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Thursday, October 23, 2008

10/24/08 Dow Futures - Stock Market Futures

How will the stock market open on Friday, 10/24/08?

Stock Market Futures:

Dow Jones Futures are down 100 tonight
Nasdaq Futures are down 7 tonight
SP 500 Futures are down 8 tonight

Asian Stocks are getting rocked once again, the Nikkei is down almost 5% threatening to break 8,000. It could be an ugly day for the US markets Friday.

Carter Worth CNBC 10/23/08 - Carter Worth Stock Market Bottom Call

Carter Worth - 10/23/08 - Chief Technician at Oppenhiemer

Carter Worth has come back on CNBC today - 10/23/08 after I wrote about him earlier in the
week right here.

Carter continues to make the case that you should take a long position in these markets.

"When you come in during the morning and feel a little sick...thats a good feeling because it means we are starting to form a bottom.

Force yourself to Sell extreme strength, Buy extreme weakness....we know about all the bad news out there and we are investing on the long side now.

Our bet: It is better to be buying rather then selling right now

Avoid Financials

Buy BTU Peabody Energy

Dow Jones Close 10/23/08 - Dow Jones Analysis, Vix

The Dow Jones Industrial Average was a roller coaster ride Thursday, 10/23/08, closing at 8692, UP 174 points. The stock market volatility was at its highest today as the Dow Jones was up around 220 points in the morning only to do a 360 turnaround to down 200 in the afternoon. That was a 400 point swing! At about 3pm eastern time stocks reversed once again and the Dow Jones rallied into the close. There was a rumor on the NYSE floor and from trading desks that the White House race between McCain and Obama has tightened, CNBC is reporting. The Nasdaq remained down 12 with the technology sector staying weak but reversing off the lows. Key stocks reversing on the Nasdaq were the four horseman, Apple (AAPL ), Google ( GOOG ), Amazon.com ( AMZN ), and Research in Motion ( RIMM ). RIMM went from $44 to $46.40 and I actually caught that ride upward and am now back into cash going into tomorrow. RIMM to me is very attractive under $45 per share.

Dow Jones Technical Analysis - 10/23/08

The Dow Jones was up around 200 points this morning....just giving that 8700 level a retest from yesterday as I was talking about. The Dow rejected that level and started to head
lower but has bounced off 8243 this afternoon. If we break through that on 10/24/08 you can pretty much bet we retest 8000 again. Remember the 10/10/08 intraday low was 7773 so if we break through Dow 8000 that level would be next support. If you are a long term investor riding this stock market out and we close below 7773....i'd suggest not looking at the stock market for several days. On a brighter note....we closed strong today back up near 8700. If we can close back over 8700 and really build a base there, eventually moving toward 9000, a case could be made that today's retest of the lows was successful....then we could actually start to move higher again. I almost forget what a rally feels like. I'm not talking about
these big moves higher...I'm talking about a long, slow, sustainable rally where the
volatility is low but we move up 50-100 points everyday....that is what we need right now to bring confidence back to the stock market. Don't forget Carter Worth's Bottom Call! Carter Worth has been spot on lately.

Jim Cramer on the Solar Stocks

Jim Cramer came on CNBC this afternoon and stated that he cannot own any of the solar stocks right now....he even called First solar ( FSLR ), Fourth Solar. Jim Cramer says stay away from Solar!!!

Volatility Index ( VIX ) - 10/23/08

The Vix spiked to around 79 today until 3pm hit and the market reversed to move higher. Since that time it hit 73...so a six point move. At noon the Vix was 65 and moved 14 points up to that 79 level. I say tomorrow we go into the 80's for sure. The Vix closed today at 69.50

Stocks to Watch 10/24/08

Microsoft ( MSFT ) - Earnings out tonight.....they were great

QQQQ Analysis - 10/23/08 - Nasdaq

The QQQQ is basically buying the Nasdaq.....it performs like the Nasdaq 100 in the form of an ETF. I watch this stock all day to get my hint as to where the stock markets are headed.

QQQQ Analysis - Thursday, 10/23/08

Today we have made a lot of $29.87...higher then the previous three lows over the past several weeks. Yesterday we made a low of $29.71. This is a level you will want to watch closely on the QQQQ. If we break through this anytime, look for $29.38 and $29.25 to be tested which were the prior two lows.

If all of those support levels are broken, we could be in for the next leg down....there will be major volatility in the markets.

Visa ( V ) Analysis 10/23/08 - Visa Technical Analysis

The following is technical analysis for Visa ( V ) stock for 10/23/08. You can find a chart of this technical analysis by visiting - http://blackberrystocks.com/visa.html

Visa ( V ) Technical Analysis:

Visa continues to be weak as we go into this recession period....V has failed to close above its 10 day moving average for awhile now. Support is at $47.50 and if that doesn't hold you could test $45 and below. I am waiting for a new low tag to form before I get long this stock. There is resistance in the low $50's up until $56......then its smooth sailing until $62.

If you are looking to take a long position...rather then trying to catch the bottom...buy V when it breaks through the highs of the day after 9:45am est, then set a stop for that high of the day. Usually when stocks break the HOD, it is for a good reason, there is buy interest. To many traders get caught trying to buy on dips only for the stock to trade lower......by the time it comes back to where you bought the stock at you are more inclined to sell into the strength, missing the move higher.

http://blackberrystocks.com

R H Donnelley ( RHD ) 10/23/08 - Today's Hot Stock Gainer

RH Donnelley ( RHD ) has come out with earnings this morning and the results have just sent the stock from $1.00 to $1.30 in the first 15 mintues of pre market trading. Will this be a great day trading stock for 10/23? We won't know until we see what the volume is like at the open.

R.H. Donnelly RDH 3Q Revenue 648 Million
R.H Donnelly RHD 3Q Earnings .36cents

RHD up 44% on 100,000 shares traded

http://blackberrystocks.com/hotstocks.html

Stock Market 10/23/08 - Pre Market Trading - Potash ( POT ) Earnings, Futures

This morning, Thursday, 10/23/08, the stock market futures are pointing slightly down and Oil is up $1.25 to $68 dollars per barrel.

European stock markets were lower Thursday after Japan's Nikkei index closed at a five-year low and Wall Street's Dow Jones index ended down nearly 6 percent Wednesday over mounting recession fears.

Britain's FTSE 100 index was down 35.24 points, or 0.9 percent, at 4,005.65, while Germany's DAX was 77.34 points, or 1.7 percent, at 4,493.73. The CAC-40 in France was 34.01 points, or 1.0 percent, lower at 3,264.17.

Earlier Japan's Nikkei 225 stock average tumbled 7 percent at the open but recovered to close down 2.5 percent at 8,460.98, while Hong Kong's Hang Seng Index was down 4.7 percent at 13,603 after falling more than 6 percent earlier. South Korea's market was down more, as the benchmark Kospi fell nearly 10 percent at one point but closed down 7.5 percent at 1,049.71.

Stock to Watch 10/23/08

Potash ( POT ) - Potash beat earnings by .36...coming in with $3.93 per share. Revenues were 3.06 Billion. They expect business to continue to be strong ( Unlike Mosaic ( MOS ) )
Potash ( POT ) shares up up $4 or 6% to $71 in pre market on the NYSE.

Amazon.com Inc.'s (AMZN) net income rose 48% amid continuing popularity of its free shipping service, but the online retailing giant disappointed investors with a tepid outlook for the fourth quarter. AMZN shares are trading at $43 or down 14% in pre market 10/23

Amgen ( AMGN ) reported some outstanding earnings last night.....shares of AMGN are set to open up 5% higher to $52 per share.