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Tuesday, November 11, 2008

Dow Jones Close 11/11/08 - Stock Market Closing Prices

Stock Market Closing Prices - 11/11/08

Dow Jones Industrial Average ( DJIA ) Close - 8693.96 Down 179
Nasdaq Stock Market Close - 1580.90 Down 35.84
S&P 500 Close - 898.82 Down 20.39
General Motors ( GM ) Close - $2.92

Libor Rates - 11/11/08

1 Month - 1.48%
3 Month - 2.18%

Commodities Closing Prices - 11/11/08

Gold - 731.20
Oil - 58.77
Natural Gas - 6.70

The Dow Jones Industrial Average closed at 8693.96 on 11/11/08, as investors sold stocks into a stock market that wasn't very liquid today. The Bond Market was closed for Veteran's Day. The Stock Market Futures were down big this morning, The Dow Jones futures were actually down 150 at one point as traders sold stocks following yesterdays sell off. Art Cashin pointed out that we might retest the lows once again and General Motors ( GM ) was down 11% again today. In afternoon trading, the Dow Jones was down 305 points but reversed all of its losses after James Lockhart commented on a bailout package for the housing market. On top of this, a top person at Blackrock commented that the Bear Sterns portfolio the Government took over was actually worth more today then when they first took it over. So this was a bit of positive news in an ugly market today. Nevertheless, the Dow is back down 150 at 3:30pm est. The snap back rally could not hold. Visa ( V ) stock was very strong today up 4%!

Dow Jones Technical Analysis:

Today, the Dow Jones broke the November 6th low which was at 8637.17 and made a new low of 8590. The Dow Jones is now trending below its 10 day moving average of 9078 which is bearish. Yesterday, we moved over the 10 day moving average in the morning but failed to hold and close above it. Now you see the end result. If we can't close over the 10 day anytime soon, I'm actually looking for a retest of 8200. I will keep you updated. I think at this point, I would be very bullish on another close over 9000 for the Dow Jones.


Today's Biggest Stock Market Gainers - November 11th, 2008

One of the biggest gainers on November 11th, 2008, was Optimer Pharmaceuticals ( OPTR ). Optimer Pharmaceuticals Reports Positive Data from its North American Phase 3 CDI Study of OPT-80. OPTR seems to have some nice volume and made a high today of $9.75. If $9.75 is taken out with some decent volume, you could really get a move higher. Be careful though, OPTR is up 100% today.


Be sure to always check my Blog for the latest updates on the stock market by visiting:
http://daytradingstockblog.blogspot.com/

Stocks Bouncing off their Lows 11/11/08

The stock markets are bouncing off their lows this afternoon due to comments coming from a top person at Blackrock. This certain individual is saying that the Bear Sterns 30 billion mortgage backed securities portfolio that was taken over is actually worth more now then when it was taken over. It is also yielding some decent cash flow.

James Lockhart is now speaking about a program designed to get home owners affordable monthly payments for their houses.

The Dow was down 265, now only down 160.

http://daytradingstockblog.blogspot.com/

Volatility Index ( VIX ) for 11/11/08

Today, 11/11/08, the Volatility Index is going back up, hitting 65 just after 11am eastern time.

If you recall, several weeks ago we hit near 90 on the VIX when we hit the lows. Last week we hit around 45 when the market was going up on President - elect Obama's win.

After hitting a new low today, Google ( GOOG ) is actually showing a little bit of strength. BIDU and AAPL are steady while RIMM is weak. These are stocks I am trading right now.


http://daytradingstockblog.blogspot.com/

Dow Jones Open 11/11/08 - Stock Market Report

Today, 11/11/08, The Dow Jones and Stock Markets are opening lower as we are having follow through selling from yesterday's trading session. Stocks are attempting to bounce off their lows at 10am but there is a lot of selling out there. The Dow Jones is trading at 8635 down 235 points, the Nasdaq 1577 down 40, and the S&P 500 down 24 at 895. Make sure you read Art Cashin's comments on the stock market from this morning. Las Vegas Sands ( LVS ) stock is halted this morning as they have priced their common stock offering. Google ( GOOG ) is testing $300 a share.

Not much good news out there today, the Bond Market is closed for Veterans Day so there won't be huge volume in the stock market today.

Todays Biggest Gainers

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

Las Vegas Sands Stock Offering 11/11/08

Las Vegas Sands ( LVS ) just announced the price of their common stock offering...LVS stock is falling on this news:

Las Vegas Sands ( LVS ) announced today the pricing of its public offering of 181,818,182 shares of common stock, 5,196,300 shares of its 10% Series A Cumulative Perpetual Preferred Stock and warrants to purchase an aggregate of approximately 86,605,173 shares of common stock at an exercise price of $6.00 per share. The common stock has a public offering price of $5.50 per share. Units consisting of one share of Series A preferred stock and one warrant to purchase 16.6667 shares of common stock will be purchased at a public offering price of $100 per unit. The shares of Series A preferred stock and warrants are immediately separable and will be issued separately. The Series A preferred stock will be redeemable on or after November 15, 2011, at our option in whole or in part at a price of $110 per share plus any accrued and unpaid dividends.

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Art Cashin CNBC 11/11/08 Retesting Lows

Art Cashin of UBS was on CNBC this morning, 11/11/08. Art gave comments on the stock market below:

Today is more about stock market internals, if you break 907 or 900 on the S&P 500 then we would make an attempt at retesting the lows. We woke up this morning and American Express is now a bank, so everything is kind of scratching their heads. There is still a lock up in the credit markets, this is why American Express is becoming a bank.

Problems: I think you could have more Credit Card defaults, Auto Loan defaults, but their just isn't as much panic as their was a few weeks ago.

Goldie locks is being heavily sedated today.

For all of Art's Comments - Click Here

http://daytradingstockblog.blogspot.com/

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

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 11/11/08, are: 1 Month Libor Rate - 1.48% & 3 Month Libor Rate - 2.18%. The overnight Libor rate is 0.35%. As you can see, Libor Rates have been falling for weeks now! this is good for the markets. Check out Yesterdays Libor Rates.

Click Here to see Libor rates for the past two weeks.


For the latest updates on the stock market, visit,

http://daytradingstockblog.blogspot.com/

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

11/11/08 Pre Market Trading Report:

Today, November 11th, 2008, the Stock Market and Dow Jones Futures are down moderately after Asian and European markets traded lower. Libor Rates have continued to retreat and Oil prices dipped below $60 at one point for the first time this year. Key stocks to watch for a stock market bounce are General Motors ( GM ) and Goldman Sachs ( GS ). If these two stocks can start to bounce, so will the stock market.

Futures Markets 11/11/08:

Dow Jones Futures: Down 110
Nasdaq Futures: Down 13
S&P 500 Futures: Down 11

Asian Markets - European Markets 11/11/08

The FTSE 100 index dropped 70.43 points, or 1.6 percent, at 4,333.49, while Germany's DAX was 101.08 points, or 2.0 percent, lower at 4,924,45. France's CAC-40 index was 67.87 points, or 1.9 percent, lower at 3,437.88.The Nikkei 225 index fell 272.13 points, or 3 percent, to 8,809.30, while the Hang Seng benchmark in Hong Kong lost 703.73 points, or 4.8 percent, to 14,040.90

Biggest Gainers Pre Market - 11/11/08

I continue to watch Las Vegas Sands ( LVS ) for pops with volume like we saw yesterday. Look for breaks through the highs of the day. I also will be watching Stem Cells ( STEM ) as it got close to $2.53 yesterday.

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