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Tuesday, December 2, 2008

Dow Jones Analysis 12/3/08 - Stock Market

The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 12/3/08

Dow Jones Support & Resistance Levels - December 3, 2008

Resistance Levels: 8500, 8675
Support Levels: 8307, 8150

The Dow Jones has closed above the 10 day moving average today...this is again , very bullish. It's starting to look as though we will try and close back over 8500 again, or at least test it tomorrow. This would be another bullish indicator to get long this stock market. We tried to sell off today but buyers quickly stepped in. Support is at the 10 day moving average of 8307 and also the 8150 level. Resistance will be at 8500 and around 8675 to 8831 where we gapped below on Monday. You better believe there will be many sellers between 8675 - 8831 and if we clear this level and close above 8831, we will test 8923 and 9000. Bottom Line: Still Bullish unless we close back under the 10 day moving average again.....watching what we do at 8500 tomorrow!

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Nasdaq Technical Analysis 12/03/08 - Dec 3, 2008

The following is Technical Analysis for the Nasdaq ( NAS ) for 12/02/08 & 12/03/08

Nasdaq Support & Resistance Levels - December 3, 2008

Resistance Levels: 1500, 1535

Support Levels: 1442, 1400, 1295

The Nasdaq closed back over its 10 day moving average today. This is a key level that I use in order to be bullish or bearish. The Nasdaq bounced off of support which was at 1400 after breaking through 1500 yesterday. 1440-1442 will be the level to watch tomorrow for support. As long as we keep closing above the 10 day moving average it is better to be long stocks then short stocks. We are right smack in the middle of the recent trading range of 1400-1500....which ever level we break first from here on out is where we are headed. If we close below 1400 we will most likely retest the lows of 1295. A close above 1500 and I think we will break 1535 and test the 50 day moving average.

Bottom Line, I continue to monitor the 10 day moving average and will get more long the Nasdaq with a close over 1500. As long as we keep closing over the 10 day MA...I will buy the Dips. Market Technicals look good today! For Technical Analysis of the Dow, go HERE

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Dow Jones Close 12/2/08 - Stock Market Closing Prices

Stock Market Closing Prices - 12/02/08

Dow Jones Industrial Average ( DJIA ) Close - 8419.09 Up 270
Nasdaq Stock Market Close - 1449.80 Up 51.73
S&P 500 Close - 849 Up 33

Libor Rates - 12/02/08

1 Month - 1.90%
3 Month - 2.21%

Commodities Closing Prices - 12/02/08

Gold - 782
Oil - 47.35
Natural Gas - 6.45

The Dow Jones Industrial Average closed at 8419 on 12/2/08, as investors bought stocks following yesterdays stock market crash. The stock market futures were up nicely this morning and stocks opened even higher. The stock markets' started giving back their gains when the automakers reported sales. Ford ( F ) auto sales for November were down almost 31%. General Motors ( GM ) auto sales were down 41% and this is the news that sent the Dow Jones back to break even before taking off to the upside in the final hour of trading. Research in Motion ( RIMM ) was a big laggard on the Nasdaq as Palm ( PALM ) gave a dismal outlook for 2009. Goldman Sachs ( GS ) hit $60.22 as the company came out and said they will lose as much as 2 billion dollars when they report earnings.

The Dow Jones is back over its 10 day moving average which is bullish, we tested the lows from yesterday and they held. I am continuing to use the 10 day moving average as my marker between buying and selling. The 10 day is currently at 8308. I will have updated technical analysis chart tonight, right HERE. Check out Art Cashin's resistance levels for the S&P 500.

Volatility Index ( VIX ) - 63.30

Today's Biggest Gainers - 12/2/08 - CNB was one of the hottest stocks today, up more then 50%

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CNB: Today's Hot Stock 12/02/08 - NYSE

This afternoon, 12/2/08, Colonial Bancgroup ( CNB ) is exploding to the upside as the Treasury is giving the company $550 million. CNB is one of the biggest gainers for December 2, 2008, in the stock market. CNB Stock is up 50% to $3.00 per share.

The Colonial BancGroup, Inc. (CNB) today announced that it has received preliminary approval to participate in the United States Treasury Department's capital purchase program. Colonial BancGroup will receive $550 million from the Emergency Economic Stabilization Act of 2008 aimed at enhancing the economy by restoring liquidity and increasing financing to businesses and consumers. The preliminary approval is subject to certain conditions and the execution of definitive agreements.

In exchange for its investment, the Treasury will receive shares of Colonial BancGroup preferred stock which will pay a 5% dividend for the first five years. If the shares are not redeemed by Colonial within five years, Colonial will pay the government dividends at a 9% annual rate. The U.S. Treasury will also receive warrants to purchase shares of Colonial BancGroup common stock for 10 years.

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Dry Bulk Shipping Rates Report - 12/2/08

The following is a report on Dry Bulk Shipping Rates for 12/02/08. This data is critical for how the DryBulk Shipping Stocks such as DryShips ( DRYS ), Excel Maritime Carriers ( EXM ), Diana Shipping ( DSX ), Genco Shipping ( GNX ), TBS International ( TBSI ), Navios Maritime ( NM ), and OceanFreight ( OCNF ) will trade during the day. As you probably know, the Dry Bulk Shipping index can tell you a lot about the state of the World Economy. When Bulk Shipping Rates are at all time highs, the World Economy is outstanding. When Bulk Shipping Rates are as low as they have been lately, it signifies that the world economy has come to a screeching halt.

Dry Bulk Shipping Rates - December 2, 2008

Baltic Dry Index ( BDI ) - 684 Down 16
Baltic Cape Index ( BCI ) - 830 Down 3
Baltic Panamax Index ( BPI ) - 559 Down 31
Baltic Supramax Index ( BSI ) - 597 Down 13
Past Bulk Shipping Rates

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Dow Jones Open 12/02/08 - Stock Market

Today, December 2, 2008, the stock market is opening higher after yesterdays plunge. The Dow Jones Industrial Average ( DJIA ) is up 127 to 8275 as we are testing the 10 day moving average at 8292. The Nasdaq is up 24 to 1422 and the S&P 500 is up 18 to 835. Check out Art Cashin's comments on the S&P 500 from this morning. I am watching some of the stocks below and also the final hour to see how we close. I am also keeping the jobs report in the back of my mind on Friday. The USA is expected to have lost as many as 350,000 jobs in November and this report will be out on 12/05/08. If we get a number under 300,000 I think the market will spike higher.

Stocks to Watch - December 1, 2008

Apple ( AAPL ) and Research in Motion ( RIMM ) are going down because of Palm cutting their earnings. A virtual no name company that trades below $2 per share is dragging down RIMM stock almost 9% today. This is a sign technology is hitting a bottom. It's almost laughable! We'll have to see how the rest of the day goes but RIMM looks very interesting down here. It could get a pop if its breaks the high of day at $40.50.

Today's Biggest Gainers - 12/2/08

Watch Liz Claiborne ( LIZ ) as Guy Adami said last night on CNBC Fast Money he likes this stock for a trade. He didn't really elaborate but I think if it gets above $3 it might have some legs!

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Art Cashin CNBC Comments 12/02/08 - SP 500

Art Cashin of UBS was on CNBC this morning 12/2/08, giving comments on the stock market and S&P 500 targets to watch. For all of Art Cashins comments, go HERE

Yesterday was about geopolitical economics and things China did, commodities fell apart.

You really have to cross your fingers, the last 60 minutes was horrible yesterday, we are getting a bounce this morning. China is trying to get aggressive - the whole world is holding their breathe right now.

We were breaking out last week, we didn't get follow through and fell apart yesterday, the S&P 500 has to hold 800 or we risk retesting the lows. Resistance for the S&P 500 is about 845-855 right now and so we are going to let the market tell us where we are headed. We are waiting and watching.

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General Motors GM - Ford F - 12/02/08 - Stock Report

Today, 12/02/08, General Motors ( GM ) and Ford ( F ) stocks are indicated higher pre market. After, closing at $4.59 yesterday, GM stock is set to open higher in pre market trading at $5.10 per share. Ford ( F ) also looks to be opening higher around $2.70 after hitting $2.09 yesterday at one point.

Why are these stocks so volatile? Investors and traders are positioning their portfolios for what may happen in the coming days and weeks!

Today, December 2, Auto Sales and Truck Sales will be released at noon. These figures are expected to be horrible. The big three automakers are getting ready to submit their separate plans today to congress. All three companies are filing separate plans. Congressional hearings are planned for Thursday and Friday as these three companies are seeking as much as 25 billion in a bailout plan that would help them avoid bankruptcy. General Motors Corp., Ford Motor Co., and Chrysler LLC would refinance their companies' debt, cut executive pay, seek concessions from workers and find other ways of reviving their staggering companies.

Besides driving to Washington by Car versus a private jet, Ford Motor (F) Chief Executive Alan Mulally plans to tell Congress he is accelerating his company's development of hybrid and electric vehicles and is willing to cut his salary to $1 a year if Ford uses any federal funds. It is unclear how the CEO's of General Motors ( GM ) and Chrysler are travelling to Washington.

Expect more volatility in both GM and F stock as we get some clarity on the above.

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1 and 3 Month Libor Rates - 12/2/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 12/2/08, are: 1 Month Libor Rate - 1.90% & 3 Month Libor Rate - 2.21%. The overnight Libor rate is 1.00%. As you can see, Libor Rates have changed today, December 2, 2008, all three Libor Rates went down, a very good sign for the credit markets.

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

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Dow Jones Futures 12/02/08 - Stock Market

Today, 12/02/08, the Dow Jones and Stock Market Futures are called higher as it looks like we will be getting a bounce after yesterdays plunge. The Nikkei tanked overnight but that's to be expected after our steep drop. It appears the Dow Jones will be testing its 10 day moving average at the open, something I will be watching closely. We stalled here briefly yesterday as buyers tried to pick a bottom but the selling was just to much. I would get bullish again if we closed back over this level but I have a feeling sometime this week we will test Dow 8000.

Pre Market December 1, 2008

Dow Jones Futures- Up 143
Nasdsaq Futures - Up 25
S&P 500 Futures - Up 17.50
Nikkei Close - 7863 Down 533
Oil Futures - $48.83

Today's Biggest Gainers - 12/2/08

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