Closing Market News February 6, 2008
The Dow closed down 65.03 at 12,200.10 and the Nasdaq closed down 30.82 at 2278.75. Transports closed up 12.98 at 4688.35.
Total volume on the NYSE was below average trading 1.54 billion shares. Up/down volume was 1.89 to 1 negative, Nasdaq up/down volume was 3.21 to 1 negative.
March E-mini S&P Futures closed down 13.25 at 1330.00 and the March Nasdaq 100 Futures closed down 36.75 at 1748.25. March E-mini S&P Futures total volume was above average trading 2.16 million contracts. March 30 Yr. T-Bond Futures are trading down 0-07 at 119-18.
March Oil Futures closed down 1.27 at 87.14 and March Natural Gas Futures closed up .05 at 7.99.
April Gold Futures closed up 14.70 at 905.00 and March Silver Futures closed up 0.205 at 16.55.
Grains were mixed with March Wheat Futures closing LIMIT UP at 10.33, March Beans closed down 6 cents at 13.17 ¼, and March Corn closed down 7 ¾ cents at 5.01 ½.
April Live Cattle Futures closed down 0.125 at 94.50 and March Feeder Cattle closed down 0.575 at 104.925. Feb. Lean Hogs closed at down .70 at 65.45.
“Readers are plentiful, thinkers are rare.”
Author: Harriet Martineau
AS I SEE IT: The market traded on both sides of the closing price overnight, but when our regular trading session opened it sold off a little stopping out weak longs. Then it turned and traded higher before a Fed Governor made some comments that brought it back down again.
The E-mini S&P has sold off for three days. I’ll be using our trading strategies to stay with price momentum. In after hours trading Cisco’s earnings helped the E-mini rally a little but the conference call brought it right back down again. The Jobless Claims Report at 8:30ET and the Pending Home Sales Index at 10.00ET could give us some price movement in the morning too. Volatility is back so day traders are going to continue to enjoy this market.
I’M SURE DAY TRADERS MADE MONEY TODAY!
There’s no reason you can’t have as much fun trading as I do!
Ray
P 303-796-1005
F 303-796-1023
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