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Tuesday, October 28, 2008

10/29/08 Dow Futures - Nikkei Stock Market

This morning, 10/29/08, the Asian stock markets are ripping higher following the US markets earlier in the day. The Nikkei 225 index is up another 551 points at the open breaking back up through the 8000 level at 8173. Factory orders were up 1.5% vs down 3.5% last month and this is adding some lift to the Asian markets. Don't expect this to be sustained by next month however.

The Dow Jones futures are down 57 points while the Nasdaq futures are 13 points lower. Stay updated on the lastest stock market updates by going to my home page.

Dow Jones Close 10/28/08 - Stock Market Closing Prices and Stock Rally

Stock Market Closing Prices - 10/28/08

Dow Jones Industrial Average ( DJIA ) Close - 9066 Up 890
Nasdaq Stock Market Close - 1650 Up 144
S&P 500 Close - 940 Up 91

Libor Rates - 10/28/08

1 Month - 3.17%
3 Month - 3.47%

Commodities Closing Prices - 10/28/08

Gold - 749
Oil - 64.40
Natural Gas - 6.25

The Dow Jones Industrial Average closed at 9066 on 10/28/08, as investors bought stocks following the buying that took place in the Asian stock markets overnight in the Nikkei and the Hang Seng. The Stock Market Futures were up slightly this morning and the Dow was up 220 at the open at one point today. From about 10am to 11am the stock markets gave back all their gains. From 11am on it was all up hill with the Dow Jones up 465 points by 3:00pm and 600 points by 3:30pm est. I've been waiting for the QQQQ to break $30.25 for a few days and it finally happened this afternoon. Breaking $30.25 is very important because we are finally seeing higher highs and not lower highs. This is what technical traders want to see in order to get bullish. It also means you are breaking a trend and potentially a bottom could be forming for the Nasdaq. When $30.25 was broken, stocks exploded to the upside this afternoon. This is good for stocks like RIMM, AAPL, GOOG, AMZN, MSFT. Jim Cramer also had some bullish comments during the trading session today. Stock exploded higher into the close because of a lack of selling vs a lot of buying. Looks like a short squeeze to me but we will have to see what tomorrow brings.

Dow Jones ( DJIA ) Technical Analysis

The Dow Jones is closing up over that resistance area of 8700 and 9000 so look for a retest of 9200 tomorrow, that will be key! Keep in mind, the Jobs number comes out November 7th and its going to be ugly. I will be selling any strength I get up until that meeting.

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Jim Cramer CNBC 10/28/08 - Bullish on the Market

Today, 10/28/08, Jim Cramer was on CNBC's Stop Trading segment. Jim Cramer thinks the market is going to be up substantially today. And it is just that, the stock market is riping higher as he is talking.

Jim Cramer said he thinks NYX has been beaten down so much, even that stock will see a bounce. He called the NYX fall, " an amazing fall."

Jim said that he didn't feel that the stock markets should have fell into the close yesterday and we are playing a little catch up today. Mutual Funds are marking stocks up for the end of the month. He also stated that the Verizon ( VZ ) news was great yesterday 10/27/08, as well as the Boeing ( BA ) news. Jim is bullish on stocks in the short term and he will probably mention this on Mad Money tonight.

Jobs Report 11/07/08 - Unemployment Rate for October

When are the next Jobs number and Unemployment rate data going to be released? The answer is Friday, November 7th, 2008. Mark this date on your calendars because this Jobs report and Unemployment rate number are going to be ugly. The question is, when will the markets start pricing in this data or is it already priced in? In September we saw the United States lose 159,000 jobs with the unemployment rate spiking to 6.1%. Stocks plunged on this news and we started a steep decline.

Some analysts estimate that the employment number is going to be -200,000+ jobs lost and the unemployment rate could hit 6.5% or higher. If the data we get on 11/07/08 is really bad, you could see massive panic and another downturn. Donald Trump thinks we are going into the second Depression.

COIN and Home Depot - 10/28/08 - Converted Organics

One of the hottest stocks today 10/28/08, is Converted Organics ( COIN ) as they have come out with news they received an order from Home Depot ( HD ) to supply fertilizer in 64 Home Depot stores. This little stock is up 29% this afternoon to $6.85 with a big volume spike on the news.

Converted Organics Inc. (NASDAQ:COIN) announced today that the Company has received notice from The Home Depot(R), the world's largest home improvement retailer, that its organic fertilizer product will be carried in The Home Depot(R) stores in Massachusetts, New Hampshire, Connecticut and New York for the spring 2009 season.

"The Home Depot(R) opportunity represents a tremendous chance to expand the availability of high-quality organic fertilizer to consumers," said Edward J. Gildea, President of Converted Organics. "That The Home Depot(R) would agree to carry our Lawn and Turf fertilizer is a significant event for Converted Organics. We are completing the steps necessary to enable our product to be carried in 64 stores in the northeast, and we expect to receive a completed order for product in January of 2009. We are committed to ensuring that this is the beginning of a long-term relationship with The Home Depot(R)."

The Home Depot(R) stores that will carry Converted Organics' Lawn and Turf fertilizer are located in an area of the country where consumers have consistently shown strong support for organic lawn care.

1 and 3 Month Libor Rates 10/28/08

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 10/28/08, are: 1 Month Libor Rate - 3.17% & 3 Month Libor Rate - 3.47%. As Bill Gross said yesterday, these libor rates will come down all week and this is good for stocks. Libor rates have declined everyday since last week.

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Dow Jones Open 10/28/08 - Stock Market Update

This morning, 10/28/08, the Dow Jones Industrial Average ( DJIA ) opened just north of 8300 and has extended its gains toward 8500. This happened after last nights Asian Market surge lifting the futures markets up. The Dow Jones is currently at 8442 up 266

General Motors ( GM ) is up 9% to $5.95 and ExxonMobile ( XOM ) is up nearly 5% to $69.50. These two stocks are big Dow Jones components.

Keep in mind, we have a Fed Meeting today and I expect them to cut by a half of a point. I am writing, consumer confidence is 38.0 in October compared to 61.4 in September. This number has hit the stock market slightly but it appears we are going back up. That is one ugly number! Healthsouth ( HLS ) appears to be the biggest gainer and the hottest stock today after the company came out and reaffirmed earnings guidance.

I will continue to watch the QQQQ to see if it can break $30.25 today....this would be very bullish for the Nasdaq.

UBS Downgrades Solar Stocks 10/28/08

This morning, UBS has downgraded the following solar stocks SPWRA, ENER, ESLR, and SOLR. These stocks were rated a Buy by UBS and now have been downgraded to Neutral.

Solar stocks have been beaten up lately and they are all set to bounce today with the markets.

Art Cashin CNBC 10/28/08 - Rally for Stocks? Capitulation

Art Cashin CNBC - 10/28/08

Art Cashing was on cnbc today, October 28th, 2008 and he has these things to say, and it almost sounded like he will soon be giving in if we can stage a little rally today. There is a feeling down here on the floor that there is about to happen whether its to the upside or downside, we don't know yet. Everything that happened recently as far as capitulation happened in other continents - if we could have only done it here in the US markets it would been so easy, you get the huge sell off and then you back up the truck. This rally could hold, however but it would just be so simple to get capitulation over with.
The thing that has been denying the big sell off I have been expecting is the fact that its to late to sell, people don't react to the big sell offs anymore. I think at this time, You need an event to happen, something major to get forced selling where everyone throws in the towel...whether we get that or not...we'll have to see.

Click Here for recent comments by Art Cashin, Floor trader on the New York Stock Exchange from UBS

Stock Market 10/28/08 - Dow Jones Futures - October 28th, 2008

10/28/08 Pre Market Trading Report:

Today, October 24th, 2008, the stock market is set to open a lot higher then yesterday. The Dow Jones Futures and all stock market futures are up due to what the asian markets did below. The Dow Jones futures in pre market are Up 140 points, Nasdaq futures Up 30 points, and the S&P 500 futures are Up 20 points.

The stock market is headed for a great open today but the question is, how long will it last? We really tanked in the last five minutes yesterday, 10/27/08, and the futures aren't reflecting what the Nikkei and the Hang Send did last night just yet. Keep an eye on the QQQQ, if we break out through $30.25 I think these markets will soar! It will be the first time the QQQQ puts in a new high for the past week. The QQQQ is basically buying the Nasdaq 100 in a stock.

Asian Markets - European Markets 10/28/08

Hong Kong's Hang Seng index rose 14.4 percent last night, its biggest gain in 11 years -- to 12,596.29, a day after plunging more than 12 percent. South Korea's Kospi jumped 5.6 percent to 999.16.

Japan's Nikkei 225 index spiked 459.02 points, or 6.4 percent, to 7,621.92 after it failed early below 7,000 at one point. Most European market were about around 4% each.

Events Today: Today we have an FOMC meeting at 2:15pm Est. The Federal Reserve decides whether or not to cut interest rates.

For the Latest Updates on the Markets....