Futures Trading

CLOSING MARKET NEWS
March 11, 2008

The Dow closed up 416.66 points at 12,156.81 and the Nasdaq closed up 86.42 at 2255.76. Transports closed up 200.60 at 4599.57.

Total volume on the NYSE was above average trading 1.93 billion shares. Up/down volume was 8.96 to 1 positive, Nasdaq up/down volume was 9.17 to 1 positive.

March E-mini S&P Futures closed up 48.50 at 1324.00 and the March Nasdaq 100 Futures closed up 73.75 at 1750.50. March E-mini S&P Futures total volume was above average trading 3.21 million contracts. June 30 Yr. T-Bond Futures are trading down 1-16 at 117-02.

April Oil Futures closed up .85 at 108.75 and April Natural Gas Futures closed down .02 at 10.00.

April Gold Futures closed up 3.20 at 975.00 and May Silver Futures closed down 0.022 at 19.763.

Grains were higher with May Wheat Futures trading up the 60 cent limit at 12.23, May Beans closed up 1 ¼ cents at 14.07 ¾, and May Corn closed up 6 ¾ cents at 5.72 ½.

April Live Cattle Futures closed up .15 at 89.90 and April Feeder Cattle closed down 0.775 at 102.35. April Lean Hogs closed up 0.575 at 58.40.

“Character builds slowly, but it can be torn down within incredible swiftness.”
Author: Faith Baldwin

AS I SEE IT: Overnight the E-mini S&P rallied about 10 points after closing oversold. This morning before the regular market session opened the Fed announced that it was going to pump $200 billion into the financial system to shore up banks. The E-mini S&P shot up 34 points on that news. When the regular market session opened sellers once again came into the market driving prices down for the next four hours. Prices neared support and buyers came in a bought the market all the way into the close. The Dow had the biggest point gain since 2001 and the E-mini S&P took out yesterday and Friday’s highs.

The E-mini S&P was oversold yesterday on the close and today in the very short term it is overbought. I believe this was mainly a short covering rally so now I want to see how many more buyers come in tomorrow. Bear markets have some big snap back rallies and $200 billion from the Fed can sure help them along.

I HOPE YOU MADE MONEY TODAY!

Have as much fun trading as I do!
Ray

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

www.SoaringPhoenixLLC.com

soaringphoenix@qwest.net

www.SoaringPhoenixLLC.blogspot.com