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Thursday, February 28, 2008

Feb 28 support and resistance S&P 500


Today we are consolidating

66 -69 range with a 14.5 point trading range.

Market is preparing for the news tomorrow.

Trade what you see.

Treasuries rose, with three-month bill rates dropping to the lowest since 2004, as reports showed the economy's fourth-quarter growth was less than forecast and first-time claims for jobless benefits increased last week.

U.S. government debt also advanced as stocks declined and phone company Sprint Nextel Corp. and mortgage financier Freddie Mac said they lost almost $32 billion last quarter. Federal Reserve Chairman Ben S. Bernanke told a Senate committee today that it's ``fair'' to say the bank has a tougher time responding to the current slowdown compared with the recession of 2001. Initial jobless claims increased by 19,000 to 373,000 in the week ended Feb. 23, from a revised 354,000 a week earlier that was higher than previously reported.


Traders increased bets that the central bank will reduce the target rate for overnight lending between banks by more than a half-percentage point next month. Bernanke signaled he's ready to lower interest rates again in testimony to a Senate panel today. Ten-year note yields may fall to 3.55 percent by the end of June with the most recent forecasts given the heaviest weighting. Two-year yields may rise to 2.06 percent, from 1.86 percent today.


Freddie Mac, the second-largest mortgage-finance company, posted a record $2.45 billion fourth- quarter loss as rising defaults sent credit costs soaring. Freddie Mac, which buys and guarantees home loans, had predicted the results would be similar to the third-quarter's $2 billion loss.

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