Monday, April 21, 2008

Futures Trading

April 21, 2008

The Dow closed down 24.34 at 12,825.02 and the Nasdaq closed up 5.07 at 2408.04. Transports closed down 55.74 at 5044.34.

Total volume on the NYSE was below average trading 1.12 billion shares. Up/down volume was 1.23 to 1 negative, Nasdaq up/down volume was 1.21 to 1 positive.

June E-mini S&P Futures closed up .25 at 1388.25 and the June Nasdaq 100 Futures closed up 11.00 at 1914.00. June E-mini S&P Futures total volume was below average trading 1.25 million contracts. June 30 Yr. T-Bond Futures are trading up 0-19 at 117-01.

June Oil Futures closed up .47 at 116.63 and May Natural Gas Futures closed up .15 at 10.73.

June Gold Futures closed up 2.40 at 917.60 and May Silver Futures closed down .46 at 17.36.

Grains were mixed with May Wheat Futures closing down 24 ¼ cents at 8.45 ¾, May Beans closed down 46 cents at 13.15 ½, and May Corn was 19 ¼ lower at 5.80 ¼.

June Live Cattle Futures closed down 0.375 at 91.95 and May Feeder Cattle closed up .30 at 106.025. June Lean Hogs closed down 1.375 at 72.975.

“We must all suffer one of two things; the pain of discipline or the pain of regret or disappointment.”
Jim Rohn

AS I SEE IT: The market sold off early following the overnight markets lead. Then it rallied back to unchanged prices before selling off a little into the close. Volume was light and trading ranges were small as the market continues to wait for more earnings reports.

The sideways indecision of the market will change soon as more earnings come out. For now our short term trading strategies are up while the intermediate and long term strategies are pointing down. The May Oil Futures contract closed at 17.48 a barrel with the June contract trading at 116.83. I believe if Oil prices stay here or go higher the market is going to have a hard time holding any advance.


Have as much fun trading as I do!

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

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