Wednesday, April 2, 2008

Futures Trading


CLOSING MARKET NEWS
April 2, 2008

The Dow closed down 45.12 at 12,609.24 and the Nasdaq closed down 1.50 at 2361.40. Transports closed down 2.59 at 4972.70.

Total volume on the NYSE was below average trading 1.43 billion shares. Up/down volume was 1.32 to 1 positive, Nasdaq up/down volume was 1.14 to 1 negative.

June E-mini S&P Futures closed up .50 at 1371.00 and the June Nasdaq 100 Futures closed up 4.50 at 1862.25. June E-mini S&P Futures total volume was average trading 1.82 million contracts. June 30 Yr. T-Bond Futures are trading down 1-17 at 117-08.

May Oil Futures closed up 3.85 at 104.83 and May Natural Gas Futures closed up 11 at 9.83.

April Gold Futures closed up 12.30 at 895.20 and May Silver Futures closed up .30 at 17.19.

Grains were higher with May Wheat Futures closing up 41 cents at 9.36, May Beans closed up 32 at 12.43, and May Corn closed up 11 ¾ at 5.95 ¾.

April Live Cattle Futures closed down 1.10 at 86.30 and April Feeder Cattle closed down 1.675 at 97.65. April Lean Hogs closed down .40 at 55.60.

“There are a thousand hacking at the branches of evil to one who is striking at the root.”
Author: Henry David Thoreau

AS I SEE IT: The market chopped back and forth today with the Dow closing a little lower and the E-mini S&P closing a half point higher. Tomorrow the Jobless Claims and ISM Non-Mfg Survey should move the market, but the big report will be the Employment Situation report on Friday. Bernanke told Congress’s Joint Economic Committee that a U.
S. recession was possible and that employment and consumer spending will deteriorate. That kept a lid on the market today.

The market was short term overbought today so it churned back and forth relieving some of that condition. Today the market felt heavy so I want to see where the momentum is tomorrow. Bernanke is back on the hill tomorrow so traders will be interested in what he says. I’ll trade using the Soaring Phoenix Market Trading Strategies to profit from market movement.

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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