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Wednesday, November 19, 2008

Dow Jones Analysis 11/20/08 - Stock Market


The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 11/20/08


Dow Jones Support & Resistance Levels - November 20, 2008


The Dow Jones closed below 8000 for the first time during this latest leg down, very bearish. Support Levels to look at right now are 7965 and 7773. If these don't hold, look for 7500-7600 to be tested. If 7500 is closed below, I think you could see the first digit on the Dow become a 6 sometime down the line. These are the support levels to watch for the Dow Jones Industrial Average ( DJIA ). Now, which resistance level do you want to be watching for an upside spike? I think 8504, the November 19th high is a great place to look....if the Dow Jones can close below 8000 and then spike up to take out the 8504 high, I think you could see 8800-9000 be tested again. November 20th, 2008 will be a crucial day for the stock markets. Just remember, stocks down go straight down without bounces, nor do they go straight up without corrections. Check out my previous Dow Jones Charts.


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Dow Jones Close 11/19/08 - Stock Market

Dow Jones & Stock Market Closing Prices - 11/19/08

Dow Jones Industrial Average ( DJIA ) Close - 7997.28 Down 427
Nasdaq Stock Market Close - 1386.42 Down 97
S&P 500 Close - 807 Down 52

Libor Rates - 11/19/08

1 Month - 1.41%
3 Month - 2.17%

Commodities Closing Prices - 11/19/08

Gold - 735
Oil - 53.13
Natural Gas - 6.70 < ----- A Bright Spot! http://oilshalegas.com

The Dow Jones Industrial Average closed at 7997 on 11/19/08, as investors continued to sell stocks, especially the financials. The Stock Market Futures were down slightly this morning, The Dow Jones futures were actually down around 100 at one point this morning right around the time the CPI number came out. The Dow Jones was actually up 45 points right at the open but selling quickly took hold. The Nasdaq was very weak today, down 50-60 points for most of the day. Goldman Sachs ( GS ) and Citigroup ( C ) were the laggards as far as financials go. Citigroup is under $7 today! Remember what Meredith Whitney said when Citi was trading around $12 just a few weeks ago? These two stocks usually set the tone for the day. Other stocks I watch are the QQQQ, AAPL, and XOM. You can tell a lot about what the stock market will do by watching these stocks. To sum up the day, I think investors are nervous about financials again as well as the big three automakers and whether they will get bailed out. Having them go bankrupt could really hurt our economy even more. You are talking over 2 million jobs being lost if GM, Ford, and Chrysler would go Bankrupt. We are now Retesting the Lows on a closing basis...very bearish!

The Dow Jones was bouncing off 8175 all day but in the last hour it was taken out with nice volume. We closed below 8000 for the first time! I am now looking for 7965 to be tested tomorrow. We are only about 30 points away. I will try to get a new chart up later tonight but for now you can use THIS ONE

Volatility Index ( VIX ) - 11/19/08

The VIX index which measures how volatile the stock markets are hit 75 today, spiking nearly 10%. If you recall, back in October the VIX topped out at 90 before retracing back to 45 the day after the Election. The Volatility Index is something to watch!


Biggest Gainers - November 19, 2008

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Bill Gross CNBC comments 11/19/08 - Pimco

Bill Gross was on CNBC today, 11/19/08, here are some of Bill's comments. Bill Gross is from Pimco.

The Fed Funds rate at 1% is not low enough, the Fed might have to lower it to .50 or zero to stimulate the economy. The stock market is in a phase of deleveraging still. It is not trading on fundamentals.

The money markets are looking healthy, we aren't going back to the froze state of the credit crisis like we have been in several months ago.

Titanium Umbrella - Buy what the Government is buying. Are you concerned that the Government won't give any money to the Big 3 automakers?

I think there will be some kind of bridge loan for the automakers until the end of the year, I think they will get at least 10 billion to last them the year.

For more of Bill Gross comments, go HERE

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Dow Jones Hitting Support Level 11/19/08

The Dow Jones is flirting with support level #1, 8175, this afternoon, 11/19/08, and we keep bouncing off support. The Dow Jones was down 250 at around 8175 just minutes ago and we bounced 30 points back over 8200. View my Technical Analysis on the Dow Jones HERE. This is a chart I view daily. I must say, breaking down will not be easy since we've tested 4 times now. The Bears will really have their work cut out for them to break down this market. If the Dow Jones closes below 8000, you will test 7500-7600 within downside to 6900-7000. I believe this will be a quick event however. The volatility will be wild just as it was back in October. We are now 8212 on the Dow so the test of 8175 held for now.........

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Baidu.com BIDU Downgraded Citigroup 11/19/08

Citigroup is out this afternoon, 11/19/08, downgrading Baidu.com ( BIDU ) to sell. Baidu.com has been hit hard lately due to a report that they rank unlicensed drug companies higher in their search engine because they pay more.

At this point, I will have to see if $110 & $100 hold before I get back in....just one bad news story after another in this terrible stock market. I wonder when Baidu will put their 200 million buyback plan to work. They could buy back 6% of the company at this price.

This definitely benefits Google ( GOOG ) as they are #2 in China search.

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Dow Jones Open 11/19/08 - Stock Market

Stock Market Opening Prices - November 19, 2008

Today, 11/19/08, the Dow Jones and Stock Markets are opening higher as investors continue to buy stocks following yesterdays last hour swing up. The Dow Jones was up about 40 points but has since gone negative at around 9:40am est. Today the big three automakers will be testifying in front of the House. Citigroup ( C ) stock is falling below $8 per share.

Dow Jones Open - 8391 Down 33
Nasdaq Open - 1479 Down 4.5
S&P 500 Open - 854 Down 5

Visa ( V ) continues to be strong
First Solar ( FSLR ) is weak
Dryships ( DRYS ) is very weak
General Motors ( GM ) is very weak $2.72

Today's Biggest Gainers - November 19th, 2008

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Dow Jones Futures 11/19/08 - Stock Market Futures

11/19/08 Pre Market Trading Report:

Today, November 19th, 2008, the Stock Market and Dow Jones Futures are pointing lower this morning after a nice close yesterday. The Dow Jones Futures are lower by 76, the Nasdaq Futures down 6, and the S&P 500 Futures down 7. Check out my DJIA Technical Analysis chart I made a day ago . I will still be following this Dow Jones Chart until we break out of this current range. After yesterdays nice close, I think you could get another swing of buying today at some point today. Libor Rates changed today!

Asian Markets - European Markets 11-19-08

The Asian and European Markets were weak last night. The FTSE 100 was down 68.07 points, or 1.6 percent, at 4,140.48, while Germany's DAX was 34.09 points, or 0.7 percent, lower at 4,545.38. The CAC-40 in France was down 40.76 points, or 1.3 percent, at 3,176.64.
In Asia, the Nikkei 225 average fell 55 points, or 0.7 percent, to 8,273.22 and Hong Kong's Hang Seng index fell 0.8 percent to 12,815.80.

Stocks to Watch today: 11-19-08
Biggest Gainers
LDK Solar ( LDK ) - some nice earnings out of this company

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LDK Solar ( LDK ) Stock Earnings 11/19/08

LDK Solar ( LDK ) has come out with earnings this morning, November 19, 2008. These earnings look great and LDK stock is up about 11% in pre market trading. $16.40 was the last trade but its now bidding $16.60.

Here are LDK Solar's earnings highlights 11/19/08:

  • 3rd Quarter Earnings - .77EPS vs .71EPS ( beat by .06 )
  • Revenue 541.8 Million vs 486.7 ( up 241% year over year )
  • Upping 4th Quarter Revenue Guidance and 2009 Revenue Guidance

LDK Solar ( LDK ) Technical Analysis:

If this strong performance in LDK can hold in pre market and the stock can get some upside volume after the opening today, I think you could have a nice break out. Like all solar stocks, LDK has really been beaten down this year. LDK Solar has strong support at $15 per share, this is where i'd put a stop if I was in the stock. Next support area is about $13. As for Resistance, LDK has minor resistance at $17.50 and a push through this level could take it to $20 per share. If LDK pushes through $17.50 it would be wise to put in a stop at $17.50.

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1 and 3 Month Libor Rates - 11/19/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 11/19/08, are: 1 Month Libor Rate - 1.41% & 3 Month Libor Rate - 2.17%. The overnight Libor rate is 0.44%. As you can see, Libor Rates have changed today, November 19, 2008. The overnight Libor went up as did the three month Libor. The one month Libor rate actually went down a bit. Here are Previous Libor rates.

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