Stock Market Trading Report 12/04/08 - Dow Jones

The Stock Market and Dow Jones are moving into both positive territory and negative territory today. The Big Three Automaker CEO's are getting set to speak in front on Congress and I don't think its a guarantee that they will get bailed out. We also have a jobs number that will be brutal tomorrow morning at 8:30am, so right now that markets are at a stalemate. The Nasdaq keeps hitting resistance of roughly 1500 and failing, this is something to watch as we close today.

The Biggest winner on my screen today is DryShips ( DRYS ). This stock has been beaten down with all the other dry bulk shipping stocks. It appears to be an oversold bounce as Shipping Rates continue to fall. Bulk Shipping rates were over $200,000 per ship earlier this year and are down around $750. Business has come to a halt and this is why DRYS went from $100 per share to $4.50 per share. Karen Finerman on CNBC Fast Money own Diana Shipping ( DSX ) long. She says if you have to own a bulk shipper, Diana has the best balance sheet.

The home building stocks are also getting a bounce today. Beazer Homes ( BZH ) stock is up 24%.

All I own right now is a Google ( GOOG ) position and bought some QID this morning to protect in going into tomorrow. Sold RIMM when it failed to break $40, when it gets over $40 I will be the first one back in.

Check out Art Cashin's comments from this morning!

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