Wednesday, April 16, 2008

Futures Trading

April 16, 2008

The Dow closed up 256.80 at 12,619.27 and the Nasdaq closed up 64.07 at 2350.11. Transports closed 190.64 higher at 50.73.41.

Total volume on the NYSE was below average trading 1.42 billion shares. Up/down volume was 6.50 to 1 positive, Nasdaq up/down volume was 6.22 to 1 positive.

June E-mini S&P Futures closed up 35.00 at 1371.00 and the June Nasdaq 100 Futures closed up 65.50 at 1862.25. June E-mini S&P Futures total volume was above average trading 2.08 million contracts. June 30 Yr. T-Bond Futures are trading down 1-06 at 117-08.

June Oil Futures closed up 1.23 at 114.45 and May Natural Gas Futures closed up .23 at 10.43.

June Gold Futures closed up 15.50 at 947.50 and May Silver Futures closed up .45 at 18.30.

Grains were mixed with May Wheat Futures closing up 29 ¼ at 9.25, May Beans closed down 36 cents at 13.44, and May Corn closed down 2 ½ cents at 6.03 ½.

June Live Cattle Futures closed up 0.075 at 91.65 and May Feeder Cattle closed up .25 at 104.20. June Lean Hogs closed down 0.050 at 74.05.

“People never lie so much as after a hunt, during a war or before an election”
Author: Otto von Bismarck

AS I SEE IT: The overnight market was higher and when our regular trading session opened the E-mini S&P gapped up over resistance and started the days rally. It rallied up for two and a half hours then traded sideways to lower mid-day. With two hours of trading to go the market rallied on to the highs of the day.

After the closing bell IBM and Ebay earnings were bullish so those stocks are trading higher right now. There were a lot of shorts in the market today that had to cover when resistance was broken on the open and that helped drive E-mini S&P prices higher. Traders are all technicians today so I believe the market is going to continue to have large price swings as support and resistance prices are broken.

The Soaring Phoenix Market Trading Strategies turned up short term today while intermediate and long term strategies are still pointing down.


Have as much fun trading as I do!

P 303-796-1005
F 303-796-1023

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