Stock Market Report 1/9/09 January 9, 2009

This morning, 1/9/09, the stock market is breaking down due to what I think is a false jobs report. Government Data showed that the USA lost 524,000 jobs in the month of December but told us we lost an additional 150,000 jobs in November bringing the total in November to around 683,000 jobs lost. The same thing happened in October ( revision of around 150,000 lost ). We will know in a month if today's jobs report is accurate.

Furthermore, I am watching next support level of 8500 on the Dow Jones. It looks as though we may test this level today. Keep in mind, during the last week in December, we traded below 8500 for a few days on light volume and bounced so the true support level could be 8350. The Volatility Index is not spiking so it seems as though there isn't much panic, a positive sign.

Shares of Palm are soaring due to a new product introduced at the CES.

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