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Friday, November 28, 2008

Nasdaq Technical Analysis 12/01/08 - Dec 1, 2008


The following is Technical Analysis for the Nasdaq ( NAS ) for 11/30/08 & 12/1/08


Nasdaq Support & Resistance Levels - December 1, 2008


Resistance Levels: 1587.76, 1600, 1613
Support Levels: 1533, 1500


The Nasdaq continues to trend over key support of 1500. This is where i'd putting a stop order if I were trading stocks based on the Nasdaq. The Nasdaq cleared Wednesday's high of 1532.10 and If this continues to hold I think the Nasdaq will see a retest of the November 14th high of 1587.76. Then you would have strong resistance at 1600. On the Downside, i'm watching 1500, If we close under 1500, we will most likely retest the 10 day moving average which is at 1456 currently. If the Nasdaq closes below the 10 day moving average you will have selling pressure to the downside and we could go back to retest the lows of 1400 down to 1295. Bottom Line - Watch 1500 & 1533 on a closing basis. For more technical charts, Click Here


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Dow Jones Close 11/28/08 - Stock Market

Stock Market Closing Prices - 11/28/08

Dow Jones Industrial Average ( DJIA ) Close - 8829.04 Up 102.50
Nasdaq Stock Market Close - 1535.37 Up 3.47
S&P 500 Close - 896.24 Up 8.56

Libor Rates - 11/28/08

1 Month - 1.90%
3 Month - 2.22%

Commodities Closing Prices - 11/28/08

Gold - 818.60
Oil - 52.00
Natural Gas - 6.43

The Dow Jones Industrial Average closed at 8829 on 11/28/08, as the stock markets closed early today on Black Friday. The Dow Jones has now gone up 5 straight days after breaking through key resistance on Wednesday. Some of the biggest gainers today have been stocks like Citigroup ( C ), General Motors ( GM ), and Ford ( F ). These beaten down companies have been subject of a buying frenzy in the past few trading sessions. Visa ( V ) also continues to be strong and is getting near a breakout point. I still hold my MercadoLibre ( MELI ) position from $10 and my Google ( GOOG ) position from $270. I am looking to add Potash ( POT ) as soon as we get a close over the 10 day moving average which is down to $63 now. POT stock is $61.50. As long as the markets continue this current uptrend, I will stay long these stocks. On a side note, Carl Ichan has upped his stake in Yahoo ( YHOO ) to 5.5%, adding 6.8 million shares last week. This is something to watch as well.

Later today I will have Technical Analysis for the Nasdaq and the Dow Jones right HERE. Make sure you check it out!

Today's Biggest Gainers - November 28, 2008

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Dow Jones Open 11/28/08 - Stock Market

Today, 11/28/08, the Dow Jones and Stock Market's are opening up flat to down as investors appear to be taking profits after a nice last 4 trading sessions of gains. Keep in mind, this is a light volume trading session as most traders are not in the office today. The stock markets close at 1pm est. There doesn't appear to be much action but some of the biggest gainers include General Motors ( GM ), Ford ( F ), Citigroup ( C ), Fannie Mae ( FNM ) , and Freddie Mack ( FRE ). Chesapeake ( CHK ) seems to have stopped dropping just under $16 but I won't be trying to catch this falling knife. There are much better buys out there like Devon ( DVN ) and Anadarko ( APC ) if I want to get involved with the drillers. Baidu.com ( BIDU ) is also weak today, It has support at around $131 for a trade.

Dow Jones Open - 8729 Up 2
Nasdaq Open - 1518 Down 14
S&P 500 - 885 Down 2

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Stock Market Futures 11/28/08 - Dow Jones

The Stock Market and Dow Jones Futures are pointing lower for 11/28/08, as light volume will take hold of the trading session today. The stock market closes at 1pm as traders get set for more economic data to come out next week. Usually days like today are volatile but we'll have to see how we end the day. Check out my Dow Jones Chart, I am looking at buying support between 8500-8600 with a tight stop.

Dow Jones Futures - Down 79
Nasdaq Futures - Down 14
S&P 500 Futures - Down 9

Two of the biggest losers today will be Chesapeake Energy ( CHK ) and Mital Steel ( MT ). CHK is selling stock again...not very good, I sold my position in afterhours Wednesday when the news came out.

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1 and 3 Month Libor Rates - 11/28/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 11/28/08, are: 1 Month Libor Rate - 1.90% & 3 Month Libor Rate - 2.22%. The overnight Libor rate is 1.16%. As you can see, Libor Rates have changed today, November 28, 2008, the overnight Libor Rate really moved higher. Here are Previous Libor rates. You can also compare Libor Rates to how the Dow Jones traded.

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