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Monday, December 8, 2008

Dow Jones Analysis 12/9/08 - Stock Market


The following is Technical Analysis for the Dow Jones for 12/9/08


Dow Jones Support & Resistance Levels - December 9, 2008


Resistance Levels: 9000, 9323, 9653

Support Levels: 8831, 8675, 8558, 8350



The Dow Jones broke through 8831, 8923, 9000, but failed to close above the 50 day moving average today. This is a level we haven't tested for awhile and this is where the real fight will begin. The Dow Jones has support at 8831, 8675, and the 10 day moving average at 8558. These are levels I will look to buy, especially pullbacks to the 10 day moving average. Keep in mind, we broke through two previous high points today ( 8831, 8923 ) and this is very bullish. However, we have bounced 1500 points in the past two weeks from the lows. If we get a nice year end rally, we could be looking at testing the Election High of 9653.95 but this is a level where i'd start to sell and will be doing so. Keep an eye on the 10 day moving average for a sign of a break down if we close under it. We have only closed under the 10 day moving average once in the past 11 trading session. If you get two straight days this will be your bearish sign.

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Dow Jones Close 12/8/08 - Stock Market Closing Prices

Stock Market Closing Prices - 12/08/08

Dow Jones Industrial Average ( DJIA ) Close - 8934.18 Up 298.76
Nasdaq Stock Market Close - 1571.74 Up 62.43
S&P 500 Close - 909.68 Up 33.61

Libor Rates - 12/08/08

1 Month - 1.83%
3 Month - 2.19%

Commodities Closing Prices - 12/08/08

Gold - 773.50
Oil - 44.06
Natural Gas - 5.59

The Dow Jones Industrial Average closed at 8934 on 12/08/08, as the stock market rallied after Barack Obama talked about a big stimulus package over the weekend and the big three automakers are getting ready to receive a bailout, but the White House is not liking the proposal received today. The Stock Market Futures started the day higher, The Dow Jones Futures were up about 200 points this morning. It was all up from there as the Dow Jones briefly broke 9000 this afternoon. Stocks were up all across the board, technology, industrials, financials, even energy stocks participated in the rally. Chesapeake Energy ( CHK ) was up nicely as the company came out and said they will try and sell some Fayetteville Shale assets and only sell 25 million shares to raise capital. The Bulk Shipping Stocks were all higher as this oversold sector got a big bounce. Dryships ( DRYS ) was one of the biggest gainers today up over 45%. Potash ( POT ) finally broke through the 10 day moving average is starting to rip higher. Most stocks are up huge today! Will it last? The QQQQ has some major resistance between $30.42 - $30.76 and to close above these levels over the next few days would be amazing. I will have more technical analysis of the stock market tonight, right HERE

Today's Biggest Gainers - December 8, 2008
Top 2008 Stocks Year to Date

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Stock Market Report 12/8/08 Dow Jones

Have the Stock Market's Bottomed? That is the question circulating Wall Street today as the Dow Jones rips through 8831 Resistance and approaches a test of 9000. The Dow Jones is currently seeing some nice buying volume this morning due to Barack Obama's potential stimulus plans and also a possible big three auto bailout lurking around the corner. How we will end the day today, this is the million dollar question. We all know that these markets are a bit schizo and what goes up in the morning could go the other way in the last hour of trading. Technically, we are looking really good today. I don't think there is anything to worry about unless we break back through 8831 on the Dow Jones. I will have more analysis later tonight after we close today.

Stock to Watch December 8, 2008 - I am watching Hartford Financial ( HIG ) today. I shorted it earlier, took my gains, but it is starting to look a bit weak after going from $9 on Friday to hitting $18 this morning. I think a lot of shorts got caught with this stock and I feel it is overdone to the upside. A break below $16 would be very bearish.

Also watching QID - will add more to protect my Google ( GOOG ) position if these market do sell off this afternoon.

Today's Biggest Gainers - 12/8/08

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Dry Bulk Shipping Rates Report - 12/8/08 DRYS

The following is a report on Dry Bulk Shipping Rates for 12/08/08. 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. Most of the stocks above are getting a huge bounce today as the stock market bounces back. This could be due to the fact that the Baltic Dry and Baltic Cap index have been rebounding lately. Nevertheless, these indexes are down almost 95% from the highs as iron ore shipments have come to a halt.

Dry Bulk Shipping Rates - December 8, 2008

Baltic Dry Index ( BDI ) - 671 Up 8
Baltic Cape Index ( BCI ) - 938 Up 67
Baltic Panamax Index ( BPI ) - 481 Down 23
Baltic Supramax Index ( BSI ) - 533 Down 15

Past Bulk Shipping Rates

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Chesapeake Energy CHK Upgraded 12/08/08 - JP Morgan

Chesapeake Energy ( CHK ) has come out today, 12/8/08, and slashed their shelf offering to 25 million shares from 50 million shares. The company also said they are exploring the sale of their Fayetteville Shale properties to raise cash.

These activities have caused two firms to upgrade CHK stock and Chesapeake is up 30% in pre market to $14.85 per share.

Chesapeake Energy CHK raised to accumulate from hold by Tudor Pickering
Chesapeake Energy CHK raised to overweight from neutral by JP Morgan

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Art Cashin CNBC 12/08/08 - December 8 - 2008

Today, 12/8/08, Art Cashin floor trader from UBS was on CNBC and gave comments on the stocm market bounce we are getting this morning.

Art Cashin Comments - December 8th, 2008

I still feel good about the markets, we had a nice reversal Friday, closed up on bad news, bottoming process, won't go all in until next week, we could have another bump in the road due to some cycles coming together.

The Santa Claus rally might be beginning, and if you listen closely, you might hear sleigh bells.

For more Art Cashin comments, go HERE

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

Today, 12/08/08, General Motors ( GM ) and Ford ( F ) stocks are up significantly in pre market trading. After, closing at $4.08 on Friday, GM stock is set to open higher at $4.80 per share. Ford ( F ) will also be opening higher around $3.17 after closing at $2.72 on Friday. The big three automakers, General Motors, Ford, and Chrysler are getting close to receiving bailout money and these stocks are soaring December 8th, 2008.

Democrats are expected to vote in a special session this week in regards to giving the big three auto markers some sort of bailout. It is not clear how much of it will be given however. This is sending stock market futures higher in addition to the potential stimulus that is coming when Barack Obama becomes President.

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

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 12/8/08, are: 1 Month Libor Rate - 1.83% & 3 Month Libor Rate - 2.19%. The overnight Libor rate is .13%. As you can see, Libor Rates have changed today, December 8, 2008, both 1 month and overnight Libor fell today, a very good sign for the credit markets. The overnight Libor Rate dropped the most!

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

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Dow Jones Futures 12/08/08 - Stock Market

Today, 12/08/08, the Dow Jones and Stock Market Futures are pointing to a significantly higher open as Wall Street is liking Barack Obama's potential stimulus package for next year. This package was outlined over the weekend and is helping industrial and mining stocks surge over in Europe. At the open, it appears we will test the highs from last week for the Nasdaq and the Dow Jones. There was also news over the weekend that of a possible auto bailout is getting closer. Its looking like a great day for US stocks. We'll have to see if it an hold today. There will be loads of stock gainers today so make sure you check them out. Hartford Financial ( HIG ) led the charge on Friday!

Stock Market Futures - December 8, 2008

Dow Jones Futures - Up 199
Nasdaq Futures - Up 29
S&P 500 Futures - Up 23

Today's Biggest Gainers - 12/8/08

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