Trader's University Daily Update

The DOW opened the session higher on Friday but ran into resistance at the 12200 level and following the Bear Sterns news the markets turned and fell some 350 points in less then 30 minuets, where the DOW continued to trade at the lows for the rest of the session down 194 points. The S&P closed down 27 points and the NASDAQ closed 51 points lower. The FTSE 100 was trading higher during the morning and was up 100 points before the market changed direction and ended the session down 60 points. Following the US Fed cutting the discount lending rate by 0.25% over the weekend the DOW futures are called down 160 points and the FTSE futures are called down 95 points. Oil is trading at new highs at $111.00 a barrel and gold breaking through the $1000 level and is currently trading at $1025.20