Wednesday, April 23, 2008

Futures Trading

April 23, 2008

The Dow closed up 42.99 at 12,763.22 and the Nasdaq closed up 28.06 at 2405.21. Transports closed down 17.95 at 4947.66.

Total volume on the NYSE was below average trading 1.34 billion shares. Up/down volume was 1.05 to 1 negative, Nasdaq up/down volume was 2.72 to 1 positive.

June E-mini S&P Futures closed down 2.25 at 1378.50 and the June Nasdaq 100 Futures closed up 10.50 at 1905.50. June E-mini S&P Futures total volume was average trading 1.82 million contracts. June 30 Yr. T-Bond Futures are trading down 0-10 at 116-27.

June Oil Futures closed up .23 at 118.30 and May Natural Gas Futures closed up .17 at 10.78.

June Gold Futures closed down 16.20 at 909.00 and May Silver Futures closed down .48 at 17.23.

Grains were lower with May Wheat Futures closing down 34 cents at 817 ¾, May Beans closed down 2 ¾ cents at 13.72, and May Corn closed down 6 ½ cents at 587 ¾.

June Live Cattle Futures closed up 0.775 at 92.875 and May Feeder Cattle closed up .50 at 106.575. June Lean Hogs closed up 1.75 at 75.425.

“There is no great genius without some touch of madness.”
Author: Lucius Annaeus Seneca

AS I SEE IT: The market opened a little lower this morning but caught a bid and rallied for two hours before selling back to overnight lows. The rest of the day the market traded a little higher on the Dow but closed a couple points lower in the E-mini S&P contract. This is the fourth day that the market has traded in a small trading range not being able to rally on up from here.

Earnings reports and 118.00 dollar Oil have held this market down so I want to see which one gives first. If Oil holds in here or rallies it looks like the market is going to have a hard time advancing.

Our short term trading strategies are long and the intermediate and long term strategies are short. For me, resistance in the E-mini S&P Futures contract 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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