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Monday, November 3, 2008

Nikkei 11/04/08 - Dow Jones Futures - Stock Market

The Nikkei 225 stock market on 11/04/08 is trading up 389 points to 8966. The Nikkei is playing catch up after being closed yesterday for culture day in Japan.

The stock market futures are pointing sharply higher for the US markets this morning on the eve of the Presidential Election 11/04/08. The Dow Jones futures are Up 225 points, S&P 500 futures down 25, and the Nasdaq futures are pointing down 35 points. As you know, this data can change fast so be sure to check back for updates.

Dow Jones Close 11/03/08 - Stock Market Closing Prices, General Motors ( GM )

Stock Market Closing Prices - 11/03/08

Dow Jones Industrial Average ( DJIA ) Close - 9319.83 Down 5.26
Nasdaq Stock Market Close - 1726 Up 5.38
S&P 500 Close - 966 Down 2.50

Libor Rates - 11/03/08

1 Month - 2.31%
3 Month - 2.86%

Commodities Closing Prices - 11/03/08

Gold - 724
Oil - 64.46
Natural Gas - 6.85

The Dow Jones Industrial Average closed at 9320 on 11/03/08, as investors dealt with weak sales from General Motors ( GM ) and the uncertainty of tomorrow's Presidential Election. The Stock Market Futures were flat this morning in pre market trading, but the Dow Jones managed to briefly trade above 9400 to 9410 early in the trading session at the open. The Dow Jones Industrial Average had a gain pretty much all day until the General Motors sales news hit the wires. The Dow started falling at about 2pm hitting a low of 9255 at 3pm but has been bouncing around 30 point swings pretty much all afternoon. The Volatility lately has really calmed down. Volume has has been on the light side as well! It will be interesting to see how the Nikkei opens up tonight after being closed last night.

Dow Jones Technical Analysis: 11/03/08

As I noted in my chart over the weekend, we might be starting to carve out a bottom for the stock markets and the Dow Jones Industrial Average ( DJIA ). The Dow Jones must hold 9000 on a closing basis however. It would bearish for this recent uptrend to break below 9000. We also need to take out Friday's high of 9452 to keep this rally fresh and moving. Right now, that's the range, 9000-9450.

General Motors ( GM ) 11/03/08 close:

Todays Biggest Stock Market Gainers for November 3rd, 2008

Stem Cell Stocks - STEM, ASTM, GERN. These have been some of the hottest stocks in the past few trading sessions. Will they keep going up? I think they could if Obama gets elected as our next President. Look for these three stocks to move higher when they break today's highs, particularly STEM at $2.28. As for STEM, volume was ok today but I would like to see volume pick up to 20-30 million per day or higher. Last election this stock went from about $1 to $4.50 per share.

Hartford Financial Services ( HIG ) - Hig has launched higher today after the company has come out comments on their financial status. HIG was up over 60% at one point today at $16.39 per share.

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

Carter Worth CNBC 11/03/08 - Election

Carter Worth - Chief Market Technician at Oppenheimer was on CNBC today, 11/03/08 and gave some stock market analysis:

This week could be the biggest week for data in the last decade. We think all the data you will get is all priced into the stock market. The rebounding action should continue over the next few weeks. We think you should be long, not short this stock market.

A McCain victory is not priced into the market but an Obama victory is.

Regional Banks & Insurers are showing signs of life, this is positive for the markets.

Another thing that could really cause the stock markets' to go down is a employment number that is more then 250,000 jobs lost for last month.

We are still bullish!

General Motors ( GM ) October Sales 11/03/08

Today, 11/03/08, General Motors ( GM ) released their sales number for October. They were ugly! GM sales were down 47.0% vs 38.7% in September. General Motors truck sales were down 52.8% for October. These sales figures are for the United States.

How is GM stock reacting to this news? GM stock is trading at $5.71, pretty much flat after the news, the market has been pricing this in for a week now, they knew it would be ugly!

1 and 3 Month Libor Rates 11/03/08

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 11/03/08, are: 1 Month Libor Rate - 2.31% & 3 Month Libor Rate - 2.86%. The overnight Libor rate is 0.39%. Libor rates have sunk for the past week, especially after Bill Gross came on CNBC Monday and predicted Libor to fall!

This has been a major reason why the stock market has rallied so much this week.Compare today's Libor rates to yesterdays Libor rates.

For more on today's stock market action, visit,

Dow Jones Open 11/03/08 - Stock Market

The Dow Jones and Stock Market opened today, 11/03/08, mostly flat from Friday's close. The ISM number came out and was very bad, but the market seems to already have priced most of this bad data in. The Dow Jones is trading at 9346 up 22 points. As you know, this can all change really fast but for the most part it looks like a good day. Be sure to check out Art Cashin's election comments from this morning.

Stocks to Watch 11/03/08:

I'm watching the Stem Cell Stocks for a possible trade later today and into tomorrow. These stocks ripped higher four years ago when there was an election. It's looking likely Obama will pull this election out and Democrats favor stem cell research. This could give these stocks further upside. Also, i'm still watching Las Vegas Sands ( LVS ) and Apple ( AAPL ).

For the latest updates, visit my front page.

Stem Cell Stocks: 11/03/08 - STEM, ASTM, GERN

The Stem Cell stocks are exploding 11/03/08, the day before the Presidential Election as the polls favor Obama as the next President. The following Stem Cell stocks are ones I will be watching:

Stem Cells ( STEM ) $2.05 +42%
Aastrom Biosciences ( ASTM ) $.50 +25.61%
Geron ( GERN ) $4.30 +8%

Last Election, these three stocks exploded in anticipation Al Gore would win, and then they crashed when he didn't. If Obama wins, these three could see further upside.

Apple ( AAPL ) down on FBR 11/03/08 - FBR iphone comments

Apple ( AAPL ) stock is down 11/03/08 as Friedman Billings Ramsey FBR is giving a horrible iphone forecast for the 4th quarter.

"Our most recent checks suggest to us Apple's iPhone production forecast is now under pressure. While our previous checks indicated that iPhone production would fall about 10% sequentially in calendar 4Q, our new checks indicate that iPhone production could fall more than 40% sequentially in 4Q."

"We believe a similar amount of production was removed from the calendar 1Q build forecast, though there is still plenty of time to modify that forecast should further revisions be necessary"

Apple AAPL has strong support at the $100 area so watch that closely!

Art Cashin Election Comments 11/03/08 - CNBC

Art Cashin was on CNBC 11/03/08: Here is Art's election comments:

Two back to back up days in the stock market gives you some hope the markets are calming down for right now.

On Nov 4th ( 11/04/08 ) & Nov 5th ( 11/05/08 ) we might have a down cycle in the markets, but this fits into the election so we will have to wait and see. Those two days you might see the market struggle.

Oct 10th we made the intraday low and we said on the last Monday in October we would see a retest, we go it, i'm satisfied here, we don't have to go back and retest again, I think we can move sloppily sideways for awhile.

Elections and how it will effect the Stock Market: A few scenarios could play out here:

Obama gets in and takes total control of the house....that would spoke the markets and you could get some selling, I don't think this is priced into the market.

McCain squeaks in and you will have people saying the election was stolen and the markets would have problems for months to come.

The best scenario that is fully priced in is Obama winning but does not take full control of the House of Representatives.

Biogen Idec ( BIIB ) Upgraded 11/03/08 - $55 Price Target

Upgrades 11/03/08

Biogen Idec ( BIIB ) has been upgraded November 3rd, 2008 by Robert W. Baird going from Neutral to Outperform rating with a new price target of $55 per share.

Also Upgraded 11/03/08, Bigband Networks ( BBND ) by Argus from Hold to Buy rating.

Dow Futures 11/03/08 - Stock Market Report

11/03/08 Pre Market Trading Report:

Today, November 3rd, 2008, the Dow Jones and other Stock Market futures are pointing to a positive opening after the close on Friday. The Dow Jones Futures are up 52 points, the Nasdaq Futures are up 2 points, and the S&P 500 Futures are down 4.5 points.

Asian Markets - European Markets

The Nikkei was closed last night due to celebration of Culture Day in Japan. European markets were up last night in hopes the European Central Bank & Bank of England will cut interest rates.
The FTSE 100 index of leading British shares was up 19.95 points, or 0.5 percent, at 4,397.29. France's CAC-40 was up 28.04 points, or 0.8 percent, at 3,515.11. Germany's DAX was up 64.60 points, or 1.3 percent, at 5,052.5. The Hang Seng climbed 375.70, or 2.7 percent, to 14,344.37.

Stocks to Watch Today - Monday, Nov 3rd, 2008

Las Vegas Sands ( LVS ) - I continue to trade LVS as it continues to have the volatility and the volume. You can day trade this one all week most likely. I will try to get an updated technical chart up on LVS today.

Dry Ships ( DRYS ) - Drys reported earnings this morning of $3.53 per share. I wasn't expecting these earnings for awhile so i'm not sure if they pre released them. Anyway, the market is bidding $20 per share so I think the news is priced in. Baltic Shipping rates have tanked over the past few months hitting these bulk shipping stocks. ( BIDU ) - Keep an eye on this stock today, they are announcing a big 200million share buyback this morning. Shares are up 3% in pre market.

AIG - AIG is up 4.75% this morning on light volume

Be sure to stay on top of the market by visiting my homepage for the latest updates.