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Wednesday, December 31, 2008

Dow Jones Close 12/31/08 - Stock Market Closing Prices

Stock Market Closing Prices - 12/31/08

Dow Jones Industrial Average ( DJIA ) Close - 8776.39 Up 108
Nasdaq Stock Market Close - 1577.03 Up 26.33
S&P 500 Close - 903.33 Up 12.69

Libor Rates - 12/31/08

1 Month - 0.436%
3 Month - 1.425%

Commodities Closing Prices - 12/31/08

Gold - 881
Oil - 42.62
Natural Gas - 5.60

The Dow Jones Industrial Average closed at 8776 on 12/31/08, as the stock market closed out the year on a positive note but traded on very low volume. The Stock Market will be open a full day on 1/2/09 and I expect to see low volume once again. Next week the real action will come back and could set the tone for January. Oil exploded to the upside today on short covering hitting $45 a barrel at one point. One of the biggest gainers today that wasn't a micro cap was Dryships ( DRYS ). Drys exploded this morning and then traded in a tight range between $11-$11.30 this afternoon. At the end of the day Drys broke through $11 support. This will be a stock to watch next week.

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Dryships DRYS Analysis - 12/31/08 - December 31, 2008

Today, 12/31/08, Dryships DRYS stock is breaking out with heavy volume this morning. If you are long this stock, the key levels to look at are $12.10 and $13.76. These are the two highs on the last run up.

As for this afternoon, DRYS is hitting strong resistance in the $11's where there is heavy selling around the $11.37 area. If Drys can break $11.37 it sets up a potential afternoon run. A break back below $11 at any point today would be viewed as bearish but a sell off could set up for a gap up in price on Friday 1/02/09.

The key point with Drys is it has traded back above the 10 and 50 day moving averages which if this holds up would be a bullish buy signal. for now, i'm watching $11 and $11.37

The Baltic Dry Index is closed for the holidays and I believe it reopens 1/2/09. I will have the latest data posted here on my blog.

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1 and 3 Month Libor Rates - 12/31/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 12/31/08, are: 1 Month Libor Rate - .436% & 3 Month Libor Rate - 1.425%. The overnight Libor rate is .135%. As you can see, Libor Rates have changed today, December 31, 2008. All three Libor rates have gone down today which is a great sign for the equity market.

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

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