Dow Jones Close 12/10/08 - Stock Market

Stock Market Closing Prices - 12/10/08

Dow Jones Industrial Average ( DJIA ) Close - 8761.42 Up 70.09
Nasdaq Stock Market Close - 1565.48 Up 18.14
S&P 500 Close - 899.24 Up 10.57

Libor Rates - 12/10/08

1 Month - 1.44%
3 Month - 2.10%

Commodities Closing Prices - 12/10/08

Gold - 809.5
Oil - 43.68
Natural Gas - 5.70

The Dow Jones Industrial Average closed at 8761.42 on 12/10/08, as stocks were all over the place today with mixed news on the auto bailout. The Stock Market futures were up nicely this morning in early trading. The Dow Jones hit a high of 8879 which is right at the 50 day moving average and tested its 10 day moving average at the end of the day ( 8606 ). Get ready for some more volatility in the coming weeks as the 10 day and 50 day moving averages are coming closer together and there will be a real bull / bear fight with which we go next. You started to see it today with the Dow erasing a two hundred point gain by 2pm. I will have technical analysis of the stock market tonight, Right Here

Now, back to the auto bailout! There was a report out that a deal was reached, stocks took off, and now we have reports some republicans will be voting against it and its not a done deal by any means. The House might vote on the deal as early as tonight and Friday the Senate could vote. It will be another bailout weekend coming up. From what I can tell, it is not certain whether this deal will pass or not. If it doesn't, you will see the markets tank as the fear of bankruptcy will sober this latest rally. If the deal passes, you might get a pop, but for the most part, it is already priced into the market.

Oil showed some bullish action today after horrible supply data came out at 10am. Oil gave up a 5% gain and then soared from even to back up 5%. This is the type of action you want to see if your trying to pick a bottom. It is not clear whether we have hit a bottom at $42...but its something to keep an eye on.

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