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Thursday, December 11, 2008

Auto Bailout Fails 12/12/08 - Dow Futures

The Auto Bailout talks have failed in the Senate tonight and Stock Market Futures are pointing significantly lower, something that I feared would happen. The White House will now review this and decide if they will use TARP money I assume.

Harry Reid called the bill's collapse "a loss for the country," adding "I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight."

Stock Market Futures for December 12, 2008

Dow Jones Futures - Down 320
Nadsaq Futures - Down 45
S&P 500 Futures -Down 39

It looks like we will test 8150 on the Dow Jones tomorrow.

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Dow Jones Analysis 12/12/08 - Stock Market


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

Nasdaq Support & Resistance Levels - December 12, 2008

Resistance Levels: 8800, 9000

Support Levels: 8500, 8150

http://stockcharts.com - Chart


The Dow Jones closed below its 10 day moving average today, a bearish signal but it did hold the support level of 8500. This is the level I will watch for tomorrow. The next support level is 8150 which has held multiple times but I feel if we test 8150 again, it may not hold. Today, we failed at the 50 day moving average for the 4th straight day, another bearish signal. As long as we hold 8500 on a closing basis, the Dow Jones will be fine. As soon as we close over the 50 day moving average, I think we can start another rally. Especially if we close over that 9000 level. I am on the sidelines for now until I see what we do tomorrow.


More Technical Analysis - Go HERE


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


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

Nasdaq Support & Resistance Levels - December 12, 2008

Resistance Levels: 1530's, 1600

Support Levels: 1500, 1450

http://stockcharts.com - Chart


The Nasdaq continues to trade above the 10 day moving average, but barely. Over the past several weeks, this has been the level to buy at. However, this could change soon. If the Nasdaq closes below 1500 in the next several days, I think you could see additional selling to the next support level which is at 1450. We would not only break down technically, we would possibly ever retest 1400. The volume was very weak this morning when we were trading at 1570's and by afternoon the sell volume really hit the market. This is a bearish sign. There were no more buyers near the 1600 resistance level and then the sellers took control. As of now, the test of the 50 day moving average has failed and we are now back at the 10 day moving average. I expected a big move one way or another in the next week and its starting to look like it could be a down move. The next few days will tell us a lot. I am on the sidelines as of now.


More Technical Analysis - Go HERE


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Dow Jones Close 12/11/08 - Stock Market Closing Prices

Stock Market Closing Prices - 12/11/08

Dow Jones Industrial Average ( DJIA ) Close - 8565.09 Down 196.33
Nasdaq Stock Market Close - 1507.88 Down 57.60
S&P 500 Close - 873.62 Down 25.62
http://dowjonesclose.com

Libor Rates - 12/11/08

1 Month - 1.195%
3 Month - 1.996

Commodities Closing Prices - 12/11/08

Gold - 819
Oil - 47.30
Natural Gas - 5.56

The Dow Jones Industrial Average closed at 8565 on 12/11/08, as the stock market fell in the final hours due to comments from Jamie Dimon of JP Morgan. The CEO was on cnbc and said business was worse the expected for December as well as if home prices fall another 10-20% they could lose a lot more money. Before this was said, Both Ford ( F ) and General Motors ( GM ) stocks started falling drastically. Were Investors selling because they don't think the bailout will pass? All the recent high flyer's POT, FCX, DRYS sold off hard from 2:30-3:30pm. The speed of the decline was amazing. All eyes will be on the Senate tomorrow as they are expected to vote on the aup bailout bill. I will have technical analysis of the Nasdaq and the Dow Jones later tonight, RIGHT HERE

Today's Biggest Stock Market Gainers - Baltic Shipping Rates - December 11, 2008

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Dry Bulk Shipping Rates Report - 12/11/08 DRYS

The following is a report on Dry Bulk Shipping Rates for 12/11/08. 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 11, 2008

Baltic Dry Index ( BDI ) - 711 Up 20
Baltic Cape Index ( BCI ) - 1142 Up 82
Baltic Panamax Index ( BPI ) - 442 Down 8
Baltic Supramax Index ( BSI ) - 498 Down 13

Past Bulk Shipping Rates

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Stock Alerts - Biggest Gainers 12/11/08 CPE

This morning, 12/11/08, there are several big gainers in pre market trading as we get set for the open.

Stocks to Watch - December 11, 2008

Callon Petroleum (CPE) is up over 30% in pre market on no news really. This stock was badly beaten down over the past few months and is getting a bounce today.

Baidu.com ( BIDU ) is moving higher today as the company is coming out and lowering revenue guidance by 20 million but clarity is sending shares higher by 6% in pre market. This stock has also been crushed over the past several months and never really bounced.

Today's Biggest Gainers - December 11th, 2008

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General Motors GM - Ford F - 12/11/08 - Stock Report

Today, 12/11/08, General Motors ( GM ) and Ford ( F ) stocks are up in pre market trading after the House passed the auto bailout bill by 19 votes. After, closing at $4.60 on Wednesday, GM stock is set to open higher at $4.75 per share. Ford ( F ) will also be opening lower around $3.20 after closing at $3.25 on Monday.

Last night, 12/10/08, The House of Representatives passed the auto bailout bill 237 -170. The bill needed just 218 votes to pass. The 14 billion bridge loan bill now stumbles into the Senate as early as tomorrow. The real problems are in the Senate as there are many voters opposed to this bailout bill. If Ford, General Motors, and Chrysler get this bridge loan, they will be back in a few months for more money. Conditions aren't likely to get better. Some say by the time this is all said and done, they will need 100 billion combined. However, this would save over 2 million jobs. This is a touchy subject and I could argue either side. Bankruptcy would kill our already horrible economy but it might eventually bring more jobs if we can get this problem fixed in bankruptcy. These car companies need to make better cars not to mention cars people want to drive. We will have an update when more news comes.

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1 and 3 Month Libor Rates - 12/11/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 12/11/08, are: 1 Month Libor Rate - 1.195% & 3 Month Libor Rate - 1.996%. The overnight Libor rate is .115%. As you can see, Libor Rates have changed today, December 11, 2008, all three Libor Rates have fallen and the 90 day Libor fell below 2 for the first time in a long time.

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

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Stock Market Futures 12/11/08 - Dow Jones

The Stock Market and Dow Jones are set to open slightly lower today, 12/11/08, but Futures are off their worst levels. The House passed the bail out package last night and now it heads for a possible Senate vote tomorrow. Proctor & Gamble ( PG ) came out this morning and slashed guidance. This morning we have Jobless Claims at 8:30am so watch this number closely. Jobless Claims are expected to rise, no surprise there.


Stock Market Futures - December 11, 2008

Dow Jones Futures - Down 34
Nasdaq Futures - Down 0.50
S&P 500 Futures - Down 2.8
Oil Futures - $45.67

Today's Biggest Gainers - December 11th, 2008

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