Thursday, February 7, 2008

Closing Market News February 7, 2008

The Dow closed up 46.90 at 12,247.00 and the Nasdaq closed up 14.28 at 2293.03. Transports closed up 68.52 at 4756.87.

Total volume on the NYSE was average trading 1.73 billion shares. Up/down volume was 1.63 to 1 positive, Nasdaq up/down volume was 1.94 to 1 positive.

March E-mini S&P Futures closed up 10.25 at 1340.25 and the March Nasdaq 100 Futures closed up 18.75 at 1767.00. March E-mini S&P Futures total volume was above average trading 2.92 million contracts. March 30 Yr. T-Bond Futures are trading down 2-01 at 117-11.

March Oil Futures closed up .97 at 88.11 and March Natural Gas Futures closed up .11 at 8.10.

April Gold Futures closed up 5.00 at 910.00 and March Silver Futures closed up 0.225 at 16.775.

Grains were mixed with March Wheat Futures closing LIMIT UP at 10.63, March Beans closed up 13 cents at 13.31 ½, and March Corn closed down 2 cents at 4.99 ½.

April Live Cattle Futures closed up 1.575 at 96.05 and March Feeder Cattle closed up .925 at 105.85. April Lean Hogs closed down .75 at 64.70.

“We cannot hold a torch to light another’s path without brightening our own.”

Ben Sweetland

AS I SEE IT: The market opened down on the day, rallied quickly and then sold off again. It traded back and forth through support and then rallied into the noon hour. Then it sold off hard again before rallying a little into the close. The volatility is great for experienced traders, but because the price movements are erratic good defensive positions need to be in place all the time. From one day to the next there’s no way for me to know where the market is going. It all depends on earnings and the news during the day which way the market trends. Just follow your strategies and profit from these fast moving markets.


There’s no reason you can’t have as much fun trading as I do!


P 303-796-1005

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