5.08.08 4.15 Settlement

Trade Date:
5/8/2008
	EST		Buy		Sell
Position	Time	Type	Price	Average	Price	Type	P/L
-1	9:30				1395.00	Close
0	10:44	BF1	1391.25				$187.50
-1	1:55				1402.75	SE1
0	2:27	BF1	1396.25				$325.00
						3.80%	$512.50

Summary:

Today's P/L is $512.50; for a 3.80% gain.

We entered the day short (-1).

We bought 2 and sold 1 intra-day.

We conclude the day flat (0 position).

BF1 Filled

Filled	1396.25	BF1		June Emini
Position:
Working Orders:
	Buy		Sell
Type	Price		Price	Type
BE1	1389.25		1409.75	SE1

SE1 Filled

Filled	1402.75	SE1		June Emini
Position:	-1		1402.75
Working Orders:
	Buy		Sell
Type	Price		Price	Type
BF1	1396.25		1409.75	SE2

BF1 Filled

Filled	1391.25	BF1 Filled		June Emini
Position:	0
Working Orders:
	Buy		Sell
Type	Price		Price	Type
BE1	1382.25		1402.75	SE1

Good Morning

We enter the day short (-1). Working Orders Below:

Position:	-1		1395	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
BF1	1391.25		1405.75	SE2

We are in a Bull Market?

Two days ago, I was having a conversation with someone. This person said, in a matter-of-fact way, that we are in a Bull Market.

Have we changed the definition of a Bull Market now-a-days?

So, I looked up "Bull Market"... to make sure the definition didn't change.

Definitions:

1. A period of rising market prices.

2. A market in which the primary trend is up.

3. A market distinguished by rising prices.


OK... that is what I thought it meant. So I went and did some math to see if prices were rising.

12/31/07 1468.36
05/07/08 1392.57

It looks like this year prices are lower. So, this year is not a Bull Market by definition. Let's go back further... to the beginning of this century.

12/31/99 1469.25
05/07/08 1392.57

Nope... that doesn't fit the Bull Market definition either.

Conclusion:

We are not in a Bull Market this year... nor have we been in a Bull Market this century.

The Bulls can take their head out the sand. Let's call the Market what it is.

Barlow