Futures Trading

CLOSING MARKET NEWS
March 19, 2008

The Dow closed down 293 at 12,099.66 and the Nasdaq closed down 54.84 at 2209.96. Transports closed down 134.89 at 4571.22.

Total volume on the NYSE was above average trading 1.96 billion shares. Up/down volume was 3.28 to 1 negative, Nasdaq up/down volume was 6.02 to 1 negative.

June E-mini S&P Futures closed down 34.50 at 1299.50 and the June Nasdaq 100 Futures closed down 46.50 at 1724.50. June E-mini S&P Futures total volume was above average trading 3.24 million contracts. June 30 Yr. T-Bond Futures are trading up 0-28 at 120-09.

May Oil Futures closed down 5.96 at 102.54 and May Natural Gas Futures closed down .26 at 9.24.

April Gold Futures closed down 59.30 at 945.00 and May Silver Futures closed down 1.515 at 18.445.

Grains were LIMIT DOWN with May Wheat Futures 90 cents lower at 10.74, May Beans closed down 77 cents at 12.30, and May Corn closed down 20 cents at 5.27 ¼.

April Live Cattle Futures closed down 1.325 at 89.625 and April Feeder Cattle closed down 0.225 at 102.30. April Lean Hogs closed down 0.575 at 55.00.

“Happiness is nothing more than good health and a bad memory.”
Author: Albert Schweitzer

AS I SEE IT: Overnight markets traded on both sides of the closing prices but when our regular session opened the market was higher and continued to rally to new highs stopping out weak shorts before selling back. After two hours of trading the E-mini S&P sold off in a channel that lasted all day. Yesterday the Dow was up 420 points and today it closed down 293 points. During Bear Markets traders sell the rallies and buy the dips and that’s what happened yesterday and today. Now I want to see if the 1295.00 to 1296.00 support holds in the June E-mini S&P. Tomorrow is Quadruple Witching, and we’ll see what the Jobless Claims, Leading Indicators, and the Philadelphia Fed Survey reports tell the market before Good Friday when the markets are closed.

Commodities were all down hard today as traders took profits where they had them. I’ve heard that some brokerages are telling brokers to lighten their margins in the commodity market.

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