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Wednesday, November 5, 2008

Dow Jones Futures 11/06/08 - Nikkei Market

How will the stock market open on 11/06/08? The Dow Jones Futures are down 100 points points tonight, S&P 500 down 12, and the Nasdaq Futures are down 26 points. All of this is thanks to Cisco's ( CSCO ) earnings guidance from CEO John Chambers, and the Wells Fargo ( WFC ) news on the company raising capital.

Asian Markets are getting hit tonight. The Nikkei is down 5% tonight to 8996, down 525 points.

All eyes are on retail sales tomorrow due out at 8:30am

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Dow Jones Close 11/05/08 - Stock Market Report

Stock Market Closing Prices - 11/05/08

Dow Jones Industrial Average ( DJIA ) Close - 9139.27 Down 486
Nasdaq Stock Market Close - 1682 Down 98
S&P 500 Close - 953 Down 53

Libor Rates - 11/05/08

1 Month - 1.96%
3 Month - 2.51%

Commodities Closing Prices - 11/05/08

Gold - 740
Oil - 65.32
Natural Gas - 7.24

The Dow Jones Industrial Average closed at 9139 on 11/05/08, as investors woke up to a new President and a reality check that our Economy is very bad right now. The ADP Employment figure came out this morning and it was horrible, reducing US payrolls by 157,000. The Jobs Number on Friday will be even worse! First we need to get past tomorrow's Retail Sales number which is going to be ugly! Starting to get the picture? We had a great rally, but things are still grim out there, you have to be cautious! Check out the Dow Jones Chart that I made today and the price points that I am watching for the Dow. Let us all hope 9000 holds when we test it again, unless you are short of coarse!
The Stock Market Futures were down slightly this morning, The Dow Jones futures were only down 70 points in pre market trading but selling quickly hit the market when stocks opened. The Dow Jones was pretty much down around 300 during the afternoon hours and it got worse in the last hour. Steel Stocks and Technology Stocks were very weak today, especially Apple ( AAPL ), Google ( GOOG ), and Amazon.com ( AMZN ). The Solar Stocks such as First Solar ( FSLR ) and Energy Conversion Devices ( ENER ) were weak today after going up all week long. Meredith Whitney came on CNBC at 3:30pm and gave some comments on the Financial Stocks, this really hit the market hard during her talk on the closing bell. Her comments are a must read!

Biggest Stock Gainers - November 5th, 2008

The hottest stock today was Radian Group ( RDN ). This company came out with some nice earnings which caused the stock to spike higher.

Chesapeake Energy ( CHK ) was outstanding today. There are rumors that BP is looking at the company as far as a buyout. This sent shares of Chesapeake Energy up 16% at one point. CHK was strong all day with heavy volume. Major pullbacks should be bought if you get them. I see $30's in the near future unless the market tanks again.

How about Jim Cramer's call on MasterCard ( MA ) yesterday, only 24 hours left to go Jim!

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Meredith Whitney CNBC 11/05/08 - Citigroup C

Meredith Whitney was on CNBC today, 11/05/08 ( November 5th, 2008 ) Here are some of her comments:

Financials and Economy are so far off the tracks right now....

Where are we in the Financial Sector?

We are in a new part of the cycle, going forward, there will be contraction in the overall mortgage market - credit card lines are going to shrink, credit will be taken away from companies, we've never seen this before, also we have an economy that is not doing good right now. Earnings estimates on Wall Street are still to high.

How much is priced in?

Citigroup ( C ), Wells Fargo ( WFC ), Bank of America ( BAC ), JP Morgan ( JPM ), I think these companies still have further down to go, we are in for a rude awakening, I see a slow grind down for these stocks. I think Citigroup goes into the single digits. The stock prices in the financial sector are still way to high, wait for lower prices.

Meredith warned people in August before this whole downturn, so I always find what she has to say interesting. She called this financial crisis before anyone about a year ago....she has even received death threats, but she has been right!


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Dow Jones Analysis 11/05/08 - Stock Market Technical Analysis


The following chart is Technical Analysis for the Dow Jones Industrial Average ( DJIA ). After a huge run up in the stock market over the past week, reality is setting back in as we face a deteriorating economy. The question is, has the market already priced in the bad news? We will find out on Friday for the Jobs Report & Unemployment Number.


Current Stock Market Prices 11/05/08:


Dow Jones - 9330 Down 294 points

Nasdaq - 1725 Down 55

S&P 500 - 974 Down 31


Check out Art Cashin's S&P 500 levels to watch.


View my latest stock market posts:

Dow Jones Open 11/05/08 - Stock Market Today

The Dow Jones Industrial Average ( DJIA ) and Stock Market opened today 11/05/08, the day after the US elected Barack Obama the 44th President, sharply lower. The Dow Jones opened the trading session down 150 points to 9475, The Nasdaq opened down 24 to 1755, and the S&P 500 average opened up lower by 15 to 990.
The ADP employment report gave a dose of reality to the stock markets today, down over 150,000. This paints a grim picture of what the nonfarm payrolls report could look like on Friday, November 7th, 2008. Keep an eye on the S&P 500 targets from Art Cashin last week.

The Steel stocks are very weak today after Archelor Mittal Steel gave horrible guidance for what steel prices will do in the future. These Steel Stocks are very weak today, MT, US Steel ( X ), Nucor ( NUE ). Keep an eye on the steel sector.

Biggest Gainers 11/05/08 - Hot Stocks

Chesapeake Energy ( CHK ) - I can't help but mention this stock first, it is breaking out hard to the upside with strong volume this morning. As I mentioned in my technical analysis, you get a CHK close over $25 you could be looking at a huge rip higher in stock price. Watch this stock! The CEO could be buying his shares back that he was forced to dump!

Radian Group RDN is breaking out on positive earnings, this is the hottest stock today.

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Art Cashin CNBC 11/05/08 - Barack Obama

Art Cashin CNBC 11/05/08 - Comments on the Election and on Barack Obama

Last night was a Historic evening for America....people are slightly nervous however, there was mild disappointment in Barack Obama's acceptance speech, Obama chose to separate Wall St and Main St. again in his speech, the stock markets will be sensitive to each move he makes going forward. The Obama administration has to get up and running fast because we have a lot of financial problems out there with our economy.

ADP report: I think the Jobs Report on November 7th might be worse..we will have to look at what the ISM number does today at 10am.

For all Art Cashin posts, click here

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1 and 3 Month Libor Rates 11/05/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 11/05/08, are: 1 Month Libor Rate - 1.96% & 3 Month Libor Rate - 2.51%. The overnight Libor rate is 0.32%. Libor rates have sunk for the past week, especially after Bill Gross came on CNBC Monday and predicted Libor to fall! Click here to view yesterdays Libor Rates.

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Dow Jones Futures - 11/05/08 - Stock Market Report

Pre Market Stock Trading Report: 11/05/08

Today, November 5th, 2008, the Stock Market and Dow Jones Futures are pointing lower this morning, the day after the United States has voted in Barack Obama as the next President of the United States of America. The Dow Jones Industrial Average ( DJIA ) Futures are down 68 points, S&P 500 Futures are down 13 points, and the Nasdaq is down 13 points today. It will be interesting to see what happens today as we have had a huge run in the stock markets over the past week. Will the Dow Jones continue to go up? Here was my technical chart over the weekend. We are very close to breaking 9794, but will we have enough left to break through that level?


Asian Markets - European Markets 11/05/08

European Stock Markets opened lower following the news that Barack Obama was going to be our next President. The FTSE 100 index of leading British shares was down 122.43 points, or 2.6 percent, at 4,517.07, while Germany's DAX was 110.15 points, or 2.1 percent, lower at 5,167.89. The CAC-40 in France was 101.10 points, or 2.7 percent, lower at 3,589.99.

Japan's Nikkei 225 stock average rose 4.5 percent to 9,521.24, and Hong Kong's Hang Seng Index went up 3.2 percent to 14,840.16. This was mainly due to the strong Yen currency.

Stocks to Watch today: November 5th, 2008

MasterCard ( MA ) & Visa ( V ) - I continue to watch these two stocks after Jim Cramer mentioned them yesterday calling for MasterCard to hit $180 in the next 48 hours.

Ambac ( ABK ) is falling this morning because after reporting an earnings loss of $8.45 per share.

CIT Group ( CIT ) - As I mentioned yesterday in the low $5's, watch this stock closely. It broke out to the upside right before the close and actually was trading at $6.80 in after hours last night. The stock has great volume and news so keep it on your watch lists.

Las Vegas Sands ( LVS ) & Hartford Financial ( HIG ) - Watch these two stocks, I only like them if they break through the highs of the day after 9:45am Est.

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