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Friday, October 24, 2008

Dow Jones Close 10/24/08 - Stock Market Closing Price, Vix

The Dow Jones Industrial Average was another roller coaster ride on Friday, 10/24/08, closing at 8378, Down 312 points. The morning started with traders and investors waking up to a " limit down " in the stock market futures due to the crash of Asian and European stock markets overnight. A limit down is a circuit breaker for when the markets plummets to unusual levels...they stop futures trading until the stock market opens. In this case, it was 5% down for pre market. Everyone thought when the stock market opened at 9:30am, the next limit down would be hit at 10% or 1100 points on the Dow Jones....keep in mind, these limit down figures were made several months ago when the stock market was much higher. 1100 points down on the Dow Jones would have been more like a 14% plunge.

So what happened at the open? Everyone was expecting total panic and selling but the buyers quickly came in and the markets rallied. The Dow has been trading in a range all day from 8275 to 8525. Many big traders are still calling for the capitulation we did not get Friday, to come Monday. Monday will most likely be one of the most crutial days to the stock market yet....and it will start with what the Asian markets do on Sunday Night 10/26/08. I will be posting a blog during Sunday Night Football on NBC, so make sure you check back!

Dow Jones Technical Analysis 10/24/08:

Ok, so today the Dow Jones made a low this morning of 8187 but it has tested that 8200 level several times and it has held. Today is the first time i've actually seen panic buying set in for awhile. When we did not get the big plunge most people were expecting, buyers, whether they were short sellers covering their positions, were really stepping over each other to buy. All day the markets have been really twitchy to the upside....almost like the markets are a coiled spring ready to rocket higher. Your resistance on the Dow Jones is 8700, if we can close above that and stay up there for a few days, we could indeed rocket higher next week. However, there are some key events next week to watch. They are noted below.

Economic Data for next week:

Consumer Confidence - 10/28/08 10am
Federal Reserve FOMC Statement - 10/29/08 2:15pm
Jobless Claims - 10/30 8:30am

Bill Gross CNBC 10/24/08 - Bull Market Statement

Bill Gross from Pimco was on CNBC today, Friday, 10/24/08. Below are a few sound bites from Bill Gross.

"Almost all of the financial institutions are in the process of doesn't have to do with fear....its just a forced selling event."

Stocks are down 40% Global Stocks are down 45-50%

"The Commercial paper program needs to be implemented....the Tarp plan has to be implemented quickly. The money has to get from the private sector to the public sector quickly."

Is there a Bull Run on the horizon Bill?

"From a certain price point here, and we might be their shortly, a bull market could be soon forming."

Art Cashin 10/24/08 - Sign of a Bottom Capitulation

Art Cashin is a floor trader in the NYSE and is one of the best market direction predictors we have. His predictions are incredible.

So with the markets crashing this morning Art Cashin calmly came on CNBC and gave his predictions:

Art Cashin has been calling for this ugly capitulation move all week when the market failed to move higher when the Dow was trading above 9000 this week. Art says if this downturn happens his way, we will see a huge move down today followed by a jaw dropping rally that could last many months. He says it could all be taken care of today but the selling could last into Monday, 10/27/08. Art Cashin says this will be a move in the stock market we will be talking about for a long time.

What do to? Put in " silly bids"

Art says if you like a stock at $20.....put in limit orders for $11 and $13...and maybe even $8....sell puts, atleast you will get paid to lose money.

Stock Market 10/24/08 - Dow Jones Futures October 24th, 2008

10/24/08 Pre Market Trading Report:

Today, October 24th, 2008, we have a bit of a problem in the stock market today regarding the futures. There has been some huge losses in the Asian markets as you will see below and this has caused the Dow futures to be down over 550 and the SP 500 futures to be down over 60 points. The futures have been frozen unless they go up. Known as a limit down, meaning the circuit breaker has been hit because of the steep decline. The stock market futures cannot go any lower in pre market, but it can at the open. The futures can go higher if they want to. This could get interesting today!

Asian Markets - European Markets

The increasingly grim outlook convinced investors that the world economy is headed for a long and severe downturn.
Japan's Nikkei stock market fell 9.60 percent. Britain's FTSE 100 was down 5.95 percent, Germany's DAX index was down 9.38 percent, and France's CAC-40 was down 7.35 percent

Stocks to Watch today:

The stocks that short the overall stock market are up huge in pre market trading. Those would be QID, SRS, SKF, DUG.

RIMM is currently at $42.50 - Apple ( AAPL ) is looking to open at $90 - Google ( GOOG ) $323