Futures Trading
CLOSING MARKET NEWS
March 18, 2008
The Dow closed up 420.41 at 12,392.66 and the Nasdaq closed up 88.28 at 2268.26. Transports closed up 237.23 at 4706.11.
Total volume on the NYSE was above average trading 1.94 billion shares. Up/down volume was 19.25 to 1 positive, Nasdaq up/down volume was 10.20 to 1 positive.
June E-mini S&P Futures closed up 54.50 at 1334.00 and the June Nasdaq 100 Futures closed up 75.75 points at 1771.00. June E-mini S&P Futures total volume was above average trading 2.70 million contracts. June 30 Yr. T-Bond Futures are trading down 1-04 at 119-04.
May Oil Futures closed up 1.62 at 107.65 and May Natural Gas Futures closed up .17 at 9.37.
April Gold Futures closed up 1.70 at 1004.30, but overnight Gold Futures are trading down 24.40 at 978.60 and May Silver Futures closed down .27 at 19.96.
Grains were higher with May Wheat Futures up 32 ½ cents at 11.64, May Beans closed up 2 ¼ cents at 13.05, and May Corn closed up 7 cents at 5.46.
April Live Cattle Futures closed up 1.675 at 90.90 and April Feeder Cattle closed up .65 at 102.35. April Lean Hogs closed down 0.325 at 55.60.
“What we see depends mainly on what we look for.”
Author: John Lubbock
AS I SEE IT: Overnight markets were very strong on expectations that the Fed was going to lower interest rates by 1% after lowering ¼ of a point Sunday evening. Lehman and Goldman Sachs earnings beat estimates adding to the strong rally. When the Fed lowered interest rates by ¾ of a point the first reaction took the market lower but buyers came in and rallied it back to new highs. Short sellers were on the run today.
Yesterday the Dow opened down 200 points and today it opened up 200 points. I believe large market price swings will be with us for a long time because of the Fed, banks, and earnings reports. Now I want to see how far this up rate cut rallies the market before it rolls over again.
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
1 comment:
I lost shit loads, as I was one of the dumb shorts, shorting into a rising market. I hope you made money today.
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