CLOSING MARKET NEWS
April 8, 2008
The Dow closed down 35.99 points at 12,576.44 and the Nasdaq closed down 16.34 at 2348.76. Transports closed down 9.67 at 4978.40.
Total volume on the NYSE was below average trading 1.19 billion shares. Up/down volume was 1.59 to 1 negative, Nasdaq up/down volume was 2 to 1 negative.
June E-mini S&P Futures closed down 1.25 at 1371.00 and the June Nasdaq 100 Futures closed down 11.00 at 1854.75. June E-mini S&P Futures total volume was below average trading 1.41 million contracts. June 30 Yr. T-Bond Futures are trading down 0-04 at 118-08.
May Oil Futures closed down .69 at 108.40 and May Natural Gas Futures closed down .09 at 9.70.
June Gold Futures closed down 8.80 at 918.00 and May Silver Futures closed down 0.412 at 17.708.
Grains were mixed with May Wheat Futures closing up 12 ¾ at 9.34, May Beans closed down 4 ¼ cents at 12.50 ¾, and May Corn up 1 ¼ cents at 5.91 ¼.
June Live Cattle Futures closed up 0.075 at 89.575 and May Feeder Cattle closed up 0.925 at 102.85. June Lean Hogs closed down 0.775 at 71.275.
“The young man knows the rules, but the old man knows the exceptions.”
Author: Oliver Wendell Holmes
AS I SEE IT: Overnight the market traded a little lower and that continued for a few minutes after the regular trading session opened. The market then turned and rallied for a couple hours before starting to sell off again. It did trade a little below the overnight price range but when that held it rallied a little into the close.
The market has basically traded sideways on very light volume for the last 5 days. In the short term the market has turned up so traders are still buying the dips. Until support prices are taken out the market continues to hold up. For me, support for the E-mini S&P is still in the 1359.00 and 1345.00 areas with resistance in the 1390.00 area.
I HOPE YOU MADE MONEY TODAY!
Have as much fun trading as I do!