E-mini S&P Futures closed down 34.50 at 1331.25 and the March Nasdaq 100 Futures closed down 36.00 at 1748.25. March E-mini S&P Futures total volume was above average trading 2.30 million contracts. March 30 Yr. T-Bond Futures are trading up 1-31 at 119-22.

April Oil Futures closed down .75 at 101.84 and April Natural Gas Futures closed down .08 at 9.37.

April Gold Futures closed up 7.50 at 975.00 and May Silver Futures closed up 0.205 at 19.915.

Grains were mixed with May Wheat Futures closing down 75 cents at 10.90, May Beans closed up 23 ½ cents at 15.36, and May Corn closed up ¼ of a cent at 5.56 ½.

April Live Cattle Futures closed down 0.425 at 94.325 and April Feeder Cattle closed down .90 at 107.00. April Lean Hogs closed down 1.30 at 59.95.

“Good judgment comes from experience, and often experience comes from bad judgment.”
Author: Rita Mae Brown

AS I SEE IT: The overnight market sold off sharply and when our regular session opened with a large gap down the market continued to fall. The market did trade sideways mid-day but couldn’t hold the price and continued the down trend for the day. There was a small rally near the close as shorts exited their winning positions.

In the very short term the market might be a little oversold, but I’ll be watching the market action on Monday to see if this market can rally a little before falling again.



Have as much fun trading as I do!

P 303-796-1005
F 303-796-1023

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