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Thursday, October 30, 2008

Dow Jones Close 10/30/08 - Stock Market Closing Prices, GDP

Stock Market Closing Prices - 10/30/08

Dow Jones Industrial Average ( DJIA ) Close - 9181 Up 190
Nasdaq Stock Market Close - 1698 Up 41
S&P 500 Close - 954 Up 24

Libor Rates - 10/30/08

1 Month - 2.85%
3 Month - 3.19%

Commodities Closing Prices - 10/30/08

Gold - 734
Oil - 65.96
Natural Gas - 6.48

The Dow Jones Industrial Average closed at 9181 on 10/30/08, as investors shook off the General Electric comments from yesterday and bid stocks higher. The Stock Market Futures were up this morning thanks to the better then expected GDP number of -.3% for the third quarter. Wall Street expected the GDP figure to be much worse, some calling for the number to be down 1% for the third quarter. The Dow Jones was strong pretty much all day long, hitting a high of 9266 right after the open. We lost some steam in the final hour however. The final hour has been the most volatile period for stocks during the day for the past several weeks. Tomorrow, if the Dow Jones can break the 9266 high, it will most likely test 9500 in the next few trading session. Another key reason the stock market went up today was a giant fall in the Libor Rates. Libor Rates have been dropping steadily all week creating a bullish environment for stocks. Don't forget to check out comments by Bill Ackman and Art Cashin from this morning.

Biggest Stock Gainers: 10/30/08

IntercontinentalExchange, Inc. (ICE) was one of the biggest gainers today in the stock market. ICE was up over 32% today because of earnings and the fact that they are buying a clearing firm.

Las Vegas Sands ( LVS ) was up huge this morning, hitting 12.75 at one point. This stock will be an active one for day traders in the days and weeks to come. LVS has been weak at the close for the second straight day so be careful!

Be sure to always check my blog for the latest updates on the stock market by visiting:

Dow Jones Open - Stock Market 10/30/08 - Opening Prices

The Dow Jones and Stock Markets are opening a lot higher today, 10/30/08. The Dow Jones open up 200 points to 9200 and briefly traded to the 9263 level. The Nasdaq is up 45 points to 1702. This morning, The GDP reading for the 3rd quarter came out and it was down 0.3%. Wall Street was expecting down 0.6% so this was viewed as positive. Keep in mind, these economic numbers are backward looking and for the most part, Wall Street has them priced in. You might want to check out comments by Bill Ackman & Art Cashin from this morning. They provide valuable insight on the stock market! Remember what I said about the QQQQ crossing $30.25? We never looked back and the QQQQ now trades at $32.75. Oh, I almost forgot, Libor Rates tanked this morning, this is another key reason stocks are up big today.

Stocks to Watch 10/30/08:

Las Vegas Sands ( LVS ) is at it again, LVS stock hit $12.75 this morning but has since retreated back to $11.50. I am going to let this stock settle for a few days and then re evaluate again. It has gone up almost 300% in two trading sessions. Earnings also come out next week, not to mention, we have an Election and the Jobs number.

Other Big Movers today are GKK, OMX, VSE, POT, FSLR. Check out the following website for the biggest stock gainers today.

As always, visit my homepage for the latest blog postings.

Art Cashin CNBC 10/30/08 - SP 500 Targets

Art Cashin CNBC - 10/30/08 - Comments on the Market and S&P 500 Targets

Yesterday at the close you had short covering 15 minutes to go because everyone down here on the floor waits for the final hour like a bunch of vultures. You didn't have the sellers show up, so we went up. Then a headline hits from General Electric and the market drops from up 300 to down 70 on emotional trading. you had panic selling for 15 minutes straight.

As far as the stock market goes, I think you can buy weakness in looks less likely that we will get a retest of the lows for now.

S&P 500 predictions: I think you will go to 970,985, and 1010. If you break through 1010 you will have everyone high fiving each other calling a bottom and then you will probably get another upward spike from that.

Bill William Ackman CNBC 10/30/08 - TGT

William ( Bill ) Ackman of Pershing Square Capital, was on CNBC this morning, October 30th, 2008. Bill Ackman is a value investor who takes huge long positions in companies and then pressures management to create better value for shareholders. He is a great investor so his words shouldn't be taken lightly.

The best thing the Federal Reserve has done so far is inject 250 billion in the banking system. I think stocks are cheap, The Fed has taken important steps so far. Some banks will need more capital but the money the Government has put on the table so far may be enough.

I think the best hedge fund managers have raised money to pay back investors already. Are we almost finished with the liquidation? That's tough to answer, but we think stocks are very cheap at these levels. I don't think capital is going to come out of hedge funds in a huge way, I think the capital will be reallocated into different hedge funds.

Target ( TGT ) - We own just under 10% of the company, Target owns land under 85% of its stores. We want to spin the land off into a company and have Target pay rent to the company. TGT's cash flow goes up by 600 million per year. Target's dividend would go from $.60 to $1.86 but the dividend is going to be coming from the REIT. Target has virtually no default risk. Bill Ackman says this is one of the main reasons they bought TGT shares in the first place.

1 and 3 Month Libor Rates 10/30/08

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 10/30/08, are: 1 Month Libor Rate - 2.85% & 3 Month Libor Rate - 3.19%. The overnight Libor rate is 0.73%.

If you compare these Libor rates to yesterdays libor rates, they have fallen significantly! These Libor rates were just priced at 7:45am Est and stocks reacted positively. Here are Bill Gross's comments on Libor this week. The GDP number comes out at 8:30am Est so this could damper the positive news.

Stock Market 10/30/08 - Dow Jones Futures - Pre Market Trading

10/30/08 Pre Market Trading Report:

Today, October 30th, 2008, the Stock Market and Dow Futures are set to open up a lot higher following Asian Markets last night. The Dow Futures are called higher this morning by 197 points, the Nasdaq Futures are set to spike 34 points, and the S&P 500 Futures are set to rise by 27 points. Oil is set to open higher at $68.25 and Gold prices are set to rise to $772 an ounce. We are getting follow through from yesterdays Fed Rate Cut and we have opened new credit lines with central banks. As Guy Adami noted yesterday on Fast Money, we are in a trading range from 7800 to 9500. In his opinion, you should be selling up here. Dennis Gartman is now bullish on watch Gold Stocks today.

Asian Markets - European Markets 10/30/08

Hong Kong's Hang Seng Index led the rise in Asia, jumping up 12.8 percent to 14,329.85, and South Korea's key stock index flew by 12 percent to 1,084.72.
Japan's Nikkei 225 stock average gained 10 percent percent to 9,029.76 as exporters like Toyota and Sony got a boost from the yen continuing to fall from a 13-year high against the dollar last week. Asian Markets have seen huge gains for the past three trading session.

Stocks to Watch today:

I will be trading Las Vegas Sands ( LVS ) today, I took a small position to hold over night and I will probably be selling into strength in pre market just to take profits and see what kind of highs and lows we get in the first 30 minutes of trading. This will tell a lot about the rest of the day. When I wrote this article yesterday, I had no idea LVS was going to spike over the 10 day moving average all in one day, I was actually expecting it to happen today. So we may in fact get a retest above $9.38.

I'm also going to be watching Potash ( POT ) today. Still waiting for that close over $82....maybe we will get it today. First Solar ( FSLR ) came out with great earnings and guidance last night. FSLR is set to be a big mover today.

I will have another update after 10am today, so check my homepage!