Futures Trading
CLOSING MARKET NEWS
March 12, 2008
The Dow closed down 46.57 at 12,110.24 and the Nasdaq closed down 11.89 points at 2243.87. Transports closed down 74.23 at 4525.34.
Total volume on the NYSE was below average trading 1.56 billion shares. Up/down volume was 2.12 to 1 negative, Nasdaq up/down volume was 1.66 to 1 negative.
March E-mini S&P Futures closed down 14.50 at 1309.50 and the March Nasdaq 100 Futures closed down 15.75 at 1734.75. March E-mini S&P Futures total volume was above average trading 2.54 million contracts. June 30 Yr. T-Bond Futures are trading up 2-00 at 119-00.
April Oil Futures closed up 1.17 at 109.92 and April Natural Gas Futures closed up .01 at 10.01.
April Gold Futures closed up 4.50 at 980.50 and May Silver Futures closed up 0.232 at 19.995.
Grains were mixed with May Wheat Futures closing up 59 ¼ cents at 12.82 ¼, May Beans closed down 12 ¾ cents at 13.95, and May Corn closed down 5 ¼ cents at 5.67 ¼.
April Live Cattle Futures closed up 0.425 at 90.325 and April Feeder Cattle closed up .35 at 102.70. April Lean Hogs closed down .55 at 57.75.
“How can we expect a harvest of thought by those who have not had a seedtime of character?
Author: Henry David Thoreau
AS I SEE IT: Overnight markets traded both a little lower and a little higher but when our regular trading session opened it was about unchanged. There was a small sell off for an hour and the next hour took the market to the day’s high. From there it slowly sold off the rest of the day. Yesterday the market was a little short term overbought so now I want to see if selling continues or if the market will right itself and continue the rally.
I’ve talked about how I believe Bear Markets operate and this one is acting like others I’ve seen. The Fed has poured money into the banks to try to shore them up, but even if this market continues to rally for a while I believe that more selling will take place. I think many lending institutions still have a lot of bad paper on the books. Some will hold it until it isn’t possible to cover it up hoping that the economy improves, but in the end they’ll have to get rid of it. This $110 dollar Oil isn’t helping the situation either.
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
March 12, 2008
The Dow closed down 46.57 at 12,110.24 and the Nasdaq closed down 11.89 points at 2243.87. Transports closed down 74.23 at 4525.34.
Total volume on the NYSE was below average trading 1.56 billion shares. Up/down volume was 2.12 to 1 negative, Nasdaq up/down volume was 1.66 to 1 negative.
March E-mini S&P Futures closed down 14.50 at 1309.50 and the March Nasdaq 100 Futures closed down 15.75 at 1734.75. March E-mini S&P Futures total volume was above average trading 2.54 million contracts. June 30 Yr. T-Bond Futures are trading up 2-00 at 119-00.
April Oil Futures closed up 1.17 at 109.92 and April Natural Gas Futures closed up .01 at 10.01.
April Gold Futures closed up 4.50 at 980.50 and May Silver Futures closed up 0.232 at 19.995.
Grains were mixed with May Wheat Futures closing up 59 ¼ cents at 12.82 ¼, May Beans closed down 12 ¾ cents at 13.95, and May Corn closed down 5 ¼ cents at 5.67 ¼.
April Live Cattle Futures closed up 0.425 at 90.325 and April Feeder Cattle closed up .35 at 102.70. April Lean Hogs closed down .55 at 57.75.
“How can we expect a harvest of thought by those who have not had a seedtime of character?
Author: Henry David Thoreau
AS I SEE IT: Overnight markets traded both a little lower and a little higher but when our regular trading session opened it was about unchanged. There was a small sell off for an hour and the next hour took the market to the day’s high. From there it slowly sold off the rest of the day. Yesterday the market was a little short term overbought so now I want to see if selling continues or if the market will right itself and continue the rally.
I’ve talked about how I believe Bear Markets operate and this one is acting like others I’ve seen. The Fed has poured money into the banks to try to shore them up, but even if this market continues to rally for a while I believe that more selling will take place. I think many lending institutions still have a lot of bad paper on the books. Some will hold it until it isn’t possible to cover it up hoping that the economy improves, but in the end they’ll have to get rid of it. This $110 dollar Oil isn’t helping the situation either.
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
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