Thursday, February 28, 2008

Closing Market News February 28, 2008

The Dow closed down 112.10 at 12,582.18 and the Nasdaq closed down 22.21 at 2331.57. Transports closed down 72.98 at 4675.99.

Total volume on the NYSE was below average trading 1.46 billion shares. Up/down volume was 2.68 to 1 negative, Nasdaq up/down volume was 3.46 to 1 negative.

March E-mini S&P Futures closed down 14.75 points at 1365.75 and the March Nasdaq 100 Futures closed down 16.00 at 1784.25. March E-mini S&P Futures total volume was average trading 1.79 million contracts. March 30 Yr. T-Bond Futures are trading up 1-29 at 118-04.

April Oil Futures closed up 2.95 at 102.59 and April Natural Gas Futures closed up .38 at 9.44.

April Gold Futures closed up 12.10 at 973.80 and May Silver Futures closed up 0.423 at 19.756.

Grains were mixed with May Wheat Futures closing down 85 cents at 11.65, May Beans closed up 37 ¼ cents at 15.12 ¼, and May Corn closed up 18 ¼ cents at 556 ¼.

April Live Cattle Futures closed up .20 at 94.75 and April Feeder Cattle closed down .30 at 107.90. April Lean Hogs closed at up 0.275 at 61.25.

“Whatever we expect with confidence becomes our own self-fulfilling prophecy.”
Author: Brian Tracy

AS I SEE IT: After the 4 day rise in prices the S&P started selling off immediately after the close yesterday. There was a small rally on the open of our regular market session but that failed after the first hour and prices declined again on comments from Bernanke while he talked to congress. He said that there was a chance that some small banks could fail in areas where they held a lot of subprime paper. Mid-day the market churned back and forth before rallying to resistance. That rally failed and the S&P and the Dow closed lower.

Because we are in the window dressing time of the month I’ll be paying attention to the market momentum to see if we’ve turned over or if they buy breaks here. The news today was negative and so were the market internals. April overnight Oil Futures made a new high at 102.97.


Have as much fun trading as I do!

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

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