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Thursday, September 18, 2008

Dow Jones Analysis 9/19/08 - Dow Jones Technical Analysis


Dow Jones - Technical Analysis - Today the dow will open at around 11280, or right between the 10 day and 50 day moving average. 11,400 is our first major level of resistance...if we can close above this level, most likely we will test 11867 which was the August high. If we break through this level, the bottom will be in at 10475. Jim Cramer, take note. Stop trying to call bottoms until they are made. Yesterdays close of 11019 acts as strong support given the gap up today. If this fails, back down we go!


Pre Market Stock Trading 9/19/08 - Short Selling, RTC Plan

Yesterdays explosive rally in the stock market was started by CNBC as they hinted at the possibility that the government was working on an RTC plan.

This morning we have news that short selling will be banned in most financial companies until Oct 2nd.

The SEC, which had convened a late-night commission meeting Thursday to consider several items, said in a statement early Friday morning it is halting short selling on 799 financial stocks. The ban, which is effective immediately, is set to last for 10 days, but could be extended for up to 30 days.

The Dow briefly dipped below 10,500 around 1pm yesterday ( MS stock $12 per share ) and it is set to open at 11,250 ( MS stock set to open a $30 per share )

I have been slacking on my Technical Analysis Stock Charts over the past few weeks because this market is so volatile....I will update them all this weekend!

BIDU oh sweet BIDU - Shorts Covered!

Someone got caught very short in BIDU stock today.....BIDU was due to close around $278 and then right at the close a large position was bought from $280 to $305.

BIDU is now bidding $289 afterhours......a $49 move in a little over an hour!

Shorts, stop betting against great companies!
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