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Wednesday, October 29, 2008

10/30/08 Dow Jones Futures, Nikkei

Tonight the Dow Jones Futures are pointing up 203 points as the Asian stock markets rise for the third straight day on 10/30/08. The Nikkei is up 319 points to 8530....1500 points off its lows on Monday. The Nasdaq Futures are up 35 and S&P 500 futures are up 21.

October 30th, 2008 looks like its going to be a nice up day for the US stock markets.

For the lastest updates on the stock market, visit, http://daytradingstockblog.blogspot.com/

Dow Jones Close 10/29/08 - Stock Market Closing Prices - General Electric ( GE )

Stock Market Closing Prices - 10/29/08

Dow Jones Industrial Average ( DJIA ) Close - 8990 Down 74
Nasdaq Stock Market Close - 1657 Up 7.74
S&P 500 Close - 930 Down 10.50

Libor Rates - 10/29/08

1 Month - 3.12%
3 Month - 3.42%

Commodities Closing Prices - 10/29/08

Gold - 753.3
Oil - 67.64
Natural Gas - 6.54

The Dow Jones Industrial Average closed at 8990 on 10/29/08, as investors bought stocks again after yesterdays historic move in the stock market, until General Electric GE came out with bad news on 2009 earnings with 5 minutes left to go in the trading day. This sent stocks down! The Stock Market Futures were down slightly this morning, The Dow Jones futures were actually down 60 points until the new libor rates were set. The Markets rallied up and down all day leading up to the Fed Rate Cut Decision. After stocks fell on the news of the rate cut, the stock market began to take off to the upside at 3:15pm Est. time. Apple ( AAPL ) was strong all day up more then 7% for most of the day. A key Down Jones component, General Motors ( GM ), came out with several pieces of news helping their stock price to rise. Will the stock market go up tomorrow? Most guests on CNBC think this rally has legs, especially Art Cashin, floor trader on the NYSE. . The key point to note is that usually on a big stock move like yesterday you would see some kind of correction. The GE news on their profitability with 5 minutes to go caused the Dow Jones to fall over 250 points but we did not have a huge red day. GE stock is now trading at $19 per share after falling.


Todays Biggest Stock Market Gainers

Las Vegas Sands ( LVS ) was a huge gainer today on the MGM Mirage earnings news. LVS was up over 100% today at one point and appears to still be strong despite the end of the day sell off. LVS hit a high of $10.97 before going under $9 right before the close. Watch this stock tomorrow 10/29/08! Over 50 million shares traded hands so this is a day traders delight!

Potash ( POT ) had strength all day long and that stock broke two resistance levels, $72 and $82, all in one day. I think Potash is ready to move higher and the bottom could be in finally.

Be Sure to always check my Blog for the latest updates on the stock market by visiting:

http://daytradingstockblog.blogspot.com/

Bill Gross CNBC 10/29/08 - Comments on Fed Rate Cut

Bill Gross was on CNBC 10/29/08 giving his comments on the Fed rate cut decision.

I Heard just about what I expected....downside risks to growth remain suggestesting that rates will go lower or stay here for an extended period of time.

I noticed in the Fed Statement that external demand ( meaning exports ) has weakened meaning the whole world has a problem right now.

More on what Bill Gross has said this week HERE

http://daytradingstockblog.blogspot.com/

10/29/08 Fed Rate Cut Decision - FOMC Interest Rate Cut

The Federal Reserve cut interest rates by a half of point today in the Fed funds rate and the Discount rate, October 29th, 2008. The Market is going down on this news.

http://daytradingstockblog.blogspot.com/

Charlie Gasparino CNBC ABK, MBI 10/29/08

Charlie Gasparino has just come on CNBC today, 10/29/08, and told viewers that the Eric Dinallo and the Treasury are meeting to discuss Ambac ( ABK ) and MBIA ( MBI ) for a possible coverage in the Tarp program.

If the treasury provides capital into these bond insurers, their rating could get lifted higher. This would be huge for both ABK and MBI.
Both stocks are surging on this news, ABK is 2.83 and MBI is 8.36.

http://daytradingstockblog.blogspot.com/

General Motors ( GM ) News 10/29/08 - Toyota, Cerberus

The Dow Jones is spiking higher by 85 points this afternoon as Reuters is reporting some General Motors news 10/29/08. CNBC just reported that a Major Issue has been resolved on the Cerberus problem involving Chrysler. General Motors ( GM ) stock is going up by 7.5% today to $6.73.

Also in the news, Toyota Declines GM Proposal For CEO Wagoner Visit Dow Jones is reporting.

For the latest updates on what is moving the Markets, visit, http://daytradingstockblog.blogspot.com/

Trading Las Vegas Sands ( LVS ) 10/29/08? LVS Analysis


Las Vegas Sands ( LVS ) is one of the hottest stocks on the NYSE today and in the over all stock market. MGM Mirage set the tone with their earnings this morning and LVS has been spiking on higher volume off its low from yesterday.


Day Trading Las Vegas Sands ( LVS ) - October 29th, 2008.


As I write this blog, LVS just hit $7.99 up around 60%. There is support around $7.30...and then $6.70. A break below $6.70 would be bearish in my opinion and i'd look to reload at $6. If Las Vegas Sands can close over $8 today, I think it could retest $9 and above at its 10 day moving average.


Be careful though, we are in a volatile bear market so use your stops and be disciplined!


Here is a chart of LVS.




Dow Jones Open - Stock Market 10/29/08 - Opening Prices

The Dow Jones and the Stock Market are opening up lower today, 10/29/08. The Dow Jones opened up around 9000 and is trading in a range between 8950 - 9100. All eyes are on the Fed rate cut decision this afternoon. The Nasdaq is down 13 points today, October 29th, but Apple ( AAPL ) is bucking the trend after positive comments from Jim Cramer last night on Mad Money. Jim Cramer thinks Apple is cheap at these levels and shares of AAPL can be used to gauge how healthy the stock market is. Apple stock price is $104 per share.

Stocks To Watch - 10/29/08

MF Global ( MF ) , Las Vegas Sands ( LVS ), Potash ( POT ), Visa ( V ), Google ( GOOG ).

Here are the biggest gainers in the stock market today - http://www.blackberrystocks.com/hotstocks.html

For more stock market updates - http://daytradingstockblog.blogspot.com/

Art Cashin CNBC 10/29/08 - Bottom Call, Yen Comments

Art Cashin was on CNBC 10/29/09 and he had these comments to say:

Tuesday the Yen skyrocketed and you had the g7 intervention which crushed the carry trade, we then had selling everywhere.

When the Yen eased it started a rally, everyone waited to see if the last hour sellers would show up, they didn't show, it sparked a huge rally.

This afternoon, a 50 point rate cut is priced into the market and we are hoping to hear the credit markets are easing from the Federal Reserve. If we get a .25 cut, you would see a sell off....but then again the market might say, wait a minute, things might not be so bad if they only cut .25 and they might rally it.

Monday we retested the lows and rallied Tuesday....this rally might actually have legs and you might be able to start buying the dips, we'll have to wait and see.

I think this bottom is a temporary bottom, not the final bottom, but we might rally into the end of the year but in 2009 we should get the real bottom.

http://daytradingstockblog.blogspot.com/

1 and 3 Month Libor Rates 10/29/08

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 10/29/08, are: 1 Month Libor Rate - 3.12% & 3 Month Libor Rate - 3.42%. The overnight Libor rate is 1.14%.

If you compare these Libor rates to yesterdays libor rates, they are much much better! These Libor rates were just priced at 7:45am Est and you saw the stock market futures jumped on this news, reversing their losses. Here are Bill Gross's comments on Libor this week.

http://daytradingstockblog.blogspot.com/

Stock Market 10/29/08 - Dow Jones Futures - October 29th, 2008

10/29/08 Pre Market Trading Report:

Today, October 29th, 2008, the stock market and Dow Jones Futures are pointing slightly down coming off of the second biggest point gain in the markets in history yesterday. The Dow Futures are down 45, the Nasdaq Futures are down 11, and the S&P 500 Futures are down 8 points this morning. Oil is rising big this morning, up $3.20 to $66.09. At 2:15pm today, there will be a Federal Reserve interest rate decision. The market is expecting a half of point cut and it should already be priced into the market.

Asian Markets - European Markets 10/29/08

The Nikkei followed our markets yesterday and exploded higher for the second straight day. Japan's Nikkei 225 index jumped 589.98 points, or 7.7 percent, to 8,211.90 after the dollar rebounded against the yen overnight, this eases pressure on exporters. In Europe, Britain's FTSE 100 index popped about 5 percent and France's CAC-40 was up more than 6 percent. Germany's DAX, which surged more than 10 percent in Tuesday trading, fell back nearly 2 percent.

I will have another update at 10:00am Est today.... be sure to check back

http://daytradingstockblog.blogspot.com/