Dow Jones Open 11/24/08 - Stock Market

The Dow Jones & Stock Market are opening up higher then Friday's close after Citigroup has been rescued and exisiting home sales were just reported better then expected. The Dow Jones is now trading above 8175 which was the closing low that held before last weeks downturn. We will have to see how long this lasts, but if the Dow Jones can close above this level it will be very positive news. For the Nasdaq, I follow the QQQQ as a key indicator. Some of you might remember that on the last breakout I pin pointed $30.25 as a breakout level. When we closed over $30.25 we did indeed get a nice breakout higher to $34.01.

I am looking at around $27.80 as our next break out point....this level was tested multiple times last week and it failed. If the QQQQ can get some nice volume through $27.80 and go into the $28's, I think we could be looking at a nice breakout to the upside developing. Your next level of resistance would be $28.78 and $30 Watch the QQQQ closely for a close back over $27.80. If we close above $27.80 I will be able to take more risk in trading other stocks because I feel it is more risky to be selling rather then buying.

November 24th, 2008 - 10:15am

Dow Jones Open - 8254 Up 207
Nasdaq Open - 1423 Up 39
S&P 500 open - 823 Up 23
QQQQ Stock - $27.50

Today's Biggest Gainers - 11/24/08

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