Stock Market Open 11/26/08 - Dow Jones

The Stock Market and Dow Jones are shaking off some bad economic data from this morning and going up off their lows. The Dow Jones opened up down about 140 but has now come back to only down 40 at 8440. As I noted in my Dow Jones Chart, we are stuck in a range from 8300 to 8600. The 10 day moving average is right at 8299 so a close below this would not be good. If we can get a close over 8500 and 8600 I think we start a new leg up vs this latest rally selling off. That is how I am playing it! The 10 day moving average held again this morning, but we still have a lot of trading left. I still have my Mercadolibre MELI position with a stop at $10, my Google ( GOOG ) position with a stop at $276, and a new Chesapeake Energy ( CHK ) position with a stop at $18. I might be a little bit early on CHK but I think if we get a close over $19 it could really start rocking. The real fireworks will happen with a close over $25. Citigroup ( C ) is also breaking out today....check out my chart from yesterday.

Check out Today's Art Cashin Comments and Meredith Whitney Comments

Today's Biggest Gainers - November 26th, 2008

General Motors GM is one of the biggest gainers up 20% to $4.28

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