Futures Trading
CLOSING MARKET NEWS
March 13, 2008
The Dow closed up 35.50 at 12,145.74 and the Nasdaq closed up 19.74 at 2263.61. Transports closed up 55.50 at 4581.23.
Total volume on the NYSE was average trading 1.83 billion shares. Up/down volume was 1.41 to 1 positive, Nasdaq up/down volume was 2.03 to 1 positive.
March E-mini S&P Futures closed up 3.75 at 1313.25 and the March Nasdaq 100 Futures closed up 13.75 at 1748.50. March E-mini S&P Futures total volume was average trading 1.85 million contracts and the June contract traded 2.74 million contracts. Tomorrow I’ll switch to the June contract. June 30 Yr. T-Bond Futures are trading down 0-16 at 118-09.
April Oil Futures closed up .41 at 110.33 and April Natural Gas Futures closed up .22 at 10.23.
April Gold Futures closed up 15.40 at 995.90 and May Silver Futures closed up 0.575 at 20.44.
Grains were mixed with May Wheat Futures closing down 38 ½ cents at 12.44, May Beans closed up 10 cents at 14.04 ¼, and May Corn closed up 2 ¼ cents at 5.69 ½.
April Live Cattle Futures closed down 0.725 at 89.60 and April Feeder Cattle closed down 0.725 at 101.975. April Lean Hogs closed down .55 at 57.20.
“Insanity: doing the same thing over and over again and expecting different results.”
Author: Albert Einstein
AS I SEE IT: Overnight the market tanked on news that Carlyle Capital defaulted on about $16.6 billion of debt. Then S&P said the end is near for subprime write downs. After the first hour and a half the market started to rally on the S&P news. The rally continued to resistance, backed off for an hour and then continued to rally into the close.
I believe there will be more credit surprises, but I also know that there will be those who start saying the problems are about over. In my opinion there isn’t any way for financial institutions to know for sure what their bad loans are worth or how many more problems they have facing them. It will take a lot of time before the truth is known. In the meantime the market is going to have good and bad days. Traders will just have to depend on their trading strategies to make money on a daily basis. For now the trend is still down.
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 13, 2008
The Dow closed up 35.50 at 12,145.74 and the Nasdaq closed up 19.74 at 2263.61. Transports closed up 55.50 at 4581.23.
Total volume on the NYSE was average trading 1.83 billion shares. Up/down volume was 1.41 to 1 positive, Nasdaq up/down volume was 2.03 to 1 positive.
March E-mini S&P Futures closed up 3.75 at 1313.25 and the March Nasdaq 100 Futures closed up 13.75 at 1748.50. March E-mini S&P Futures total volume was average trading 1.85 million contracts and the June contract traded 2.74 million contracts. Tomorrow I’ll switch to the June contract. June 30 Yr. T-Bond Futures are trading down 0-16 at 118-09.
April Oil Futures closed up .41 at 110.33 and April Natural Gas Futures closed up .22 at 10.23.
April Gold Futures closed up 15.40 at 995.90 and May Silver Futures closed up 0.575 at 20.44.
Grains were mixed with May Wheat Futures closing down 38 ½ cents at 12.44, May Beans closed up 10 cents at 14.04 ¼, and May Corn closed up 2 ¼ cents at 5.69 ½.
April Live Cattle Futures closed down 0.725 at 89.60 and April Feeder Cattle closed down 0.725 at 101.975. April Lean Hogs closed down .55 at 57.20.
“Insanity: doing the same thing over and over again and expecting different results.”
Author: Albert Einstein
AS I SEE IT: Overnight the market tanked on news that Carlyle Capital defaulted on about $16.6 billion of debt. Then S&P said the end is near for subprime write downs. After the first hour and a half the market started to rally on the S&P news. The rally continued to resistance, backed off for an hour and then continued to rally into the close.
I believe there will be more credit surprises, but I also know that there will be those who start saying the problems are about over. In my opinion there isn’t any way for financial institutions to know for sure what their bad loans are worth or how many more problems they have facing them. It will take a lot of time before the truth is known. In the meantime the market is going to have good and bad days. Traders will just have to depend on their trading strategies to make money on a daily basis. For now the trend is still down.
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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