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Monday, December 15, 2008

Dow Jones Analysis 12/16/08 - Stock Market


The following is Technical Analysis for the Dow Jones ( DJIA ) for 12/16/08


Dow Jones Support & Resistance Levels - December 16, 2008


Resistance Levels: 8750, 9000, 9026.41
Support Levels: 8500, 8350, 8150




The Dow Jones has closed under the 10 day moving average for the 2nd day in 3 days but still remains above key support of 8500. 8500 seems to be the battle ground right now. A close below this and I would be bearish again. The good news is the 50 day moving average is now 8750 and we haven't seen a close over this level since September. As long as the Dow stays above 8500, I am bullish. More Technical Analysis - Go HERE


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Nasdaq Analysis 12/16/08 - December 16, 2008


The following is Technical Analysis for the Nasdaq ( NAS ) for 12/16/08


Nasdaq Support & Resistance Levels - December 16, 2008


Resistance Levels: 1550, 1603
Support Levels: 1500




The Nasdaq briefly traded below key support of 1500 today but bounced back to close over this level. The Nasdaq did close below the 10 day moving average today for the first time in two weeks so i'd be a bit cautious here. I am bullish above Nasdaq 1500 so I remain positive.
Not much has changed today and I still believe a close back over the 50 day moving average could really start a nice up move for the Nasdaq. I am expecting the volume to be light from now until the end of the year so these markets could get volatile in the coming weeks. Nasdaq Support 1500 - Nasdaq Resistance 1550, 1600. For more technical analysis, Click Here


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Dow Jones Close 12/15/08 - Stock Market Closing Prices

Stock Market Closing Prices - 12/15/08

Dow Jones Industrial Average ( DJIA ) Close - 8564.53 Down 65.15
Nasdaq Stock Market Close - 1508.34 Down 32.38
S&P 500 Close - 868.62 Down 11.11
NYSE Close - 5499.53 Down 44.43
http://dowjonesclose.com

Libor Rates - 12/15/08

1 Month - 0.961%
3 Month - 1.871%

Commodities Closing Prices - 12/15/08

Gold - 839
Oil - 44.88
Natural Gas - 5.65

The Dow Jones Industrial Average closed at 8565 on 12/15/08, as the stock market was weak pretty much all day with the exception of the final half hour. The Dow Jones was down 150 at about 3:20pm and came back to near even by 3:40pm. I will note however, the volume has been very light all day. Wall Street is waiting for the Fed Rate Cut Decision due out tomorrow at 2:15pm. I expect the stock market to have a big move off of these results. Wall Street is also bracing for Goldman Sachs ( GS ) tomorrow morning and Morgan Stanley ( MS ) earnings Dec 17th. I will have technical analysis of the markets tonight, Right Here.

Today's Biggest Stock Market Gainers

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Dow Jones Open 12/15/08 - Stock Market

This morning, 12/15/08, the Dow Jones and Stock Market's are opening lower. This is mainly just a little backing and filling from Friday's recovery. Traders are waiting for news out of the White House this week on what they are going to do with GM and Ford. The Federal Reserve is also expected to cut rates and energy traders are waiting to see what the OPEC meeting brings. Apple ( AAPL ) appears to be leading the Nasdaq down as Goldman Sachs ( GS ) has come out and downgraded with company. Other big movers are the Casino Stocks. From a Technical Analysis point of view, as long as the Dow Jones stays over 8500 and the Nasdaq stays over 1500, I like them both on the long side.

Stock Market Opening Prices December 15, 2008

Dow Jones Open - Down 59
Nasdaq Open - Down 22
S&P 500 Open - Down 8

Today's Biggest Gainers

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MGM Sells Treasure Island - MGM, LVS Up Pre Market

The Casino Stocks are ripping higher this morning, 12/15/08, as MGM Mirage is selling Treasure Island Casino to Phil Ruffin. This news is causing many of the Casino Stocks to trade up in pre market. MGM is up 23%, Las Vegas Sands ( LVS ) is up 13%. Keep these two stocks on your radars today.

MGM MIRAGE (MGM) and Ruffin Acquisition, LLC today announced that they have entered into an agreement whereby MGM MIRAGE, through its wholly-owned subsidiary The Mirage Casino-Hotel, will sell Treasure Island Hotel & Casino ("TI") to Ruffin Acquisition, LLC for $775 million. Ruffin Acquisition, LLC is wholly owned by Phil Ruffin.

The purchase price is to be paid at closing as follows: $500 million in cash and $275 million in secured notes bearing interest at 10%, with $100 million payable not later than 175 days after closing and $175 million payable not later than 24 months after closing. The notes, to be issued by Ruffin Acquisition, LLC, will be secured by the assets of TI and will be senior to any other financing.

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Dry Bulk Shipping Rates Report - 12/15/08 DRYS

The following is a report on Dry Bulk Shipping Rates for 12/15/08. 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 15, 2008

Baltic Dry Index ( BDI ) - 803 Up 39
Baltic Cape Index ( BCI ) - 1454 Up 123
Baltic Panamax Index ( BPI ) - 450 Up 10
Baltic Supramax Index ( BSI ) - 486 Down 4
Past Bulk Shipping Rates

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Apple AAPL Downgraded 12/15/08 Goldman Sachs

Apple Computer ( AAPL ) has been downgraded today, December 15, 2008, by Goldman Sachs to Neutral from Buy. Weak consumer spending in the short term, and risk of the stock's valuation premium coming down if iPhone sales fall short of expectations in the first half of 2009. Goldman Sachs also removed Apple from Americas Buy List.

"Shipments of MacBooks, iPod nanos, and iPhone were all slightly lower than what was expected going into the (December) quarter," analyst David Bailey wrote in a note to its clients.


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1 and 3 Month Libor Rates - 12/15/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 12/15/08, are: 1 Month Libor Rate - .961% & 3 Month Libor Rate - 1.871%. The overnight Libor rate is .119%. As you can see, Libor Rates have changed today, December 15, 2008. Both 30 and 90 day Libor ticked down but the overnight stayed the same.

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

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Dow Jones Futures 12/15/08 - Stock Market

The Dow Jones and Stock Market Futures are pointed higher this morning, 12/15/08, as we have one more busy week ahead before things start to calm down for Holiday's. This week we have Goldman Sachs ( GS ) earnings as well as Morgan Stanley ( MS ). We also have a interest rate cut coming from the FOMC on Tuesday. All eyes continue to be on what happens with the auto bailout. The White House appears to be taking their good old time.

Stock Market Futures December 15, 2008

Dow Jones Futures - Up 84
Nasdaq Futures - Up 9.75
S&P 500 Futures - Up 9.50

Today's Biggest Gainers

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Jim Cramer Mad Money TLAB, CIEN, SWKS

Watch the following stocks this week as Jim Cramer mentioned them on the Speculation Friday segment of Mad Money CNBC. These stocks will be up today, 12/15/08, given the Cramer effect as well as the fact that they really have been beaten down in the technology sector. I will have analysis on all three of them this week.

Jim Cramer Stock Picks - December 15, 2008

Tellabs ( TLAB )
Ciena ( CIEN )
Skyworks Solutions ( SWKS )

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