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Tuesday, December 9, 2008

Dow Jones Analysis 12/10/08 - Stock Market


The following is Technical Analysis for the Dow Jones ( DJIA ) for 12/10/08

Dow Jones Support & Resistance Levels - December 10, 2008

Resistance Levels: 1600

Support Levels: 1536, 1500

http://stockcharts.com - Chart


The Dow Jones attempted to break 9000 yet again but failed today right at the 50 day moving average. We are right in the middle of the current trading range of 8600-9000. I am expecting a major move in the Dow Jones within the next week as the 10 day and 50 day moving averages are coming close together, something usually has to give. As of now, I am still bullish as we are still above the 10 day moving average but if we would close below 8500 support, it could set up more downside pressure. On the upside, a close over 9000 would be very bullish and we could have yet another rally higher to test the 9653 high. As long as we remain over 8500, I think we are OK! More Technical Analysis - Go HERE


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Nasdaq Analysis 12/10/08 - December 10, 2008


The following is Technical Analysis for the Nasdaq ( NAS ) for 12/10/08


Nasdaq Support & Resistance Levels - December 10, 2008

Resistance Levels: 1600
Support Levels: 1536, 1500

http://stockcharts.com - Chart

The Nasdaq reversed today after touching 1600 resistance and going up 200 points in just four trading days. The Nasdaq currently has support around the 1536 level and also major support at the 1500 area. If you get a close above 1600 you could be looking at another move higher not to mention a close over the 50 day moving average ( Red Line ). The Nasdaq hasn't closed over the 50 day moving average since August so this would be a very bullish signal and would bring in more buyers. If you close under 1500 you would be looking at a retest of 1400-1450.We are right in the middle of support and resistance so we could go either way, but it appears like we are in a new trading range, from 1500 to 1600.


For more Technical Analysis, go HERE


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Dow Jones Close 12/9/08 - Stock Market Closing Prices

Stock Market Closing Prices - 12/09/08

Dow Jones Industrial Average ( DJIA ) Close - 8691.33 Down 242.85
Nasdaq Stock Market Close - 1547.34 Down 24.40
S&P 500 Close - 888.65 Down 21.05

Libor Rates - 12/09/08

1 Month - 1.64%
3 Month - 2.16%

Commodities Closing Prices - 12/09/08

Gold - 776
Oil - 42.25
Natural Gas - 5.61

The Dow Jones Industrial Average closed at 8691 on 12/09/08, as investors took profits after a horrible outlook from Fedex ( FDX ) . The Stock Market Futures were down to flat this morning and when the Stock Market opened, the Dow Jones never really managed to go positive but the Nasdaq was up 35 at one point. The technology sector was very strong. One of the biggest gainers for the second straight day was DryShips ( DRYS ). This sector has been so oversold that a bounce was more then overdue. The volume in all the bulk shipping stocks was very high today, a good sign. The S&P 500 was fairly strong during the day but slipped below 900 is afternoon trading. At 3:26pm today, Wal Mart ( WMT ) has announced that they are suspending their share repurchase program. This is interesting news and is adding pressure to the Dow Jones Industrial Average. WMT stock is down 3.0% today. Could this signal Wal Mart is ready to buy another company? I will have technical analysis of the Nasdaq and Dow Jones, later, right HERE

Today's Biggest Gainers - December 9th, 2008
Top 2008 Stocks Year to Date

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Santa Claus Rally - Art Cashin CNBC 12/9/08

Art Cashin of UBS was on CNBC this morning, 12/9/08, and gave some comments on this recent Santa Claus rally.

I don't know if the Santa Claus rally is here yet, Friday's action was great after bad news, the two days ( Friday and Monday ) weren't frenzied, 4% moves tend to happen in bear markets which is a little concerning.

What are you most worried about? You have to worry about a major geopolitical event that could halt this rally. I'm worried about that we committed over a trillion dollars and if we get some sort of geopolitical event, where is the money going to come from? The economic data that will be coming out this week is rear view mirror looking and the market already knows it will be bad. For more Art Cashin comments, go HERE

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DryShips DRYS Stock up 13% 12/09/08 - Pre Market

Today, 12/9/08, DryShips ( DRYS ) is one of leading stock gainers in pre market trading. DryShips is up 13% in early trading after going up 50% yesterday.

There really isn't any news with this stock as the sector is just extremely oversold and when you have these big bear market rallies, the most beaten down sectors tend to get the biggest bounces.

Dryships has hit my $8 target today in pre market and if Drys can remain strong, it could potentially see $10-$12.50 which are the next two resistance points. I would be cautious as Baltic Shipping Rates are still at rock bottom. This could be only a short squeeze! The true test is if the overall stock market starts to roll over, you see these bulk shipping stocks ( DRYS, DSX, EXM ) staying semi strong rather then totally rolling over.

To be continued.......

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General Motors GM - Ford F - 12/09/08 - Stock Report

Today, 12/09/08, General Motors ( GM ) and Ford ( F ) stocks are down in pre market trading. After, closing at $4.93 on Friday, GM stock is set to open lower at $4.75 per share. Ford ( F ) will also be opening lower around $3.32 after closing at $3.38 on Monday.

The big three automakers, General Motors, Ford, and Chrysler are getting closer to receiving bailout money but it still isn't a done deal. Democrats sent a proposal to the White House last night but Republicans are seeing fault in deal. Democrats are expected to vote in a special session this week in regards to giving the big three auto markers some sort of bailout.

The terms of the loan have 15 billion being handed out and the Government potentially taking stakes in the companies. These auto makers will most likely need more capital in a few months.

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1 and 3 Month Libor Rates - 12/09/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 12/9/08, are: 1 Month Libor Rate - 1.635% & 3 Month Libor Rate - 2.164%. The overnight Libor rate is .14%. As you can see, Libor Rates have changed today, December 9, 2008, both 1 month and 3 month Libor fell today, a very good sign for the credit markets. The overnight Libor Rate went down 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 12/09/08 - Stock Market

Today, 12/9/08, the Stock Market futures are indicated mixed after being down most of the morning. Sony ( SNE ) is cutting jobs, FedEx (FDX ) reported horrible guidance, and Texas Instruments ( TXN ) also warned. Check out my Dow Jones Technical Chart for keys levels going forward. This could be one volatile day today!

Pre Market Trading - 12/9/08

Dow Jones Futures - Down 29
Nasdaq Futures - Down 6
S&P 500 Futures - Flat

Top Stock I will be trading today is Hartford Financial ( HIG ) - this stock has the volume and and volatility that doesn't come around often.

Today's Biggest Gainers - December 9, 2008

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