Tuesday, April 22, 2008

Futures Trading

April 22, 2008

The Dow closed down 104.79 at 12,720.23 and the Nasdaq closed down 31.10 at 2376.94. Transports closed down 78.73 at 4965.61.

Total volume on the NYSE was below average trading 1.32 billion shares. Up/down volume was 2.58 to 1 negative, Nasdaq up/down volume was 2.81 to 1 negative.

June E-mini S&P Futures closed down 7.50 at 1380.75 and the June Nasdaq 100 Futures closed down 19.00 at 1895.00. June E-mini S&P Futures total volume was average trading 1.74 million contracts. June 30 Yr. T-Bond Futures are trading up 0-14 at 117-16.

June Oil Futures closed up 1.44 at 118.07 and May Natural Gas Futures closed down .13 at 10.61

June Gold Futures closed up 7.60 at 925.20 and May Silver Futures closed up .36 at 17.72.

Grains were higher with May Wheat Futures up 6 cents at 8.51 ¾, May Beans closed up 59 ¼ at 13.74 ¾, and May Corn closed up 14 cents at 5.94 ¼.

June Live Cattle Futures closed up.15 at 92.10 and May Feeder Cattle closed up .05 at 106.075. June Lean Hogs closed up .70 at 73.675.

“It’s much easier to suggest solutions when you don’t know too much about the problem.”
Author: Malcolm Forbes

AS I SEE IT: The E-mini S&P Futures opened a little lower this morning and after two attempts to close the opening gap in the first two hours it started selling off. It sold off to support in the 1370 area filling the opening gap left last Thursday. Volume was still light but a little better than the last couple days. Our short term trading strategies are long while the intermediate and long term strategies are short.

Yesterday I talked about my concern that the market would have a difficult time advancing with Oil prices rising and that did affect the market today. The May Oil Futures traded up to 119.90 today before going off the board at 119.37.

For me, short term resistance in the June E-mini S&P is in the 1394.00 area with support in the 1370.00 area.


Have as much fun trading as I do!

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




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