Futures Trading

CLOSING MARKET NEWS

March 17, 2008

The Dow closed up 21.16 at 11,972.25 and the Nasdaq closed down 34.59 at 4468.88. Transports closed down 37.69 at 4468.88.

Total volume on the NYSE was above average trading 1.99 billion shares. Up/down volume was 3.37 to 1 negative, Nasdaq up/down volume was 2.81 to 1 negative.

June E-mini S&P Futures closed down 13.50 at 1279.50 and the June Nasdaq 100 Futures closed down 29.25 at 1695.25. June E-mini S&P Futures total volume was above average trading 3.68 million contracts. June 30 Yr. T-Bond Futures are trading up 0-18 at 120-03.

May Oil Futures closed down 4.51 at 104.23 and May Natural Gas Futures closed down .73 at 9.23.

April Gold Futures closed up 4.30 at 1003.00 and May Silver Futures closed down 0.345 at 20.30.

Grains were all LIMIT DOWN with May Wheat Futures closing down 60 at 11.31 ½, May Beans closed down 50 cents at 13.02 ¾, and May Corn was 20 cents lower closing at 5.39 ¼.

April Live Cattle Futures closed down 1.175 at 89.325 and April Feeder Cattle closed down .60 at 101.70. April Lean Hogs closed up 0.975 at 56.00.

“Live is rather like a tin of sardines – we’re all of us looking for the key.”
Author: Alan Bennett

AS I SEE IT: Overnight markets were much lower on the news that JPMorgan bought Bear Stearns for $2.00 a share. When our regular market session opened the market rallied for the first hour and a half before selling brought the market back down near overnight lows. There was sideways trading mid-day and a rally into the close. Commodities took it on the chin today as traders raised money to cover other positions.

Because the Fed will lower interest rates again tomorrow many traders believe there will be a rally because the Fed won’t want to disappoint the market. I believe that even if the market rallies tomorrow it will sell off again. It bothers me when I hear that the Fed has to bail out large financial institutions. I’ve told you before that when the government puts its hand on my shoulder and says everything is going to be fine I want to run and hide in the weeds.

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