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Tuesday, December 16, 2008

Dow Jones Analysis 12/17/08 - Stock Market

The following is Technical Analysis for the Dow Jones ( DJIA ) for 12/17/08

Dow Jones Support & Resistance Levels - December 17, 2008

Resistance Levels: 9000, 9200, 9654

Support Levels: 8750, 8500

The Dow Jones has closed over the 50 day moving average today for the first time since September. This is very bullish and if we can hold this level for a few days I think we can test the 9000 level on a closing basis with this positive Federal Reserve News. I am now buying pullbacks to and below the 10 day moving average. If and when the Dow closes back over 9000, the next resistance target would be around 9200 and then the election high of 9654. Volume was strong this afternoon and could be a sign of things to come. More Technical Analysis - Go HERE

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Dow Jones Close 12/16/08 - Stock Market Closing Prices

Stock Market Closing Prices - 12/16/08

Dow Jones Industrial Average ( DJIA ) Close - 8924.14 Up 359.61
Nasdaq Stock Market Close - 1589.89 Up 81.55
S&P 500 Close - 913.15 Up 44.58

Libor Rates - 12/16/08

1 Month - 0.884%
3 Month - 1.84%

Commodities Closing Prices - 12/16/08

Gold - 859
Oil - 43.63
Natural Gas - 5.80

The Dow Jones Industrial Average closed at 8924 on 12/16/08, as the stock market soared on rate cut news from the Federal Reserve. The Dow Jones has now closed back over the 50 day moving average for the first time since early September. This is a huge buy signal for technical traders, specifically when we crossed 8750 today. I took this opportunity to buy Research in Motion ( RIMM ) this afternoon below $39 but I have a tight stop in place. Tomorrow morning we will get earnings out of Morgan Stanley ( MS ) so if those earnings are even near expectations like Goldman Sachs ( GS ) today, we could get another pop. Click Here for more technical analysis on the Dow Jones.

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Dry Bulk Shipping Rates Report - 12/16/08 DRYS

The following is a report on Dry Bulk Shipping Rates for 12/16/08. 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 16, 2008

Baltic Dry Index ( BDI ) - 828 Up 25
Baltic Cape Index ( BCI ) - 1514 Up 60
Baltic Panamax Index ( BPI ) - 480 Up 30
Baltic Supramax Index ( BSI ) - 481 Down 5
Past Bulk Shipping Rates

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Art Cashin CNBC 12/16/08 - Goldman Sachs GS

Art Cashin, NYSE floor trader from UBS, was on CNBC 12/16/08 and gave his comments on what he is looking at today as far as the stock market goes.

What are you watching today Art?

I think we need to sit back and wait for the Fed and GE guidance that will be coming this afternoon. The Goldman Sachs ( GS ) earnings were neutral, weren't as bad as people expected but their rating was downgraded by Moody's. We also have to see if there is more fall out from the Madoff scandal.

Traders want to hear something on this quantitative easing from the Federal Reserve Today.

For all of Art's Comments, go here

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1 and 3 Month Libor Rates - 12/16/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 12/16/08, are: 1 Month Libor Rate - .884% & 3 Month Libor Rate - 1.84%. The overnight Libor rate is .159%. As you can see, Libor Rates have changed today, December 16, 2008. Both 30 and 90 day Libor ticked down but the overnight Libor went up.
Here are Previous Libor rates. You can also compare Libor Rates to how the Dow Jones traded.

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Dow Jones Futures 12/16/08 - Stock Market

The Dow Jones and Stock Market Futures are looking higher for 12/16/08, as investors wait for Goldman Sachs ( GS) earnings this morning followed by the Interest Rate Decision at 2:15pm. Tomorrow morning Morgan Stanley ( MS ) reports their earnings as well. Check out my analysis of the Dow Jones and Nasdaq.

Stock Market Futures - December 16, 2008

Dow Jones Futures - Up 59
Nasdaq Futures - Up 14
S&P 500 Futures - Up 9

Today's Biggest Gainers - 12/16/08

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