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Wednesday, December 3, 2008

Stock Market Futures 12/04/08 - Dow Jones

How will the Stock Market and Dow Jones open on 12/04/08? The Dow Jones Futures are pointing to a flat open as Wall Street closed up for the second straight day Wednesday. For Technical Analysis click HERE.

Stock Market Futures December 4, 2008

Dow Jones Futures - Up 1
Nasdaq Futures - Down 2
S&P Futures - Up 3

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Dow Jones Analysis 12/4/08 - Stock Market

The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 12/4/08

Dow Jones Support & Resistance Levels - December 4, 2008

Resistance Levels: 8600, 8672 - 8831

Support Levels: 8500, 8323, 8150

The Dow Jones closed above 8500 today after bouncing off the 10 day moving average several times during the trading session. Very Bullish action! I am buying dips to the 10 day moving average until further notice as there is major buying action at the 8300 level every time we touch it....On the Upside, .there is going to be resistance at around 8672 - 8831 which was the range on Friday before we broke down on Monday.. If we can close above these levels we will most likely test the 50 day moving average just above 9000. We haven't tested the 50 day moving average since the week before the 700 billion bailout was passed. I will have to re access if we get there. For Past Technical Analysis Chart, Go HERE

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Dow Jones Close 12/3/08 - Stock Market Closing Prices

Stock Market Closing Prices - 12/03/08

Dow Jones Industrial Average ( DJIA ) Close - 8591.69 Up 172.60
Nasdaq Stock Market Close - 1492.38 Up 42.58
S&P 500 Close - 870.69 Up 21.88

Libor Rates - 12/03/08

1 Month - 1.89%
3 Month - 2.20%

Commodities Closing Prices - 12/03/08

Gold - 775
Oil - 46.96
Natural Gas - 6.38

The Dow Jones Industrial Average closed at 8591.69 on 12/03/08, as investors ignored more bad economic data such as the ADP Employment Report and the Fed's Beige Book to storm higher for the second straight day. The Stock Market Futures started the day down this morning and the Dow Jones hit a low of 8234 but the spiked to the resistance level of 8500. For the most part, the Dow Jones traded in a range today from the 10 day moving average at 8300 to 8500. In the last half hour, we managed to break and stay above 8500 and move toward 8600. We are trading virtually identical to last Tuesday's trading session! I am watching to see which way we go coming out of this range. Friday will be key with the Jobs Report coming out in the morning. This event could set the stage as to which direction we head to next. I will have more technical analysis later, right HERE.

Research in Motion ( RIMM ) hit a low of $35 this morning after warning about 3rd quarter earnings due out December 18th. RIMM stock was strong during the afternoon hours and actually tested $40 before failing. This is a crucial level to watch for the future. Another stock that was on fire today was First Solar ( FSLR ) up more then 14%. FSLR broke a key resistance level of $131 and this is very bullish!

Volatility Index ( VIX ) - The VIX ended up at 60.70 today and there are still signs of extreme volatility in this stock market.

Today's Biggest Gainers - December 3, 2008

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Hot Stocks - Biggest Gainers 12/03/08 - Dec 3, 2008

Two of the hottest stocks this afternoon are Las Vegas Sands ( LVS ) and Intuitive Surgical ( ISRG ).

Las Vegas Sands ( LVS ) just crossed $5.30 and broke last Friday's high of day.

Intuitive Surgical ( ISRG ) disclosed a new severance plan in an Securities and Exchange Commission filing that sets certain compensation and health-care benefits if there's "change of control" at company. Investors may see the signal that the maker of surgical robots is in play, Lazard Capital said. ISRG is up 11% on this news.

Keep an eye on these two stocks and the other Biggest Gainers for 12/3/08.

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Dow Jones Open 12/03/08 - Stock Market

The Dow Jones and Stock Market's are opening slightly weaker today, 12/03/08. The Dow Jones is down only 20 after being down over 160, the Nasdaq is up 10, and the S&P 500 is testing 850 again, down only 1. All of three are trending over their 10 day moving averages. This is a line that has been giving a huge fight over the past week. It is a level I trade off of frequently. I bought some Research in Motion ( RIMM ) today and will add when it gets over $40. I think the bas news is priced in. If and when it gets over $40, I will use that level as a tight stop. Another stock that is looking attractive is the USO. Oil has gotten crushed over the past month and I think it could be due for a short term bounce if the stock market can improve. I think Oil could test $50 again shortly.

Today's Biggest Gainers - December 3rd, 2008.

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Bill Gross Comments CNBC 12/03/08 - Bottom

Bill Gross of Pimco was on CNBC today, 12/03/08, and gave these comments of the stock market. Bill Gross actually hinted that the stock market may be bottoming here.

Why are you buying stocks and think they are attractive here?

Risk taking over the long run will be rewarded, I think there is a good chance the stock market stabilizes here as well as the increase of asset prices.

Bill Gross on Bonds

We haven't bought Government bonds yet, Corporate bonds such as Caterpillar ( CAT ) & Hewlett-Packard ( HPQ ), A rated companies, yield 6-8% and are increasingly attractive. We haven't bought these yet even though they are attractive.

Would you Refinance into a 30 year fixed rate?

Not yet, shoot for 4.5 - 5% as a target, so don't refinance yet.

For more comments from Bill Gross, go HERE

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General Motors GM - Ford F - 12/03/08 - Stock Report

Today, 12/03/08, General Motors ( GM ) and Ford ( F ) stocks are mixed in pre market trading. After, closing at $4.85 yesterday, GM stock is set to open lower at $4.63 per share. Ford ( F ) also looks to be opening higher around $2.77 after hitting $2.60 yesterday at one point. Thursday and Friday, the CEO's of the big three automakers will be speaking to congress.

After reporting sales down 31% yesterday, Ford ( F ) said it wants a temporary $9 billion bridge loan from the federal government only if the economic crisis worsens or if a major competitor declares bankruptcy. In that event, Mullaly's salary would fall to $1, down from $21.7 million in 2007.

Chrysler LLC's plan for a government rescue includes a proposal that the auto makers and federal government establish "an independent joint venture" to develop improved energy technology, such as batteries for electric and hybrid vehicles. At the same time, Cerberus, its private-equity owner, is offering concessions to secure a $7 billion bridge loan.

Finally, after reporting sales down 41% for November, General Motors ( GM ) says it needs 4 Billion now to avoid Bankruptcy by the end of December. General Motors has asked lawmakers for up to $18 billion to avoid collapse, promising in return to slash executive pay sell poorly performing brands.

Together, the Big Three U.S. automakers are asking Congress for $34 billion in low-cost government loans -- $9 billion more than the roughly $25 billion the automakers had sought just last month.

YIKES! What do you think? Comment Below!

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Freeport McMoran FCX 12/03/08 - Dividend Suspension

Freeport McMoran ( FCX ) is coming out on 12/03/08 and updating investors on their operating plans for a weaker then expected outlook as well as suspending their dividend. FCX stock is really taking a hit this morning in pre market, down 13% to $19. This is a stock that has rallied hard every time the stock market gets a bounce, sometimes as much as 25%.

FCX Analysis - The low of $17.27 must hold or you will probably see Freeport test $15, at that point I think it would be a buy for a trade. FCX will now have resistance at the $20 level...a close over $20 and i'd be bullish but would use a tight stop at this level.

Freeport-McMoRan Copper & Gold Inc. (FCX)

-- Reduction in Copper Production and Sales of 200 million pounds (5%) in 2009e and 500 million pounds (11%) in 2010e Compared with Previous Estimates

-- 18% Reduction in Estimated 2009 Unit Site Production and Delivery Costs Compared with 2008e

-- $1.2 billion Reduction (50%) in Estimated 2009 Capital Expenditures Compared with Previous Estimates

-- Suspension of Common Stock Dividend

Freeport-McMoRan Copper & Gold Inc. (FCX) announced today revised operating plans in response to the recent sharp decline in copper and molybdenum prices to incorporate reduced production levels, operating and administrative costs, exploration costs and capital expenditures.
Since completion of the Phelps Dodge acquisition in March 2007, FCX's business strategy has been focused on defining the potential of its resources and developing expansion and growth plans to deliver additional volumes to a growing marketplace. Following the more than $10 billion in debt reduction during 2007, FCX's financial policy was designed to use its cash flows to invest in growth projects with high rates of return and return excess cash flows to shareholders in the form of dividends and share purchases. In response to the dramatic recent shift in global economic conditions, FCX has revised its near-term business strategy.

Full Article

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1 and 3 Month Libor Rates - 12/03/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 12/3/08, are: 1 Month Libor Rate - 1.89% & 3 Month Libor Rate - 2.20%. The overnight Libor rate is .88%. As you can see, Libor Rates have changed today, December 3, 2008, all three Libor Rates went down again, 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 12/03/08 - Stock Market

Today, 12/03/08, the Dow Jones and Stock Market Futures are pointed lower after a really nice day yesterday. Both the Dow Jones and Nasdaq will be testing their 10 day moving averages at the open today. It will be interesting to see how we close at 4pm.

Stock Market Futures - December 3, 2008

Dow Jones Futures - Down 129
Nasdaq Futures - Down 9
S&pP 500 Futures - Down 15
Oil Futures - $47.35

Research in Motion ( RIMM) has come out and cut their revenue and earnings outlook for the 3rd quarter. Pete Najarian was on CNBC Fast Money last night and told viewers he is watching this stock because he thinks its cheap. He also said the fact that it went below $40 tell him it will probably go lower first.

Today's Biggest Gainers - 12/3/08

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