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Tuesday, November 25, 2008

Dow Jones Analysis 11/26/08 - Stock Market


The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 11/26/08



Dow Jones Support & Resistance Levels - November 26, 2008


Resistance Levels: 8500, 8607, 8923.18
Support Levels: 8280, 8175, 8000


The Dow Jones has closed above its 10 day moving average for the second straight day which is very bullish. The stock market looked ugly during the afternoon hours but the Dow Jones hit the 10 day MA at 8280 and bounced off to close at 8480. This is the type of action you want to see if you are long this stock market. The Dow Jones is still fighting with this 8500 level...we need to close over it and then close over 8600 and then I think we will test the 8923 high from Mid November. Right now we are in a very tight range from 8300 to 8600 and we could linger here for awhile until a new direction is taken. The Volatility Index ( VIX ) has come down to around 60 so this is also a bullish sign. Investors are starting to feel a bit more comfortable holding stocks right now. I am buying stocks every time we hit the 10 day moving average until further notice. This was the first time the Dow Jones went up three straight days since Sept 10th, 11th, and 12th of 2008. For my past technical charts of the Dow Jones - Go HERE






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

Dow Jones Close 11/25/08 - Stock Market Closing Prices

Stock Market Closing Prices - 11/25/08 http://dowjonesclose.com


Dow Jones Industrial Average ( DJIA ) Close - 8479.47 Up 36.24
Nasdaq Stock Market Close - 1464.73 Down 7.29
S&P 500 Close - 857.30 Up 5.49

Libor Rates - 11/25/08

1 Month - 1.44%
3 Month - 2.20%

Commodities Closing Prices - 11/25/08

Gold - 820.40
Oil - 51.00
Natural Gas - 6.40

The Dow Jones Industrial Average closed at 8480 on 11/25/08, as the recent gains have held from Friday, Monday, and with the help of the government buying mortgage backed securities. Barack Obama also gave a new conference updating America on where he stands with the financial crisis. President Elect Obama has been working hard over the past week assuring Americans that although he is not the President as of yet, he is working hard to prepare himself from when he does take office. The Dow Jones surged in the final hour today on word that Fitch Rating Agency has upgraded Morgan Stanley's ( MS ) credit rating. MS sub debt is now rated " A ". This is very positive news for the financial sector and the overall stock market. Hot Stocks today included Google ( GOOG ) and Baidu ( BIDU ) as these two were incredibly oversold and are now bouncing. Citigroup ( C ) briefly traded over $6.50 but could not hold....I will continue watching this stock closely. If it breaks $5.70 I think it could go back to $5.
I will have analysis on the Dow Jones right here later tonight for the trading day tomorrow.

Today's Biggest Gainers - November 25, 2008 - Etrade ( ETFC ) was up big today as well as GGP. Las Vegas Sands ( LVS ) is another stock worth watching. D.R Horton ( DHI ) has made a late day surge in price today, closing up over 45% for the day.

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

Etrade ETFC Applies for Tarp 11/25/08

Etrade Financial ( ETFC ) stock is breaking out to the upside 11/25/08 as they try to tap into the TARP Program. ETFC stock price is $1.20 up 35% today. It is among today's biggest gainers.

Nov 25, 2008 (BUSINESS WIRE) -- E*TRADE FINANCIAL Corporation (ETFC) today announced it continues to work constructively with regulators through each phase of its application for the U.S. Treasury's TARP Capital Purchase Program. The Company remains optimistic that it will receive the necessary approvals and expects to make an announcement in the near future.

E*Trade Financial Corp. (ETFC) said it's continuing to work with regulators on its application for the U.S. Treasury Dept.'s capital purchase program. The company said it is confident it will get the necessary approvals soon.

The lender and online broker's update comes a week after it said October was its best month in more than five years for new account openings. However, the company's shares have continued to fall as worried investors awaited news of the pending application for the government's Troubled Assets Relief Program.


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Dow Jones Open 11/25/08 - Stock Market

The Stock Market and Dow Jones are opening higher 11/25/08, as the Federal Reserve announced it will buy 600 billion in mortgage backed assets. This has been seen as very positive news. Check out my Dow Jones chart for technical analysis...8500 and 8600 are key levels. Also, Art Cashin pointed out 865 & 872 on the S&P 500. I am watching the QQQQ for a possible breakout above $28.80, or to see what it does at the support level of $27.80.

As for Cititgroup, guess what the High of Day is? $6.50

Stock Market Opening Prices - November 25th, 2008 10:05am Est.

Dow Jones Open - Up 127
Nasdaq Open - Down 4
S&P 500 Open - Up 14

Today's Biggest Gainers - 11/25/08 - GGP stock is on fire today after going up a lot yesterday!

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

Art Cashin CNBC 11/25/08 - Market Bottom?

Art Cashin came on CNBC 11/25/08 and gave some comments on the current stock market conditions and his opinion on a possible stock market bottom.

Art Cashin Comments: November 25, 2008

The further away from the bottom you get, the more credible it becomes....we are watching volume to see if this can hold. We are watching levels on the S&P 500 of 865 and 872 as resistance levels.

People were waiting yesterday for sellers to come in the last half hour, they didn't arrive, so that made buyers scramble to buy.

We still have to give this rally a little more time to figure it out, is this just another bear market rally? Some say we have another leg down to go. For more comments from Art Cashin, go HERE

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

Citigroup C Stock Analysis - 11/25/08 - Nov 25th


The following is technical analysis for Citigroup ( C ) stock for 11/25/08.


Citi C Support and resistance Levels - November 25, 2008


Resistance - $6.25-$6.50 & $7.75

Support - $6 & 5.25


Citigroup ( C ) stock has rebounded over the past two trading days but its coming up on resistance from Wednesday and Thursday's trading areas. Citigroup stock has resistance between $6.25-$6.35 all the way up until to $7.75 which is the 10 day moving average. I think if you get a close over $6.35 you could very well see $7.75 in the near future. Use these levels for a tight stop however. The real breakout point would be a close over yesterday's high of $6.50...this would bring in more technical buyers and shorts who will cover. If you want to be even safer, wait for Citi to close over the 10 day moving average for a few days. C stock has support at $5.25 but a close below this level would be very bearish and the sellers will come back. Bottom Line: I will be waiting for a close over $6.50 to get long Citigroup but will then use the same $6.50 as a stop to limit downside risk. For more technical analysis, go HERE


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

1 and 3 Month Libor Rates - 11/25/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 11/25/08, are: 1 Month Libor Rate - 1.44% & 3 Month Libor Rate - 2.20%. The overnight Libor rate is 0.93%. As you can see, Libor Rates have changed today, November 25, 2008, all three Libor Rates have gone up compared to yesterday's Libor. This is the first time all three Libor Rates have gone up day to day since October.

Here are Previous Libor rates. You can also compare Libor Rates to how the Dow Jones traded.

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

Stock Market Futures - 11/25/08 - Dow Jones

The Stock Market and Dow Jones Futures are up slightly on 11/25/08, as Asian Markets moved higher in response to our second straight day of gains yesterday. Oil is down $1.50 per barrel this morning despite this news. Check out my Dow Jones Technical Analysis for today.

Stock Market Futures - Pre Market Trading - November 25, 2008

Dow Jones Futures - Up 28
Nasdaq Futures - Up 1
S&P 500 Futures - Up 7
Nikkei Close - 8323.93 Up 413.94

Citigroup ( C ) Pre Market - $6.10

Today's Biggest Gainers - 11/25/08

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