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Monday, September 15, 2008

Fed Meeting 9/16/08 2:15pm EST - Federal Reserve Meeting

Tommorrow we have a big Federal Reserve meeting at 2:15 Eastern Time in which we will find out if Ben Bernanke will cut interest rates.

A rate cut would be fine.....but the Fed will have to provide capital if they want to stop this stock market slide. Personally, I'd like the Capital Markets to sort this out themselves, but with that everything get sucked down with it.

If JPM and GS don't provide AIG 70-75 Billion in lending.....AIG could go down Bankruptcy Road this week. That is a alot of money! Where will it come from?

How about the Internet Stocks today - and holding up well today! GOOG and AMZN showed major strength!

AIG - JPM and GS to the rescue! The Government asks Goldman Sachs and JPM Morgan for Help!

CNBC is reporting that the Goverment is out asking Goldman Sachs and JP Morgan to lead a lending facility of $70-$75 billion for AIG.

The Dow rallied 100 points on this news...but is now coming off that rally. AIG, GS, JPM have all bounced off their lows.

CHK Chesapeake Energy 9/15/08 Technical Analysis

Technical Analysis for Chesapeake Energy ( CHK ) - Support and Resistance Levels

CHK has been a stock that has gotten hammered with lower energy prices. Chesapeake appears to have made a new low last week at $38.10. This low is support for now and it appears as though a reverse head and shoulders pattern is forming with $38.10 being the top of the head. This formation signifies a bear trend bottom and when the last shoulder is formed, the stock forms a bullish breakout and starts a new uptrend.

It is a bit early to tell this but the ingredients are coming together as the winter heating season is upon us. I am looking to get long on a close over $42.50 in which you could easily see a run back to the $48-$50 level.

Chesapeake Energy ( CHK ) has great fundamentals and at below $40 per share, you are getting the biggest shale play, The Haynesville Shale, for free!

RIMM Technical Analysis 9/15/08, 9/16/08 Research in Motion

RIMM Technical Analysis - Support and Resistance Levels for Research in Motion

RIMM has been getting hammered over the past several weeks but appears to have found short term support at $97.72 last week, went up to test the 10 day moving average at $110, and then failed. This would give RIMM strong resistance at $110. When RIMM closes back over $110 I think you can get long and ride it for a retest of the 200 day moving average at $115. Right above the 200 day is the 50 day at $118. These areas will be lined with sellers so be cautious up there. If $97.72 fails, you could be looking at RIMM going to $90 per share.

USO Technical Analysis 9/15/08

On the day of the Lehman bankruptcy, the USO has crashed below previous support of the low $79's and hit $77.13 today 9/15/08. Looking at the USO Chart, we have some nice support around $75-$79. This is a big range but if the USO holds $75 and then shoots back up to close over $80....$75 could be your bottom. I would personally wait for the USO to close over the 10 day moving average as it has not done this since mid August. USO closed over $93 and then shot to $ using the 10 day moving average could result in a nice upside trade.

USO Opinion - Oil Stocks 9/15/08

The USO, which is the United States Oil Fund, is getting crushed today as Oil nears $95 dollars a barrel. The current price of the USO is at $76.50. Having strong support around the $75-$77 level....this could be a great opportunity to step into the oil trade and buy some USO. The Fed looks like they will cut interest rates tomorrow as well.

Just something to think about.....

Lehman ( LEH ) Bankruptcy Chapter 11 - Merrill Lynch Sold to Bank of America

Barclays and Bank of America dropped out yesterday in the effort to save Lehman Brothers ( LEH ). This led to only one thing. A Chapter 11 Bankruptcy Filing. Lehman Brothers ( LEH ) now will be wiped out on the equity side but is still trading in pre market at .46 cents per share.

AIG is very week this morning and they appear to need Capital or they could be next. AIG is trading at 7.03 down 42%.

MER Merrill Lynch is up 20% in pre market on the buyout news.

Who could be next? AIG, Washington Mutual ( WM ) all trading very low from a week ago.