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Friday, November 21, 2008

Dow Jones Analysis 11/24/08 - Stock Market

The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 11/24/08

Dow Jones Support & Resistance Levels - November 24, 2008

Resistance Levels: 8175, 8348, 8500
Support Levels: 8000, 7965, 7773, 7500

Friday we got a big rally in the Dow Jones and broke through many key resistance levels with heavy volume. We broke back above the 7773 low, the 7965 low, and closed above 8000. This is very bullish....but we are still in a severe downtrend. As in my previous chart, there is major resistance at 8175-8190 and if we can close above those two levels, I think we can make a push up to 8500 just to see whats there. Monday will key as we will either build from this rally or fail and continue the downtrend. The 10 day moving average at 8348 will also bring sellers just like 8923.18 did. For me personally, I will hold my long positions with a stop at 7965 on the Dow Jones. Keep in mind, we had a great rally but we are only back to Wednesdays cautious!

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Dow Jones Close 11/21/08 - Stock Market Closing Prices

Stock Market Closing Prices - 11/21/08

Dow Jones Industrial Average ( DJIA ) Close - 8046.42 Up 494.37
Nasdaq Stock Market Close - 1384.35 Up 68.23
S&P 500 Close - 800.01 Up 47.57

Libor Rates - 11/21/08

1 Month - 1.40%
3 Month - 2.16%

Commodities Closing Prices - 11/21/08

Gold - 800.70
Oil - 50.53
Natural Gas - 6.51

The Dow Jones Industrial Average closed at 8047 on 11/21/08, as investors learned late in the trading day that Timothy Geithner will be the new Treasury Secretary under Barack Obama. The Stock Market Futures were up big this morning, The Dow Jones futures were actually up 180 at one point but stocks sold off after Citigroup ( C ) fell below $4 per share. The Dow Jones hit a low of 7449 today but when the Geithner news was announced, the stock market exploded to the upside! I will have new Dow Jones Technical Analysis posted HERE this weekend. Get ready for more short covering and buying on Monday!

Today's Biggest Gainers - 11/21/08

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Tim Geithner Treasury Secretary 11/21/08

NBC News is reporting that Barack Obama will name Timothy Geithner the new Treasury Secretary on Monday, November 24, 2008.

The Stock Market is moving higher on this news....I'm watching for a possible close back over 7773 on the Dow Jones. This is new the markets were waiting for, some certainty in an uncertain market. This is positive news.

Citigroup Tanking! C Stock under $4 11/21/08

The stock market was up nicely this morning but Citigroup C stock is just hit $3.80 on very heavy volume. It is rebounding back over $4 but if you want to know where the stock market is headed, watch Citigroup ( C ). The Dow Jones is holding 7500 today which is positive! Today is options expiration so you will have a wild open and a wild close.

Art Cashin CNBC 11/21/08 - Citigroup C

Art Cashin was on CNBC this morning, 11/21/08, talking about the markets and Citigroup C.

I think the rumor mongers are still into this game, we just need things to calm down and it will be fine with Citigroup (C).

Options expiration today: We have to see what they do in the final hour... maybe we tip toe into the weekend, regroup Monday, and maybe see if we are in the bottoming phase next week.

See All of Art Cashin's Comments HERE

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Mohamed El Erian Pimco CNBC 11/21/08 Comments

Mohamed El Erian, Pimco's CEO, which is the worlds largest bond investment firm, was on CNBC 11/21/08 and gave some comments about the Stock Market. Mohamed El Erian is a very bright man and knows what he is talking about.

This is a crisis of the system, and now within the system - rather then look for a market bottom, look for how the crisis will morph next. GDP has been falling off a cliff, the stock market is now realizing this and pricing it in. We are looking at 4th quarter GDP that could be down 4 or 5%.

We are witnessing a redefinition of long term market landscape. I was in the Middle East two weeks ago, you would expect them to be stepping in and buying these mispriced assets but they are not, they are confused.

The bond market is telling you this is about massive liquidation, there is a heart attack in the system. It has gone from deleveraging to massive liquidation.

1 and 3 Month Libor Rates - 11/21/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 11/21/08, are: 1 Month Libor Rate - 1.40% & 3 Month Libor Rate - 2.16%. The overnight Libor rate is 0.70%. As you can see, Libor Rates have changed today, November 21, 2008, the overnight Libor Rate REALLY shot up . Here are Previous Libor rates.

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Stock Market Futures 11/21/08 - Dow Jones

Today, 11/21/08, the Stock Market and Dow Jones Futures are pointing significantly higher after yesterdays late day sell off. Asian and European Markets bounced today which has put a spike higher in our markets. Dell ( DELL ) also came out with pretty good earnings numbers last night as the company continues to cut costs each quarter. So far, its looking like a good day ahead. For Technical Analysis - Check Out my latest CHART

Stock Market Futures - November 21st, 2008

Dow Jones Futures - Up 179
Nasdaq Futures - Up 31
S&P 500 Futures - Up 19

Asian Markets 11/21/08

Nikkei Close - 7911 Up 208
Hang Seng Close - 12764 Up 361

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